HOUSTON, Texas--OrthoAccel Technologies has announced an investment of $10 million in growth capital to fund the U.S. launch of its AcceleDent system and ongoing working capital needs.
The investment was led by HealthpointCapital Partners, with existing investor S3 Ventures 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.
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"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 reduces treatment time for wearing braces and works as a complement to existing orthodontic technologies, including brackets and clear aligners. The product was introduced to the United Kingdom, Australia, France, Italy, and approximately a dozen other countries in 2010 and 2011.
In November, 2011, OrthoAccel received FDA 510(k) approval to sell in the United States following a prospective, randomized, blinded clinical trial. The company plans to formally launch the AcceleDent system in May 2012 at the American Association of Orthodontists annual conference in Honolulu, Hawaii.
"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."
For more information, visit acceledent.com/orthodontists.
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