On Target Laboratories
- Industry
- Biotechnology
- Founded Year
- 2010
- Headquarters
- 1281 Win Hentschel Blvd, West Lafayette, Indiana 47906, US
- Employee Count
- 55
Key People
- Christopher Barys - Chief Executive Officer
- Scott Huennekens - Executive Chairperson of the Board
- Tommy Lee - Vice President, Clinical Operations
- Patrick Spangler - Chief Financial Officer
Assessment
- Team
-
Aspect: Multiple successful MedTech entrepreneurs
Summary: The leadership team comprises experienced professionals with successful backgrounds in the MedTech industry.
The presence of multiple successful MedTech entrepreneurs in the leadership team enhances the company's strategic direction and operational execution.
- Clinical Need
-
Aspect: Very Strong
Summary: CYTALUX addresses a critical need in improving cancer detection during surgery.
By enhancing the visualization of cancerous tissues during surgery, CYTALUX significantly improves surgical outcomes and addresses a substantial clinical need.
- Competition
-
Aspect: First mover
Summary: CYTALUX is the first FDA-approved targeted molecular imaging agent for intraoperative use in lung and ovarian cancers.
As the first product of its kind, CYTALUX has the advantage of setting industry standards but may also face challenges related to market education and acceptance.
- Technical Challenge
-
Aspect: Predictable
Summary: The technology involves established principles of molecular imaging and near-infrared fluorescence.
Utilizing known mechanisms of action and imaging techniques, the product's development and application are relatively straightforward and predictable.
- Patent
-
Aspect: Very Strong
Summary: The company holds robust patents protecting its molecular imaging agents.
Comprehensive patents safeguard the company's innovations, preventing competitors from easily replicating the technology and ensuring market exclusivity.
- Financing
-
Aspect: Well-funded
Summary: The company has secured significant funding, including a $30 million Series C round.
The substantial financial backing enables the company to invest in product development, clinical trials, and market expansion, facilitating growth and sustainability.
- Regulatory
-
Aspect: 510k/PMA + Reimbursement
Summary: CYTALUX has received FDA approval for use in ovarian and lung cancers.
Achieving FDA approval for multiple indications demonstrates the product's safety and efficacy, facilitating its acceptance and integration into clinical practice.
Opportunity Rollup
- Odds of Success
- 3.05
- Peak Market Share
- 3.65
- Segment CAGR
- 10.7%
- Market Segment
- Intraoperative Molecular Imaging
- Market Sub Segment
- Cancer Surgery
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.18 |
| 2 | 0.55 |
| 3 | 1.28 |
| 4 | 2.55 |
| 5 | 3.65 |
Key Takeaway
On Target Laboratories, with its FDA-approved CYTALUX, is well-positioned to capitalize on the growing demand for advanced intraoperative imaging solutions in cancer surgery.