Biolux Research has raised $2.4 million Canadian ($2.3 million U.S.) in new funding intended to further the development of its light-accelerated orthodontics product.
The funds were raised through a debt issue that is convertible to common shares at the company's option, and was fully subscribed by existing shareholders of the company, according to Biolux.
The proceeds of the financing are designated as working capital to continue the development of the OrthoPulse, a full-mouth, extraoral phototherapy device designed to compliment traditional orthodontic treatment and facilitate faster tooth movement and reduced treatment timelines, the company said.
The funds will also enable Biolux to complete initial human trials and to develop new technology and additional intellectual property.
