WINSTON-SALEM — Medication shortage management company OrbitalRx Inc. has raised another $684,000 for a total of $1.4 million raised in private equity, according to a Securities and Exchange Commission filing on Monday.
In October, the company raised $718,500 in an equity offer originally totaled at $1.25 million, that story can be found here. In an amended filing, the company disclosed the total amount sold reached $1.4 million.
The money was raised by 12 investors, and one non-accredited investor, with the date of the first sale happening in early October. The company plans to use the money for payments in the ordinary course of business.
The Winston-Salem-based company focuses on providing hospitals and pharmacies with the tools they need to address the ongoing problem of medication shortages. These solutions allow hospitals to protect their patients from harm while efficiently responding to supply chain threats.
OrbitalRx was founded in 2017 by Chief Executive Officer Adam Orsborn. Orsborn graduated with his masters in health system pharmacy administration from the University of Wisconsin-Madison in 2008.
Additionally, he founded Veldt Community which is a community of pharmacy experts dedicated to accelerating technologies for better health in Winston-Salem.
The previous name of the company is Arxchitect Inc. According to the U.S. Patent and Trademark Office, on Aug. 22 Arxchitect filed a trademark registration for OrbitalRx.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
The OrbitalRx system
Automate & Organize Everything
- Automate and organize into processes, systems, data and workflows that comprise the medication supply chain. Be decisive with continuous visibility and situational awareness.
- Unlock innovative, time-saving tools
- Centralize workflows and response management
- Scale operations with an open, automated design
- Achieve efficient shortage response by automatically gathering and assessing data. Then easily report and share shortage analytics with anyone, anytime, connecting pharmacy leaders directly to stakeholders.
- Mitigate potential harm with fast response
- Make informed decisions and measure response effectiveness
- Report and communicate action across the enterpriseReduce Risk & Costs
- Modernize drug shortage management by working smarter and faster, ultimately changing the way hospitals view patient care and pharmacy management. Be confident in harnessing innovation to mitigate risk and contain costs.
Increase productivity and spend less time managing shortages
- Modernize how you mitigate risk and manage costs
- Form a foundation of organizational transparency and maturity