Capital supports growth in dispensing and consumer product lines & accompanying hiring
GREENWOOD VILLAGE, Colo., March 1, 2021 – Safe Rx, a company on a mission to fight America’s opioid epidemic and drug abuse with its award-winning Locking Pill Bottle (LPB®), today announced that it oversubscribed its $2 million in Seed Round financing with an additional authorization to accommodate investor interest.
The capital will be used to support growth in new dispensing programs with health systems and other customers, and growth within the consumer product line, sold to retailers and online, including on Amazon. The company also announced three new employees to support these efforts.
“With this new round of funding, we’ll launch several new dispensing programs, enabling our new customers to address the increases in substance abuse from the pandemic, while collecting the data necessary to validate ongoing reimbursement for locking vial dispensing,” said Milton Cohen, president and CEO of Safe Rx.
Safe Rx Locking Pill Bottles (LPB®s), aka Locking Prescription Vials (LPV®s), are physician-developed, senior-friendly, child and teen-resistant certified, providing an additional layer of security in preventing pilfering, i.e. sneaking pills, from the family medicine cabinet, the number one source for teen drug abuse and initiation.
Opioid abuse that starts in the medicine cabinet imposes huge costs on the U.S. healthcare system, with the excess care cost of pilfering estimated at $3 billion annually. LPB’s have been proven effective in early dispensing studies and are a low-cost early intervention that can generate significant treatment cost savings for large employers, payors and providers with high rates of uncompensated care.
In connection with the financing, the company has initiated a search for a dispensing business development executive, and announced three new hires including: Kristin Salvatora, director of customer implementation and success; David Snead, strategic finance manager; and Courtney Curtis, controller
- Kristin Salvatora has more than 15 years of experience in consulting and customer success roles, most recently serving as a customer success manager at MyRounding, a Huron solution. She received her MBA from Virginia Tech and a bachelor’s degree in economics from the University of Michigan, and will be responsible for dispensing customer implementation and success
- Courtney Curtis brings 30 years of accounting experience, most recently serving as controller at a leading Denver-based food brand. She received a bachelor’s degree in accounting and finance from Drexel University, and will manage the accounting function for the company.
- David Snead brings more than five years of finance experience to the role of strategic finance manager, most recently as an investment banking analyst at Capstone Headwaters. He received his bachelor’s degree in finance from Kutztown University of Pennsylvania, and will be responsible for fundraising, capital structure and investor relations.
The additional investment was provided by a mix of new and existing investors including several family offices, and pharmacy and healthcare industry executives, creating further momentum for Safe Rx in bringing locking pill bottles to more family medicine cabinets. Safe Rx Locking Pill Bottles are available for purchase at national chains such as Target, in regional grocery store chains, on Amazon and online at safe-rx.com.
About Safe Rx
Safe Rx Locking Pill Bottles (LPB®) keep medicine from falling into the wrong hands. Physician-developed, teen resistant, and child-resistant and senior-friendly certified, Safe Rx LPBs are a simple, safe storage solution. They use a combination lock to protect individuals, families, and communities from accidental pediatric poisoning and intentional pill theft and drug abuse. For more information, please visit WWW.SAFE-RX.COM