This article was originally posted in Market Watch
PITTSBURGH, Sept. 23, 2019 /PRNewswire/ — FARMACEUTICALRX, LLC (“FARMACEUTICALRX” or the “Company”), is pleased to announce that it has closed on two capital financings that provided an aggregate of approximately $18M of working capital to the Company (the “Offerings”).
The $10M Series A Preferred Unit financing was raised through a syndicate of high net-worth individuals, and the $8M Common Unit financing was raised through a separate group of investors. Buchanan Ingersoll & Rooney PC served as outside counsel to the Company in connection with both Offerings.
“This capital raise supports our rapid growth and our continued success in Pennsylvania, which is a key jurisdiction within our vertically integrated multi-state platform,” said Rebecca Myers, CEO of FARMACEUTICALRX. “We are thrilled to welcome our new investor partners into the Company. We have commenced operations in Pennsylvania and we are positioned to commence product sales in the coming weeks,” Myers stated.
The Company intends to use the net proceeds from these Offerings for capital expenditures, working capital and general corporate requirements for the Company’s Pennsylvania Grower/Processor Operations.
This news release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
ABOUT FARMACEUTICALRX. FARMACEUTICALRX is a multi-state operator and therapeutics company focused on bringing innovations through research and development to the medical marijuana sector. FARMACEUTICALRX has a vertically integrated multi-state operational platform. FARMACEUTICALRX and its affiliated companies are licensed to offer high quality medical marijuana therapeutics to more than 26 million patients through its multi-state platform including Ohio and Pennsylvania. FARMACEUTICALRX is led by a world-class team of scientists, healthcare and cannabis industry professionals who are driven by the discovery, development, and manufacturing of revolutionary, high quality products through its vertically integrated platform. Our innovation is your future health. Learn more at www.farmaceuticalrx.com.
Forward Looking Statements
Statements in this news release include certain forward-looking statements that are subject to various risks and uncertainties, including those relating to its operations, expected use of proceeds and prospects. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should,” and similar expressions, are forward-looking statements.
Although FARMACEUTICALRX has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US Federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry; and regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
The forward-looking statements in this news release are made as of the date of this release. FARMACEUTICALRX disclaims any intention or obligation to update or revise such information, except as required by applicable law, and FARMACEUTICALRX does not assume any liability for disclosure relating to any other company mentioned herein.