News
WEST LAFAYETTE, Ind. Mar. 14, 2018 – On Target Laboratories, Inc., a
privately held biotechnology company that is developing tumor-targeted
fluorescent dyes to improve cancer surgery, has secured an additional
financing as part of its Series B capital raise which initially closed
September 2017. These recent raises bring the total financing round
close to $44 million.
The funding will be used to fully develop the
company’s lead molecule, OTL38, in ovarian and lung cancers as well as
introduce an additional molecule into the clinic. Coincident with the
closing, Aaron Davidson, an H.I.G. BioHealth Partners Managing Director
has joined the board of directors of On Target Laboratories.
“With
our lead candidate OTL38 and our pipeline of tumor-targeting dyes, we
can enhance a surgeon’s ability to see diseased tissue and are seeking
to improve outcomes for patients in all major cancers,” commented Martin
Low, CEO of On Target Laboratories. “This substantial investment
exceeded our expectations. The raise led by Johnson & Johnson
Innovation – JJDC, Inc. in September 2017 was for $32.5 million with an
additional $7.5 million guaranteed if there were no additional
investors. The second close of $11.1 million completes the financing
with $3.6 million raised above the $7.5 million goal. This newest
investment from H.I.G. BioHealth Partners, Elevate Ventures and Helsinn
shows the great confidence healthcare investors have in our company and
this technology.”
Wedbush served as exclusive strategic adviser and placement agent to On Target Laboratories in connection with the financing.
About OTL38
OTL38, which is currently being evaluated in a Phase 3 clinical trial
in ovarian cancer and a phase 2 clinical trial in lung cancer, is given
to patients intravenously before surgery. In ovarian cancer surgery
studies, OTL38 is being evaluated for its ability to help surgeons
locate and remove hard-to-find cancerous lesions that are often
widespread. Similarly, in clinical trials of OTL38 in lung cancer
surgery, On Target Laboratories is evaluating whether OTL38 allows
surgeons to better locate smaller nodules, synchronous lesions and
positive margins.
About On Target Laboratories, Inc.
On Target Laboratories Inc., is in the business of discovering,
developing and commercializing small molecules that, when conjugated
with fluorescent dyes, target and illuminate specific cancerous cells
and other diseased tissue. These conjugates can be used by doctors,
including surgeons, worldwide to better diagnose and treat a wide range
of diseases from cancer to inflammation-related disorders. OTL38 is
currently under clinical development for use in ovarian and lung cancer
surgery. For more information visit www.ontargetlaboratories.com.
About H.I.G. BioHealth Partners
H.I.G. BioHealth Partners is the dedicated life-science investment
affiliate of H.I.G. Capital. H.I.G. BioHealth Partners invests in a
broad range of healthcare opportunities across sectors and stages,
principally in companies developing therapeutic drugs, medical devices,
and diagnostics for significant unmet medical needs. With approximately
$400 million in committed capital, H.I.G. BioHealth Partners invests $5
million to $40 million per company over the life of an investment. For
more information, please refer to the H.I.G. BioHealth Partners website
at www.higbio.com.
About Elevate Ventures
Elevate Ventures is a private venture development organization that
nurtures and develops emerging and existing high-growth businesses into
high-performing, Indiana-based companies. Elevate Ventures accomplishes
this by providing access to capital, rigorous business analysis and
robust advisory services that connect companies with the right mix of
resources businesses need to succeed long term. To learn more about
Elevate Ventures, visit elevateventures.com.
About Helsinn
Helsinn is a privately owned pharmaceutical group with an extensive
portfolio of marketed cancer care products and a robust drug development
pipeline. Since 1976, Helsinn has been improving the everyday lives of
patients, guided by core family values of respect, integrity and
quality. The Group works across pharmaceuticals, biotechnology, medical
devices and nutritional supplements and has expertise in research,
development, manufacture and the commercialization of therapeutic and
supportive care products for cancer, pain and inflammation and
gastroenterology. In 2016, Helsinn created the Helsinn Investment Fund
to support early-stage investment opportunities in areas of unmet
patient need. The company is headquartered in Lugano, Switzerland, with
operating subsidiaries in Switzerland, Ireland, the U.S., Monaco and
China, as well as a product presence in approximately 190 countries
globally.
To learn more about Helsinn Group please visit www.helsinn.com
The
Helsinn Investment Fund is focused on early-stage investments in areas
of high unmet patient need. Backed by the Helsinn Group, and guided by
Helsinn’s core values of quality, integrity and respect, Helsinn
Investment Fund aims to help companies with innovative technologies to
transform new ideas into commercial solutions with the potential to
impact health-related quality of life of patients.
Drawing on
Helsinn’s over 40 years of investment into research and development and
commercial expertise, the investment fund selects companies with
technologies in a range of areas including cancer therapeutics and
diagnostics, cancer supportive care, metabolic and gastrointestinal
disorders, and dermatology conditions.
For more information, visit www.helsinninvestmentfund.com
Helsinn
International Services sarl is the Helsinn subsidiary which provides a
range of advisory services and strategic activities to the Group and its
specific companies. In particular, it acts as the advisory company to
Helsinn Investment Fund.
Media Contact: Travis Kruse, Ph.D. Russo Partners LLC Phone: 212-845-4272 Email: travis.kruse@russopartnersllc.com
Purdue Research Foundation: Tom Coyne Phone:765-588-1044 Email: tjcoyne@prf.org