Arcato Laboratories Announces Execution of Term Sheet for Series A Round of Financing
Published: May 29, 2013
GREENSBORO, North Carolina – May 29, 2013 -- Arcato Laboratories, Inc., an emerging oral health company, announced today that it has executed a term sheet with Piedmont Angel Network (PAN), who will lead the company’s Series A round of financing.
Arcato’s lead product is a patented, wax-based medical device that has an over-the-counter anesthetic (benzocaine) incorporated into its matrix to provide sustained relief from the discomfort caused by orthodontic braces.
“We are excited to move forward with Piedmont Angel Network and other private investors to complete the Series A round of funding for Arcato,” said Robert M. Jordan, Chief Executive Officer of Arcato Laboratories. “The Company will use the proceeds of the financing to complete the necessary 510(k) regulatory approval, and then move quickly to launch this product into a marketplace which is sorely in need of a treatment for orthodontic brace pain.”
Based on the frequency of orthodontist visits for brace patients, Arcato estimates a total untapped market for a brace discomfort product to be greater than $400 million per year.
“We are very enthusiastic to lead Arcato’s Series A round of financing,” said Andy Dreyfuss, Fund Executive for Piedmont Angel Network. “PAN is excited about collaborating with an excellent management team that has a solution for a large problem – pain from braces – and that has crafted a strong sales and marketing strategy to capture this market opportunity.”
Arcato is the exclusive licensee of a patent portfolio covering inventions by Dr. Michael Jay, Fred N. Eshelman Distinguished Professor and Chair of the Division of Molecular Pharmaceutics at the University of North Carolina at Chapel Hill. Arcato was founded in 2011 by Dr. Jay and Golden Pine Ventures.
About Arcato Laboratories, Inc.
Arcato Laboratories’ mission is to become a leading oral health company by commercializing unique, proprietary products to serve specialty oral healthcare practitioners, such as orthodontists and oral surgeons. Arcato’s first product will target orthodontists and their patients as the first effective treatment for oral pain caused by orthodontic appliances (braces). Arcato will develop future products by expanding on its current proprietary technology platform, as well as aggressively seeking to create or in-license complementary intellectual property. For more information: www.arcatolabs.com.
About Piedmont Angel Network
The Piedmont Angel Network (PAN) is a committed capital angel fund that focuses on investment opportunities in early-stage companies that present high growth opportunities. PAN has invested in 23 companies since 2002 with a primary focus on the life science, technology, software, and advanced materials fields. While the Fund has a preference to invest in the Piedmont Triad region of North Carolina, PAN has made investments across North Carolina, South Carolina, and Virginia. For more information: www.piedmontangelnetwork.com
Robert M. Jordan
Chief Executive Officer
Arcato Laboratories, Inc.
Help employers find you! Check out all the jobs and post your resume.