On Target Laboratories Illuminates Big Funding
The technology illuminates cancer cells.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPurdue Research Park-based On Target Laboratories Inc. has received $40 million in funding. The biotechnology company, which develops fluorescent dyes used to illuminate cancer cells for surgical procedures, says the combination of equity and financing will be used to advance its lead imaging compound, OTL38, and create a second cancer-illuminating compound.
Johnson & Johnson’s venture capital arm, JJDC Inc., led the round that also includes existing On Target Laboratories investors. On Target Laboratories Chief Executive Officer Marty Low tells Inside INdiana Business he has high expectations for the technology. "Our eventual goal is to find and illuminate or fluoresce all solid-tumor cancers," he said. OTL38 targets ovarian and lung cancers, and eventually, Low believes On Target Laboratories will have a "cocktail" available for surgeons that will light up other types like prostate, esophageal, head and neck and pancreatic within five years. Low says the company and Purdue University are in the process of developing molecules that will also illuminate health cells, tissues and body parts "so ultimately, the surgeon will be able to basically ‘cut by color.’"
Marty’s brother, Phil, is a co-founder of On Target Laboratories. He also founded Lafayette-based Endocyte Inc. (Nasdaq: ECYT) and currently serves as presidential scholar in drug discovery and Ralph C. Corley distinguished professor of chemistry at Purdue. He is considered a pioneer in the technology and added "our goal is to significantly improve the treatment of cancer patients undergoing surgery, by helping the surgeon identify and resect malignant lesions that are too small or buried to be seen with the naked eye."
Marty says the company is thrilled to have JJDC as an investment partner. "They are in the business of surgery. They are in the business of drug development. They are a unique partner that will enable this technology to reach customers," Marty said.
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On Target Laboratories Chief Executive Officer Marty Low tells Inside INdiana Business he has high expectations for the technology.