OrthoAccel Technologies Completes $5 Million Equity Financing Round [Professional Services Close - Up]
(Professional Services Close - Up Via Acquire Media NewsEdge) OrthoAccel Technologies, Inc. (OrthoAccel) announced that it has completed an equity financing round of $5 million to further grow the company's key sales and marketing functions.
According to a release, the manufacturer of AcceleDent, an FDA- cleared, Class II medical device that speeds up orthodontic treatment by as much as 50 percent, OrthoAccel's lead investors, HealthpointCapital and S3 Ventures, participated in this latest financing round along with other current stockholders.
"We appreciate the confidence and support of our stockholders," said Michael K. Lowe, president and CEO of OrthoAccel. "We expect 2014 to be a year of significant growth as we continue to expand our market presence in the United States and other key markets. The additional financing will provide critical resources towards that objective."
Lowe adds that the company secured a debt facility for up to $4 million with Comerica Bank in November 2013. The combined equity and debt facility will provide up to $9 million in additional financing to support expansion in major metropolitan markets.
"The 170 percent sales increase is a result of AcceleDent's rapid market adoption in 2013 when the hands-free device became available in over 1,000 orthodontic locations in North America," said Doug Bukaty, OrthoAccel's vice president of sales. "The additional financing will allow us to engage even more orthodontic practices in key markets through our sales team and marketing efforts that are targeted to both industry and consumer audiences."
Bukaty notes that AcceleDent has been praised by many of the nation's leading orthodontists and their patients who have experienced significantly faster orthodontic treatment with the device.
"With many of the most respected orthodontists prescribing AcceleDent, we anticipate that AcceleDent will soon become the standard of care for our industry," added Bukaty. "The timing is optimal as the orthodontic industry is in an overall growth phase with a 20 percent increase in patients since 2010, and a rapidly growing adult patient segment."
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