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OrthoAccel Technologies Raises Most of $5.3M Equity Offering - cbl
Posted August 2, 2010
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By citybizlist Staff
HOUSTON -- OrthoAccel Technologies Inc. has raised $4.13 million from 14 investors in its $5.3 million equity offering, according to an SEC filing.
The Austin-based firm develops and manufactures an acceleration device for orthodontics.
Principals named in the filing are CEO Michael Lowe, CFO Pamela Westbrook, and directors Brian Smith and Steve Banks, both of S3 Ventures in Austin, and Linda Spain, a reviewer for the Texas Emerging Technology Fund.
Proceeds of the offering will be used for working capital including executive compensation.
OrthoAccel Technologies last raised $500,000 from a sole investor in June.
The company's AcceleDent System is in a randomized, controlled clinical trial at the University of Texas Health Science Center in San Antonio. The U.S. Food and Drug Administration will be reviewing the medical device. AcceleDent already is available in Great Britain, Australia and Hungary.
Reg D filing: http://tinyurl.com/25a8afo
Also at citybizlist, see:
Industry Advisor Joins OrthoAccel Technologies, Inc.
Bios from BusinessWeek:
Michael Lowe - CEO
Michael K. Lowe serves as Chief Executive Officer and President of OrthoAccel Technologies, Inc. Mr. Lowe spent seven years at Philips Oral Healthcare (Royal Philips Electronics) where he worked in a variety of roles including global product management and brand management for Sonicare (Class I medical device, $350 million annual revenue). His experience comprises a range of marketing-related disciplines including dental professional sales management, sales training, ... promotion and advertising, market research, pricing strategy, and channel strategy development. While at Philips, he was nominated into the prestigious High Potential global management program, was listed as a co-inventor on a business application patent related to CRM, and developed a training program, Evidence-Based Dentistry, which won a regional MEDIC process improvement award for increased dental sales. He initially began working on the Sonicare business with Optiva, Inc. (1999 Inc. magazine Fastest Growing Privately Held Company award), joining Philips through the strategic acquisition process in 2000. Mr. Lowe maintained several consulting contracts, including an agreement with an early stage dental technology company as well as a Houston-based orthodontic practice. Through the end of 2006, he served as interim Chief Operating Officer of an Austin-based diagnostics company, departing upon the completion of a successful acquisition. He serves as a Director of OrthoAccel Technologies, Inc. Mr. Lowe holds a BS in Biology from Louisiana State University where he graduated with honors. Subsequently he attended dental school at the Louisiana State University Health Sciences Center in New Orleans for two years, where he scored in the 90th percentile on Step One of the National Dental Board Examination, before an early departure to begin his commercial career in the dental industry. He graduated with an MBA from the Rice University Jesse H. Jones Graduate School of Management as Jones Scholar. While in business school, he was awarded numerous scholarships, was nominated for entry into the Texas Business Hall of Fame as an outstanding student, and completed two venture capital internships.
Pamela Westbrook - CFO
Pamela B. Westbrook has been Chief Financial Officer of OrthoAccel Technologies, Inc. since March 2010. Ms. Westbrook has over 25 years of experience with a broad-based medical device background, including Chief Financial Officer roles at small and large companies, ranging from venture-backed start-up to publicly traded companies with market caps in excess of $1 billion. She served as Consultant of Cyberonics Inc. since November 20, 2006. She served as Vice President, ... Finance and Administration and Chief Financial Officer of Cyberonics, Inc. since October 1998 until November 20, 2006. Ms. Westbrook served as Secretary of Cyberonics Inc. since June 2001 and served as its Principal Accounting Officer until November 20, 2006. From April 1998 to October 1998, she served as Chief Financial Officer for Physicians Resource Group, an ophthalmic physician practice management company. Prior to that, from November 1986 to March 1998, Ms. Westbrook worked for SulzerMedica, a leading manufacturer of implantable medical devices including pacemakers, heart valves and orthopedic implants. During her employment with SulzerMedica, Ms. Westbrook served as Vice President of Finance for SulzerMedica, and Vice President, Controller for Sulzer Cardiovascular Prosthesis Division. She has been a Director of MicroMed Cardiovascular, Inc., since June 12, 2007.
