Secure Medication Systems closes Seed Round Financing
Greenwood Village, CO – March 1, 2018 – Secure Medication Systems, a company creating a new category in secure cap and closure packaging with its initial award-winning launch of Safe Rx® locking prescription vials (LPVsTM), today announced the final closing of its Tranche B Convertible Note financing. The financing was upsized in late 2017 yet still closed over 65% oversubscribed on its revised target. Investors included selected domestic and international family offices, pharmacy and impact angel investors.
Proceeds from the financing will be used to launch a successive version of its LPVs designed for retail aftermarket sales and improved usability, and sales & marketing expense. The Company will be launching a bridge round and premarketing a strategic round later in 2018 to finance significant inventory working capital in support of large customer launches after the retail holiday season in early 2019.
The Company’s LPVs represent the first significant improvement to secure packaging for prescription dispensing since 1970, when the Poison Prevention Packaging Act established child resistant standards. Packaging security has lagged the development of highly addictive opioid medications in the intervening period, and today prescription drugs are both the leading cause of accidental death and the number one gateway to heroin.
Safe Rx® LPVs™ won the prestigious Product Showcase Award in the pharmacy supplies and equipment category at the National Association of Chain Drug Stores’ 2017 Total Store Expo, the largest pharmacy industry trade show in North America.
About Safe Rx
Safe Rx® LPVsTM keep medicine from falling into the wrong hands. Developed by experts and endorsed by industry leaders, Safe Rx® LPVsTM protect individuals, families and communities from improper access to medication. The tamper-evident and pilfer resistant locking medicine vials are designed for use in dispensing and are engineered for extremely low incremental fill time and easy workflow adaption. Safe Rx LLC is a wholly owned subsidiary of Secure Medication Systems LLC. For more information please visit www.safe-rx.com.