BriteSmile, Inc. (Lester, PA) announced that it would obtain at least $15 million in financing from private investors and members of the company's senior management team. The financing involves the issuing of BriteSmile common stock and will be concluded in two phases. The first closing, on Fri., June 4, totaled $12,380,000, including private investors and $3,780,000 from BriteSmile's management. The second closing, which will total no less than $2,620,000, will include additional private investors and LCO Investments Limited, the company's largest shareholder.
The company says that the funds will be used to further the expansion of BriteSmile's retail platform. In addition, the company recently signed an agreement with Orthodontic Centers of America (OCA) to offer the BriteSmile System in selected OCA locations.
The BrightSmile 2000 light-activated whitening procedure uses a nonlaser light source and whitening gel to whiten teeth, according to company literature. In clinical studies, the BriteSmile 2000 procedure has resulted in an average of 9+ changes, and in most cases, customers were brought to the top of the whitening scale, the company says.
The company currently has four centers located in California, and four associated centers, located in Denver, Louisville, KY; Houston, and Toronto, Ontario. The company has focused on light-activated whitening technology since August 1998.