Safe Rx announces $2M in new funding, expands staff
Safe Rx, a company on a mission to fight America’s opioid epidemic and drug abuse with its Locking Pill Bottle is getting an infusion of cash and adding executive. The company has oversubscribed its $2 million in seed round financing with an additional authorization to accommodate investor interest as it adds three employees and begins a search for a fourth.
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 are physician-developed, senior-friendly, child and teen-resistant certified, providing an additional layer of security in preventing pills from being diverted from the family medicine cabinet, which the company said is the No. 1 source for teen drug abuse and initiation.
In connection with the financing, the company has initiated a search for a dispensing business development executive, and announced three new hires — Kristin Salvatora, director of customer implementation and success; David Snead, strategic finance manager; and Courtney Curtis, controller.
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.
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.
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.