Board of Directors
Linda Spain
Linda B. Spain serves as an Advisor at Trelligence, Inc. Ms. Spain serves as Business Advisor of Lumedyne Technologies Incorporated. Ms. Spain serves as a Reviewer for Texas Emerging Technology Fund and serves as an Advisor to Rice University Alliance for Technology and Entrepreneurship in the areas of energy, nanotechnology, information technology, and life science. Her experience includes domestic and international engagements, principally in the chemicals and energy ... sector, with responsibility for business development, finance, strategic alliances, key supply and purchase agreements, mergers/acquisitions/ divestitures, and commercialization of technology. She has participated in numerous transactions ranging in size from under $1 million dollars to over $1 billion dollars. Ms. Spain has held various executive positions, including Chief Executive Officer in emerging technology companies. She serves as Director and Advisor to private companies in mainstream business and in emerging technology. She serves as Director of OrthoAccel Technologies, Inc. She was a Founding Director of the Houston Chapter of the National Association of Corporate Directors. She has guest lectured at Rice University on the topic of corporate governance. She designed, developed, and sold financial applications software to the energy, manufacturing, and banking industries, and consistently won top honors for sales performance. Ms. Spain holds a B.A. from Rice University.
Brian Smith
Mr. Brian R. Smith is the Managing Director at S3 Ventures. He leads the team's efforts in technology, infrastructure, and software. Mr. Smith served as the Managing Director at Convergent Investors and Convergent Investors VI and has been involved with the firm since 1999. For the past five years at the firm, he oversaw the investment of approximately $34 million in 10 companies. Mr. Smith co-founded the Convergent Investors Fund at the age of 35. Previously, he was ... the Managing Director at Techxas Ventures, LLC. Earlier, Mr. Smith also founded and served as the Chairman of Crossroads Systems at the age of 29. He served as the Chief Executive Officer from 1994 to 2003 and led the company through five rounds of venture, strategic, and mezzanine financing and to a successful IPO in 1999 and later ran the company as a public company for nearly four years. In this role, Mr. Smith was an early pioneer in Storage Area Networks. For his efforts, he was awarded the prestigious Ernst and Young Entrepreneur of the Year Award in 2000. Mr. Smith spent the first seven years of his career in Electrical Engineering positions holding product development roles within the Technology group of IBM Corporation. He currently serves on the Boards of StoredIQ, Nanotechnologies, Inc., Times N Systems, Colabranet, Digby, Invodo, OrthoAccel, Phurnace, and TeraVicta Technologies, Inc. Mr. Smith served on the Boards of Conformative Systems, Chicory Systems, and Crossroads Systems. He holds an M.S.E.E. from Purdue University and a B.S.E.E., with honors, from the University of Cincinnati.
Steve Banks
Mr. Stephen J. Banks is the Venture Partner at S3 Ventures. He is a pioneer in venture capital and life sciences. Mr. Banks has earned a distinctive track record in backing Kleiner Perkins and co-investing in several of its outstanding companies including Genentech, Hybritech, and Tandem. He also served as the Vice President of Venture Capital at The Hillman Company and as the liaison for the first three KPCB partnerships. Previously, Mr. Banks was an Executive Director ... at Techxas Ventures, LLC. In 1988, he became the President at BCM Technologies, where he was involved in the formation of more than 30 new technology companies spun out of the Baylor College of Medicine including Lexicon, GeneMedicine, ForeFront, Triplex, PrimaCis, and Zonagen. Mr. Banks also established BCMT's venture fund and led its Venture Advisory Board, consisting of prominent investors including Oxford Biosciences, Domain Associates, Versant, VenRock, EuclidSR, ARCH, J&J Development, and Polaris. He taught a graduate venture capital course at Rice University during the years 1992 to 2005. Mr. Banks holds an M.B.A. from the Harvard Business School and a B.S. in Physics from the Massachusetts' Institute of Technology.
Posted: August 02,2010
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