"This investment empowers us to accelerate the commercialization of our novel technology, further solidifying our position at the forefront of intraoperative molecular imaging," said Ben Lundgren, President and CEO of On Target Laboratories. "This infusion of capital will enable On Target Laboratories to expedite the commercial launch of CYTALUX and amplify its market presence, ultimately benefiting patients and healthcare providers across the United States. "This financing serves as a testament to the strength of On Target Laboratories technology, especially in light of the complexities posed by the current financial landscape," said Gwen Watanabe, Managing Director of H.I.G. "In August, On Target Laboratories announced that the Centers for Medicare & Medicaid Services (CMS) granted a new technology add-on payment (NTAP) for CYTALUX use in ovarian and lung cancer surgery. Their molecular imaging technology, based on the pioneering work of Philip S. Low, PhD, Purdue Universitys Presidential Scholar for Drug Discovery and the Ralph C. Corley Distinguished Professor of Chemistry, is comprised of a near-infrared dye and a targeting molecule, or ligand, that binds to receptors overexpressed on cancer cells.