OrthoAccel Technologies has raised $5 million in a new offering of equity and warrants, according to an SEC filing posted this week.
Money in the round came from 6 anonymous sources, and the company has not yet stated how it plans to use funds raised in the round.
OrthoAccel is seeking an additional $13.2 million in the round, according to an SEC filing, which states that the round could last for longer than a year. The first sale in the offering occurred on Jan 10.
Last November, Propel Orthodontics said that the U.S. Patent and Trademark Office’s Patent Trial and Appeals Board accepted a petition for an Inter Partes review of a patent spat between it and rival OrthoAccel Technologies.
The patent is for OrthoAccel’s AcceleDent, and covers a “vibrating orthodontic remodeling device,” according to court documents supplied by Propel, which it said are patented under OrthoAccel CEO Michael Lowe’s name.
OrthoAccel’s AcceleDent is designed to accelerate tooth movement using sonic technology.
