Helsinn and Johnson & Johnson returned to add $21m in extra funding to the $44m series B round the Purdue spinout closed in 2018.
On Target Laboratories, a US-based developer of marking technology for cancer surgery spun out of Purdue University, 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 Hurvis Group.
Founded in 2010, 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.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
