# On Target Laboratories

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/on-target-laboratories

- Industry: Healthcare
- Headquarters: West Lafayette, US
- Website: www.ontargetlabs.com
- Total disclosed funding: $95M
- Latest round: Series C (Nov 16, 2023)
- Investors on record: 8

## About

Based in the US, On Target Laboratories Inc. specializes in developing targeted intraoperative imaging agents, significantly improving surgical outcomes through enhanced cancer detection and excision.Founded in 2010 and headquartered in West Lafayette, Indiana, On Target Laboratories Inc. focuses on creating advanced imaging solutions for surgical teams. The company has undergone no significant pivots or changes in strategy since its inception. Philip Low, a prominent figure in the field of cancer research, is the founder of On Target Laboratories. The company has successfully completed 5 funding rounds, with the latest being a Series C round in November 2023, raising USD 30.00 mn from various investors including Hurvis Family Foundation and Olympus Innovation Ventures, resulting in a total amount raised of USD 30.00 mn and a current company valuation of USD 158.80 mn.On Target Laboratories specializes in the development of targeted intraoperative molecular imaging agents, primarily focusing on its flagship product, CYTALUX. This FDA-approved imaging agent binds to cancerous tissue, enhancing the visibility of lesions during surgical procedures. By illuminating the tumor sites in real-time, CYTALUX empowers surgeons to detect and excise more cancerous cells, thereby improving surgical outcomes for patients. The company's core clientele includes healthcare providers, particularly surgical teams and oncology specialists, who rely on advanced imaging technology to optimize cancer treatments. On Target Laboratories markets its products primarily in the United States and is expanding its reach into international healthcare markets, aiming to support a global network of medical professionals in their fight against cancer.On Target Laboratories generates revenue through direct transactions with healthcare institutions and surgical facilities that utilize its imaging technology in operating rooms. The company’s business model is structured around the sale of its CYTALUX imaging agents, which are supplied on a per-procedure basis to surgical teams. This transactional approach allows healthcare providers to procure the necessary amounts as required for specific surgeries, facilitating cost-effective use of advanced technology. Payments are processed through institutional purchasing agreements, with ongoing partnerships as hospitals integrate these imaging solutions into their surgical practices. The revenue stream is supported by the clinical value that CYTALUX provides, enhancing the standard of care in oncology.In November 2023, On Target Laboratories Inc. raised USD 30.00 mn in Series C funding to accelerate the commercialization of its product CYTALUX and enhance its market presence. The company plans to expand its reach into new geographic regions, focusing on international markets with a strategy to enter by 2025. The recent funding will be utilized to support these initiatives, ensuring that On Target Laboratories can effectively scale operations and increase accessibility of their imaging solutions to a broader audience.

## Funding rounds

- Series C, Nov 16, 2023, $30M — Hurvis Family Foundation, Johnson & Johnson Innovation, Pension Fund of the Christian Church, Elevate Ventures, H.I.G. Capital, 3B Future Health Fund, Olympus Innovation Ventures
- Series B, Mar 24, 2021, $21M — H.I.G. BioHealth Partners, Johnson & Johnson Innovation, Elevate Ventures, 3B Future Health Fund
- Series B, Mar 14, 2018, $11M — H.I.G. BioHealth Partners, Elevate Ventures, 3B Future Health Fund
- Series B, Nov 2, 2017, $33M — Johnson & Johnson Innovation

## Investors

- Johnson & Johnson Innovation (https://capitalatlas.ai/funds/johnson-johnson-innovation) — Series B, Series C
- H.I.G. BioHealth Partners (https://capitalatlas.ai/funds/h-i-g-biohealth-partners) — Series B
- Elevate Ventures (https://capitalatlas.ai/funds/elevate-ventures) — Series B, Series C
- 3B Future Health Fund (https://capitalatlas.ai/funds/3b-future-health-fund) — Series B, Series C
- Hurvis Family Foundation — Series C
- Pension Fund of the Christian Church — Series C
- H.I.G. Capital (https://capitalatlas.ai/funds/h-i-g-capital) — Series C
- Olympus Innovation Ventures (https://capitalatlas.ai/funds/olympus-innovation-ventures) — Series C