WEST LAFAYETTE, Ind., March 24, 2021 /PRNewswire/ -- On Target Laboratories, Inc., a privately-held biotechnology company developing fluorescent markers to target and illuminate cancer during surgery, today announced they have secured $21 million in an expanded Series B funding round. The funds will support the continued development and commercialization of the company's novel compound, pafolacianine sodium injection.
The funding was wholly backed by existing investors Johnson & Johnson Innovation – JJDC, Inc., H.I.G. Capital, Elevate Ventures, The Hurvis Group, and 3B Future Health Fund (formally Helsinn Investment Fund), underscoring the value of the innovative technology in the continuum of care for cancer patients.
On Target Laboratories' targeted fluorescent markers illuminate cancer during surgery, potentially enabling surgeons to see and remove more cancerous tissue. The funds will drive the commercialization of the company's first indication in ovarian cancer. The funding will also be used to complete the ELUCIDATE Trial, a Phase 3 clinical trial evaluating the use of pafolacianine sodium injection to intraoperatively identify lung cancer in real-time.
More men and women in the United States die from lung cancer than any other type of cancer.1 Ovarian cancer accounts for more deaths than any other cancer of the female reproductive system.2 Surgery plays an important role in the treatment of both cancers, but identifying lesions remains challenging.
"It is well established that a complete resection of cancer leads to longer survival for patients.3 On Target's novel technology addresses some of the challenges associated with visualizing cancerous tissue, helping provide greater certainty in obtaining a complete resection for many patients," said Christopher Barys, President and CEO of On Target Laboratories. "We are proud of our continued partnership with our investors to bring our technology to patients."
Earlier this month, On Target Laboratories announced that the U.S. Food and Drug Administration has granted Priority review to its New Drug Application for pafolacianine sodium injection in identifying ovarian cancer during surgery. Pafolacianine sodium injection is shown to bind to folate receptors and illuminate intraoperatively under near-infrared light. It is administered by standard IV in as little as one hour before surgery.
About On Target Laboratories, Inc. On Target Laboratories discovers and develops fluorescent markers to target and illuminate cancer during surgery so cancerous tissue can be removed more completely. Their intraoperative molecular imaging technology, based on the pioneering work of Philip S. Low, PhD at Purdue University, aims to reduce the uncertainty associated with finding and removing cancerous tissue during surgical procedures, helping surgeons to provide a more precise and complete surgical resection. Pafolacianine sodium injection, the Company's first product, is currently under priority review for ovarian cancer and is being studied in the Phase 3 ELUCIDATE Trial for lung cancer in the US. It is not yet approved. For more information visit www.ontargetlabs.com.