Nufabrx Completes Oversubscribed $10 Million Series A Round

CONOVER, N.C. — Oct. 14, 2021 — 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 former Ennis-Flint Inc. CEO Matt Soule 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 — minority owner of the New York Yankees Frank Brenner, former Belk Inc. CEO John Belk, 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 NufabrxFounder 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.”

Soule 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.”

Posted October 19, 2021

Source: Nufabrx