HOUSTON, May 4, 2016 /PRNewswire/
-- OrthoAccel® Technologies, Inc. today announced
completion of a $12 million Series C
financing round, which included the privately held company's two
existing institutional equity investors, S3 Ventures and
HealthpointCapital, as well as a new investor, Piper Jaffray
Merchant Banking. An orthodontic innovation company, OrthoAccel
manufactures AcceleDent®, an FDA-cleared, Class II
medical device that speeds up orthodontic treatment by as much as
50 percent and relieves discomfort often associated with
treatment.
This financing announcement comes as AcceleDent is now available
in more than 3,000 orthodontic locations in North America and nearly 800 international
locations. OrthoAccel's 80 percent increase in sales in 2015 is
fueled by the orthodontic industry's continued adoption of the
benefits of accelerated treatment with AcceleDent.
"We are proud to have esteemed and knowledgeable investment
partners who believe in OrthoAccel's vision to revolutionize the
orthodontic industry through innovation that enhances the patient
experience," said Michael K. Lowe,
president and CEO of OrthoAccel. "Continuing to build on another
year of dynamic sales growth and market penetration, this
investment provides the resources needed to realize our next stage
of market share growth."
Lowe added that OrthoAccel's expansion plans include aggressive
revenue growth internationally and in North America. The company is actively adding
18 new sales representatives, with nine dedicated to expanding
direct sales in Europe.
Headquartered in Houston,
OrthoAccel's growth plans include adding 30 employees to support
functions such as marketing, innovation, operations and clinical
education.
"We have been impressed with the rapid growth of OrthoAccel to
date," said Tom Schnettler,
Piper Jaffray vice chairman and
managing director of merchant banking. "The AcceleDent®
technology represents a significant advancement in orthodontic
treatment technology for patients and positively impacts
orthodontic practices at the same time, creating a large global
market opportunity for the company."
A leading investment bank and asset management firm, Piper
Jaffray Companies (NYSE: PJC) is a longstanding leader in
healthcare investment banking with a significant focus on medical
technology. Piper Jaffray Merchant Banking, the private equity arm
of Piper Jaffray, manages growth
equity investment funds that invest within the firm's areas of
industry focus, including medical technology and information-driven
healthcare technologies.
Looking to the second half of 2016 and 2017, Lowe says, "This
round of funding will drive our company to capture even more of the
global market share in accelerated orthodontics, reinforcing our
position as the leader of this category."
With a growing body of clinical evidence and high patient
satisfaction scores, AcceleDent is being incorporated as standard
of care in many practices because orthodontists are finding that
AcceleDent resolves the two most common barriers to treatment
–length of treatment and discomfort– while improving practice
efficiencies and economics.
AcceleDent is the most common accelerated treatment technique
used by orthodontists according to the Journal of Clinical
Orthodontics. A hands-free, noninvasive medical device,
AcceleDent employs patented SoftPulse Technology® that
accelerates tooth and bone movement at the cellular level with 20
minutes of daily patient use.
For more information, visit AcceleDent.com.
About OrthoAccel® Technologies, Inc.
OrthoAccel® Technologies, Inc. is a privately owned
medical device company engaged in the creation, manufacturing,
marketing and sales of innovative solutions that enhance dental
care and orthodontic treatment. Among the company's innovations is
AcceleDent®, an FDA-cleared, Class II medical device
that speeds up orthodontic treatment by as much as 50 percent and
reduces discomfort associated with orthodontic treatment.
OrthoAccel, the Leader in Accelerated Orthodontics, has received
positive feedback from patients and leading orthodontists from
around the world who recommend the award-winning AcceleDent as the
fast, safe and gentle solution to accelerate orthodontic treatment.
Ranked on Deloitte's 2015 Technology Fast 500 as one of
the fastest growing companies in North
America, OrthoAccel is based in Houston, Texas and maintains a global presence
through its EMEA office in Essen,
Germany. To learn more about OrthoAccel's focus on improving
the journey to healthy, beautiful smiles, visit AcceleDent.com.
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SOURCE OrthoAccel Technologies, Inc.