Mavrik Dental Closes $30 Million Series A Financing Led by Ally Bridge Group
TEL AVIV, HONG KONG and NEW YORK: February 18 2020 — Ally Bridge Group ("ABG"), a leading global life sciences investment group, announced it has completed a $30 million investment in Mavrik Dental Systems Ltd® (“Mavrik”), marking its first investment in Israel.
Mavrik is a privately-owned commercial-stage innovator in the dental space. Its U.S. FDA-approved device and treatments offer significant commercial and clinical value to dental practices world-wide, providing a technologically advanced, safe and novel suite of service offerings. Established in 2012, the company is re-setting the standard of care in the professional dental market with fully automated multi-treatment delivery platforms designed to revolutionize multiple professional dental therapies.
The company's patented first-in-class Thera-Oral™ system delivers a wide range of professional, in-office, single visit topically applied cosmetic and therapeutic treatments. The therapies are delivered via io-wave™, a comfortable, unique vacuum sealed intra-oral delivery device. Utilizing optimized protocols for the automated heated delivery and removal of all intra-oral treatment agents, the system combines established chemical principles with sophisticated engineering solutions to boost results, patient comfort and satisfaction. The initial treatment is for teeth whitening. More treatments, particularly for gum protection and treatment, are to follow.
“We are very excited to work with ABG, a global leader in life science investments, to bring our disruptive technology to a global market that is hungry for real innovation,” said Dr. Daniel Sanders, Mavrik Co-Founder, CMO and Inventor.
“Mavrik is representative of world-leading technologies developed in Israel, a highly innovative nation. It fits well with ABG’s focus on investing in and supporting best-in-class technologies disrupting the current standards of care,” said Frank Yu, CEO and CIO of Ally Bridge Group. “We are committed to bringing strong commercial execution resources to Mavrik to translate its novel technologies into commercial success. We are excited to add Mavrik to our best-in-class life science portfolio in which we have completed f over $500 million in investments during the last 24 months.”
Following ABG’s investment, Mavrik will move commercial operations to the U.S. while keeping its product development center in Israel. Frank Yu, Founder, CEO and CIO of Ally Bridge Group, and Charles Chon, Partner and Managing Director of Medtech, join Mavrik’s Board of Directors. Dan Even, former president of Sybron Dental Specialties (acquired by Danaher and now Envista), a senior dental industry veteran in the U.S. who has been advising Mavrik, is appointed Chairman of the Board.
Mavrik’s technology will be showcased at booth #625 at the Chicago Dental Society Midwinter Show: 20th - 22nd of February 2020.
About Mavrik Dental Systems Ltd.
Mavrik Dental Systems Ltd.®, is a privately held company with proprietary technology for the dental in-office treatment market. Mavrik’s guiding principle is to automate dental therapies to improve efficiency, procedural efficacy, patient experience, and return OTC solutions to professional care. The first product is a profound advancement in the area of Tooth Whitening. Mavrik’s Thera-Smile™ solution is the first fully automated system that will provide the clinician unparalleled efficiency and outcomes. Mavrik blends Israeli technology with U.S. Sales & Marketing leadership, fusing proficiency and commercial expertise. www.mavrikdental.com
About Ally Bridge Group
Ally Bridge Group ("ABG"), founded and led by Frank Yu (previously at Goldman Sachs and Och-Ziff Capital) and based in Hong Kong and New York, is a global life science-dedicated investment firm www.ally-bridge.com. ABG manages over US$2 billion in life science assets, both private and public, in the U.S., China, and Europe, from medtech to biopharmaceuticals. ABG focuses on investing in the world's most innovative medicines and leading high-impact transactions. In 2015, ABG initiated and led the landmark US$3.3 billion NYSE take-private of Wuxi Pharmatech. Over the past 24 months, ABG led over US$500 million private investments in industry-leading life science companies mostly based in Silicon Valley. ABG has expertise in cementing strategic partnerships between emerging life science companies and industry leaders, and across different geographies. Through its New York-based hedge fund Ally Bridge MedAlpha, ABG is very active investing in publicly listed companies across the life science sector. While ABG’s investment is US-centric, its activities in Israel are growing strongly having led investments in two Israeli medtech companies very recently, including Mavrik Dental and Itamar Medical (NASDAQ: ITMR) (TASE: ITMR), both best-in-class innovative technologies developed in Israel and focused on the U.S. as the key commercial market.
Mavrik Dental Systems Ltd.
Tel: +972 52 853 4902
Partner, Managing Director -- Medtech
Ally Bridge Group