Winston-Salem-based OrbitalRx Raises $1.4M

2/4/19

By Samantha Schisler, NC Biz News

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.

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