New capital will support growth in clinical pharmacy and healthcare verticals.
GREENWOOD VILLAGE, Colo., May 17, 2022 – Safe Rx, a wholly-owned subsidiary of Caring Closures International and a company on a mission to fight America’s opioid epidemic with its award-winning locking prescription vial (LPV®), today announced it oversubscribed its $3 million add-on seed preferred financing round.
The additional capital will be used to expand the company’s inside sales and customer service teams in support of growth in selected healthcare sector verticals, such as federally qualified health centers and addiction treatment centers.
“This additional capital will enable us to accelerate our growth in these verticals with an expanded team for sales and customer support,” said Milton Cohen, president and CEO of Safe Rx. “The opioid epidemic has worsened, and our healthcare customers recognize both the urgency and the benefit of practical, low-cost preventive interventions early in the disease horizon.”
Safe Rx Locking Prescription Vials (LPV®s) are designed for use by pharmacies, community health centers and families everywhere as an additional layer of security in preventing pilfering from the family medicine cabinet. Research from the Center for Drug-Free Kids shows that unsecured prescription medications at home are the No. 1 source for teen drug abuse and initiation, and a leading source of diversion in other settings.
LPVs are a low-cost early intervention that have been proven effective in early dispensing studies and can deliver significant treatment cost savings for employers and payors, and also for providers with high rates of uncompensated care.
The new investment funds were provided by a mix of new and existing investors including family offices and seed stage venture firms. Company president and CEO Milton Cohen will be speaking at several family office and other investor conferences through the end of 2022. For more information, visit www.safe-rx.com.
About Safe Rx
Safe Rx is a mission-driven organization committed to preventing drug misuse and accidental poisonings with its award-winning Locking Prescription Vial (LPV®) and Locking Pill Bottle (LPB®). Safe Rx LPBs and LPVs are physician-developed, teen-resistant, child-resistant and senior-friendly certified safe storage devices. They use a combination lock to protect individuals, families and communities from accidental pediatric poisoning and intentional pill theft and drug diversion from the family medicine cabinet – the No. 1 source of teen drug abuse. Safe Rx is a wholly owned subsidiary of Caring Closures International (CCI), a mission-focused organization re-imagining caps and closures as early interventions in epidemic scale public health problems. The company’s closure technology is suitable for adaptation in consumer product packaging for a broad cross section of products with high rates of pediatric poisonings. For more information, visit www.safe-rx.com.
News Source: https://www.safe-rx.com/blogs/press-releases/safe-rx-oversubscribes-3-million-add-on-seed-round
Media Contact
Company Name: Linhart PR on behalf of Safe Rx
Contact Person: Sari Winston
Email: swinston@linhartpr.com
Phone: (773) 899-5072
Country: United States
Website: https://www.safe-rx.com/