DENVER — UrgentRx on Thursday announced 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. The financing will be primarily used to support additional distribution opportunities as well as fund a national marketing campaign.
“Our goal at UrgentRx is to offer consumers the easiest and fastest solution for relief of whatever ails them, whenever and wherever it occurs,” stated Jordan Eisenberg, CEO 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,” Eisenberg said.
“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,” Valentino said. “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.”