Halifax-based PhotoDynamic, Inc. has closed a $2.3 million round of financing, which will help to finance the launch of its teeth-cleaning product in the autumn of this year.
The company’s CEO Martin Greenwood told Entrevestor a year ago that the company was aiming to raise at least $1.35 million, and it has handily exceeded that figure. More important, one of the lead investors is the American Association of Orthodontists, or AAO, a group that will be key to bringing the product to market. The funders also include Charlottetown-based Natural Products Canada and Island Capital Partners.
PhotoDynamic is developing a device that uses natural extracts from a wild Nova Scotia plant to erase heavy plaque buildup on teeth. Such buildups are an unwanted side-effect of wearing braces, so PhotoDynamic plans to market the product by selling it through orthodontists.