OrthoAccel® Technologies Inc, Houston, announced that CEO Michael K. Lowe is stepping down, and Kelly Enos, the company’s chief financial officer, will serve as interim CEO while a search is conducted by the board. In addition, the company announced that it has raised $15 million in new equity financing.
The $15 Million Series C financing comes from the company’s institutional equity investors—S3 Ventures, HealthpointCapital, and Piper Jaffray Merchant Banking.
According to a press release from the company, Lowe will continue to advise the board during the leadership transition.
OrthoAccel Technologies is the maker of AcceleDent®, an FDA-cleared orthodontic vibratory device that uses SoftPulse Technology® to accelerate treatment.