Lab receives $30M funding to illuminate lung and ovarian cancers
A new funding announcement could lead to enhanced detection of lung and ovarian cancer through the use of intraoperative molecular imaging agents.
On Target Laboratories, a biotechnology company specializing in imaging agents for cancer surgery, has successfully secured $30 million in series C financing, which the company said will be used to significantly contribute to advancing the commercialization of CYTALUX, an FDA-approved molecular agent that illuminates lung and ovarian cancers.
The funding was provided by new and existing investors H.I.G. Capital, the Hurvis Group, Johnson & Johnson Innovation, the Pension Fund of the Christian Church, 3B Future Health Fund, Elevate Ventures and Olympus Innovation Ventures.
“On Target Laboratories is at the forefront of a new wave of fluorescent agents that are game changers for surgical imaging,” Nacho Abia, chief strategy officer at Olympus said in a statement. “The ability of CYTALUX to illuminate lung and ovarian cancer during surgery is a stellar example of what we describe at Olympus as ‘making the invisible visible’.”
The illumination not only makes detecting new cancers easier, it also provides a guide for surgeons.
In addition to the funding, On Target Laboratories recently received a new technology add-on payment (NTAP) from the Centers for Medicare & Medicaid Services for the use of CYTALUX in ovarian and lung cancer surgery. The company said NTAP will provide hospitals with an additional payment of up to 65% of the average cost of CYTALUX.
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