Equity Financing Led by Industry Executives to Accelerate Commercial Efforts and R&D Investments
Conover, North Carolina, Oct 14, 2021 (GLOBE NEWSWIRE) -- Nufabrx, a drug delivery platform dedicated to simplifying patients’ ability to receive the benefits of medication through everyday clothing, announced the closing of an oversubscribed $10 million Series A funding round. The equity portion was led by Matt Soule (Former CEO of Ennis-Flint, Inc.) and his partners Angela Simmons, Steve Vetter, Ollie Crary and Mike Twilley, with additional capital from the family office of former Walmart Stores Division CEO Bill Fields (Fields Texas Ltd. Holdings LLC and DBR Investments LLC), Frank Brenner (minority owner of the New York Yankees), John Belk (Former CEO of Belk, Inc.) and others. Strategic investments were also received from previous investors such as the Charlotte Angel Fund and North Carolina State University Wolfpack Fund. A new credit facility will also be provided by a leading banking institution. Proceeds from the equity issuance will be used to further accelerate commercial efforts and R&D investments to bring dozens of applications to market via direct and platform licensing programs.
“We are thrilled to partner with such an esteemed group of executives along with so many of our previous investors”, said Founder and CEO Jordan Schindler. “This investment further validates the commercial success of our initial OTC product lines and will enable us to rapidly expand our portfolio of medication. With a solid foundation of clinical data, we are excited to bring many new products to market via strategic partnerships with leading apparel and pharmaceutical companies worldwide.”
Matt Soule (Former CEO of Ennis-Flint, Inc.) added “Nufabrx is one of those rare companies that comes along with the ability to fundamentally change an entire industry. We are excited to partner with the team at Nufabrx to realize its full clinical and commercial potential.”
Nufabrx® products can be found at most major retail locations nationwide and are available for purchase on www.nufabrx.com.
Founded in 2011, Nufabrx® was created by Founder Jordan Schindler after discovering his pillowcase was contributing to his acne. Teaming up with MIT scientists, Jordan spent seven years developing proprietary technology to embed active ingredients into clothing to make medicinal application easier and more efficient. Nufabrx is creating a new category called HealthWear. The first commercial products available in market are capsaicin infused sleeves designed to deliver pain relief directly to areas of the body. Upcoming product launches include Maternity garments infused with Shea Butter and shapewear that will combat certain cellulite conditions. Visit https://nufabrx.com/ for more details.