UrgentRx® Secures $17.5 Million in Series C Funding
DENVER--(BUSINESS WIRE)--
UrgentRx announced today that it has closed on $17.5 million of Series C growth capital. An undisclosed family office led the round along with participation from previous investors including Sam Zell, David Bonderman, Randall Kaplan / JUMP Investors and Boulevard Capital Management LLC. The financing will be primarily used to support additional distribution opportunities as well as fund a national marketing campaign.
Competing in the $7b+ over-the-counter (OTC) drug category, UrgentRx produces a line of fast-acting, portable OTC medications that provide right now relief for today’s busy, on-the-go consumer. UrgentRx® Fast Powders™ are innovative, fast-acting flavored powder medications in patented credit card-sized packets. They can be taken without water, providing immediate relief for a wide variety of everyday ailments, whenever and wherever they strike. UrgentRx produces medications to treat allergy attacks, headaches, aches and pains, heartburn, and upset stomach, as well as a heart attack first aid that has helped save multiple lives.
Founded in 2010 by serial entrepreneur Jordan Eisenberg, the company has experienced significant growth over the last year and a half, commencing with the company’s initial retail launch into Duane Reade in New York City in 2013. Since then, the company has added multiple top-tier distribution partners and surpassed placement in 20,000 doors. The line is sold in all classes of trade, including Food, Drug, Mass and Convenience.
“Our goal at UrgentRx is to offer consumers the easiest and fastest solution for relief of whatever ails them, whenever and wherever it occurs,” says Eisenberg, founder and CEO of UrgentRx. “UrgentRx Fast Powders™ are answering an unmet consumer need, providing the most convenient and fast relief available in the market. This infusion of capital gives us the resources to expand into new markets, launch innovative new products, and invest in national marketing to build increased awareness with consumers while supporting our retail partners.”
In conjunction with the capital raise, Michael Valentino, former CEO of Adams Respiratory Therapeutics, manufacturer of Mucinex® and Delsym®, will become Chairman of the Board. Valentino, a veteran of the OTC pharmaceutical industry, has been a member of the UrgentRx Board of Directors since July 2013. Under his leadership, Adams grew to over $450 million in annual revenue and was acquired by Reckitt Benckiser for approximately $2.3 billion in January 2008.
“There are few executives out there who have the track record and know our industry as well as Mike Valentino. I look forward to working even more closely with him as we continue to rapidly expand the UrgentRx brand,” said Eisenberg.
“As demonstrated by impressive retail acceptance and a rapid and efficient capital raise, UrgentRx is now ready and well-positioned to bring the consumer marketplace much-needed innovation for the OTC aisle,” says Valentino. “Today’s consumer tastes and preferences are always adjusting. More than ever before, their lifestyles require medications that can provide convenient, on-the-go relief. UrgentRx delivers on that promise better than anything else in the category. I’m excited to be a part of this growing, innovative company.”
UrgentRx’s line of flavored powder medications - Allergy Attack Relief to Go™, Headache Relief to Go™, Heartburn Relief to Go™, Upset Stomach Relief to Go™, Ache & Pain Relief to Go™ and Critical Care Aspirin to Go™ - are available for $1.39 (MSRP) per packet and are distributed nationally in retailers including Duane Reade, CVS Pharmacy and Walgreens.
About UrgentRx
UrgentRx is a line of fast-acting, portable OTC medications providing Right Now Relief for today’s busy, on-the-go consumer. UrgentRx® Fast Powders™ come in an innovative, fast-acting flavored powder format available in convenient, single-dose, credit card-sized packets for easier portability and accessibility. The flavored powders can be taken without water, providing immediate relief whenever and wherever needed. Initially developed for heart attack victims, UrgentRx currently produces medications for everyday ailments such as allergy attacks, headaches, aches and pains, heartburn, and upset stomach. Based in Denver, Colorado, UrgentRx was founded by serial entrepreneur Jordan Eisenberg. For more information, please visit www.urgentRx.com.
Contact:
Media:
Formula PR
Bree Sutton, 212-219-0321
sutton@formulapr.com
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