On Target Laboratories, a US-based developer of marking technology for cancer surgery, raised $21m in additional series B funding from investors including pharmaceutical firms Helsinn and Johnson & Johnson yesterday.
The corporates invested through respective subsidiaries 3B Future Health Fund and Johnson & Johnson Innovation – JJDC respectively, and were joined by HIG Capital, Elevate Ventures and The Hurvis Group.
Founded in 2010 as a Purdue University spinout, On Target is working on fluorescent markers designed to locate and illuminate cancerous tissue so it can be more effectively removed during surgery.
The company closed $44m in series B funding in 2018 from Johnson & Johnson Innovation – JJDC, Helsinn, HIG’s BioHealth Partners subsidiary and Elevate Ventures.
On Target had received $15m from Tom Hurvis and Pension Fund of the Christian Church in 2014 before adding $1.7m from Foundry Investment Fund of Indiana and unnamed existing shareholders the following year.
