OrthoAccel Announces $10 Million Equity Investment
OrthoAccel's AcceleDent™ System, Substantially Decreases Orthodontic Treatment Time with Just 20 Minutes of Use per Day
HOUSTON, April 30, 2012 /PRNewswire/ -- OrthoAccel Technologies, Inc. ("OrthoAccel" or "the Company") today announced an investment of $10 million in growth capital to fund the US launch of its AcceleDent™ system and ongoing working capital needs. The investment was led by HealthpointCapital Partners ("HealthpointCapital"), with existing investor S3 Ventures ("S3") also participating. In conjunction with the financing, HealthpointCapital's John McCormick will join the company's board of directors. Brian R. Smith from S3 Ventures will remain on the board.
"OrthoAccel represents a rare opportunity to invest in a company positioned to change an industry," said John McCormick, Managing Director at HealthpointCapital. "OrthoAccel's AcceleDent™ system gives patients an unprecedented option to substantially reduce their orthodontic treatment time through a simple, 20 minute, daily-use process. AcceleDent™ is compatible with all existing treatment options, and thus offers orthodontists a unique opportunity to dramatically increase patient satisfaction."
AcceleDent™ safely reduces treatment time for wearing braces and works as a complement to all existing orthodontic technologies, including both brackets and clear aligners. The product was successfully introduced to the United Kingdom, Australia, France, Italy, and approximately a dozen other countries over 2010 and 2011. In November, 2011, OrthoAccel received FDA 510(k) approval to sell in the United States following a successful prospective, randomized, blinded clinical trial. The Company will formally launch the AcceleDent™ system in May at the American Association of Orthodontists annual conference in Honolulu, HI.
"We have enjoyed working with S3 Ventures thus far, and we look forward to continued success with their renewed investment," said Mike Lowe, CEO of OrthoAccel. "We are also glad to begin working with HealthpointCapital. They are the perfect fit and we are impressed by the depth of industry experience and insight that the HealthpointCapital team brings to our business."
OrthoAccel Technologies, Inc.
OrthoAccel's AcceleDent™ product provides faster tooth movement through its FDA approved solution, available now in over 15 countries around the world. AcceleDent™ works with all existing orthodontic solutions, including standard brackets and aligners, requiring only 20 minutes per day of regular usage. OrthoAccel was founded in 2007 to commercialize research conducted by Dr. Jeremy Mao, DDS, PhD and Professor, Columbia University College of Dental Medicine.
HealthpointCapital is a values-driven, research-based private equity firm exclusively focused on the orthopedic and dental device businesses. HealthpointCapital has $750 million of institutional capital under management and is the only firm of its kind to focus exclusively on the $45 billion worldwide orthopedic and dental device industry.
S3 Ventures is a group of entrepreneurs with operating experience in successful technology and medical ventures. S3 Ventures brings together talented entrepreneurs, innovative technology and growing markets to form valuable businesses, and invests primarily in early stage ventures around the Southwest with a focus on Texas.
SOURCE OrthoAccel Technologies, Inc.
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