NuScriptRX received $5 million in Series C add-on led by Council Capital and its TNInvestco arm, Council & Enhanced Tennessee Fund. Existing investors in the Series C round include Clayton Associates of Nashville, Tenn., Council Operating Partner Linwood A. (Chip) Lacy Jr. and Envest of Virginia Beach, Va. Nashville-based NuScriptrx is a mail order institutional pharmacy.
NuScriptRX, the Nashville-based mail order institutional pharmacy, has closed on a $5 million Series C add-on led by Council Capital and its TNInvestco arm, Council & Enhanced Tennessee Fund.
In addition to Council Capital and the Tennessee Fund, the Series C round includes other existing investors: Clayton Associates of Nashville, Tenn., Council Operating Partner Linwood A. (Chip) Lacy, Jr., Envest of Virginia Beach, Va., three other TNInvestco funds – Nest-TN of Tullahoma, Tenn., Tennessee Angel Fund of Nashville, Tenn. (an affiliate of Nashville Capital Network) and Innova of Memphis, Tenn., and an additional unnamed strategic investor.
“This new capital will allow NuScriptRX to sustain the strong momentum it is currently enjoying while also building the infrastructure and operational excellence to manage the growth,” said Dennis Bottorff, chairman of the NuScriptRX board of directors and Managing General Partner of Capital Council.”With the growth in the elderly population and increasing dissatisfaction with the cost and quality of service from the current pharmacy model, NuScriptRX is clearly on the right side of change in healthcare.”
The company, which has quadrupled its revenue run-rate to over $30 million in the past 18 months, uses automated dispensing systems to improve productivity and administration of prescriptions through its single location in Nashville.
NuScriptRX last week announced a new management team led by acting CEO Donald B. Taylor, a NuScriptRX board member and member of Council Capital’s CEO Council, and Jim Beaumariage, a 25-year veteran in pharmacy and healthcare management.
“As a company with investments from four TNInvestco companies, NuScriptRX is a great example of delivering on the 2009 state legislation intended to jump start job creation in sectors of the economy with high growth potential. NuScriptRX has created over 60 Tennessee jobs, more than any other TNInvestco company, and has nearly doubled the size of its Nashville central pharmacy,” said Council Capital’s Rick Apple, new director of the Tennessee Fund.
NuScriptRx is able to reduce cost while improving medication access without the geographic limitations of the traditional courier-based delivery model.
By deploying its’ proprietary eMed-StatTM and PharmComTM medication access and communications technologies, NuScriptRX provides timely, cost-effective and safer administration of medicines to long-term care nursing facilities in eight states from one pharmacy center in Nashville,Tenn. This enables the company to provide a higher level of service while saving customers money through reduced drug waste and improved access to medication 24 hours a day, 7 days a week.
Additional information on NuScriptRX can be accessed at www.nuscriptrx.com.