Press Release: First Angel Network Invests in PhotoDynamic Inc.
Providing Orthodontists with a Tool to Eliminate Oral Bacteria and Ensure Clinically Perfect Outcomes
July 7, 2016 – HALIFAX, NS – The First Angel Network Association (FAN) of Atlantic Canada is pleased to announce an investment in Halifax-based PhotoDynamic Inc. (PDI), to help commercialize its unique natural health product for the oral health market.
PDI has developed a natural antimicrobial technology for the orthodontic brace market. Orthodontic brace patients are highly susceptible to tooth decay, and up to 90% of all brace patients experience a side effect called white spot lesions (WSLs). In addition to causing permanent and unattractive WSLs, oral bacteria can also cause tooth sensitivity, and increase risk of gingivitis.
The company has created a simple solution to combat oral bacteria, and eliminate WSLs, using a proprietary technology. PDI’s solution combines a natural botanical foam with light- a process called natural photodynamic inactivation. Users simply apply the foam using a dental tray fitted with an LED light system, and bacteria are destroyed without harming healthy tissue. The process is fast, targeted, and can be completed by the user at home.
While PDI is initially targeting the orthodontic brace market, the company plans to eventually move into the Consumer OTC space. PDI’s product can also benefit those individuals known as rapid plaque formers- a group comprising 20% of the North American population.
Funds raised from FAN will be used primarily for user testing, consumer product development, and will ready the company to launch the product commercially. PDI is currently working with the Dalhousie University Dental School (Halifax) and the Forsyth Institute (Cambridge, Mass.) to conduct human clinical trials. The company plans to launch the product in the Canadian orthodontic market in early 2017.
“We’ve discovered a really exciting platform technology,” said Martin Greenwood, CEO of PDI. “The money we’ve raised through FAN will fund the final pieces of our commercialization program and turn this technology into our first product. In 2017, this product will create a brand new oral hygiene category for orthodontists and brace wearers, but that will be only the beginning. This technology can revolutionize oral hygiene for everyone. ”
“We’ve been following and advising on the development of PDI’s business over the last two years,” said Brian Lowe, Co-Founder and Director of FAN. “Like all start-up companies, it takes time and critical thinking to get to the investment–ready stage. We are very pleased that PDI got to that point and look forward to working with them as business partners in the years to come.”
About First Angel Network (FAN)
The First Angel Network Association (FAN) is a not-for-profit organization formed to bridge the capital gap for companies. With 85 members the First Angel Network is the most active angel investment network in Atlantic Canada. FAN provides entrepreneurs and investors with a confidential, disciplined, high-quality, private equity investment experience through networking and education. Its members have invested millions in Atlantic Canadian companies since 2005.
About PhotoDynamic Inc. (PDI)
PhotoDynamic is a Nova Scotia based life-science company founded in 2012 to commercialize its proprietary light-activated antimicrobial technology. An award-winning team of natural health product experts and photochemists make up the founding group, with a vision to create a suite of products treating conditions caused by bacterial, fungal and viral infections. In 2017 PDI will launch its first antimicrobial product into the oral hygiene market.
Brian Lowe, Co-Founder & Director
Martin Greenwood, Chief Executive Officer