OrthoAccel Technologies Raises $10M in Growth Capital
OrthoAccel Technologies, Inc., a Houston, TX-based medical device company, has raised $10m in growth capital.
The round was led by HealthpointCapital Partners, with participation from existing investor S3 Ventures. 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.
The company intends to use the capital for the US launch of its AcceleDent™ system.
Founded in 2007 to commercialize research conducted by Dr. Jeremy Mao, DDS, PhD and Professor, Columbia University College of Dental Medicine, and led by CEO Mike Lowe, OrthoAccel is a medical device company focused on developing, manufacturing and marketing innovative technologies to enhance dental care and orthodontic treatment. Its AcceleDent™ is designed to safely reduce 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 system in May at the American Association of Orthodontists annual conference in Honolulu, HI.