COLUMBUS, Ohio, March 2, 2022 /PRNewswire-PRWeb/ -- Today STAQ Pharma, the leader in bringing safety, transparency, availability, and quality to compounded medications, announced it has secured Series C financing to support its expansion plans to build a second facility in Columbus, OH. The funding round was led by a group of Hospital Systems including Froedtert Health, UNC Health, LCMC Health, and University Hospitals. Further, the Series C financing included additional support from returning investors including Rev1 Ventures, Nationwide Children's Hospital and Cincinnati Children's Hospital.
"STAQ has developed critical compounded medications in a ready-to-administer format that are being widely used in pediatric and adult hospitals to combat drug shortage issues," said Joe Bagan, CEO of STAQ Pharma. "The support of nationally-recognized hospital systems, along with Rev1, an early and returning investor from our own backyard, means we can expand in Columbus, while continuing to innovate to solve medication needs and drug shortage issues for more hospitals around the country."
"STAQ Pharma's commitment to producing a quality product and their attention to the pediatric community's needs is in line with Nationwide Children's focus of delivering innovative care and achieving best outcomes for young patients," said Chet Kaczor, Vice President of Operations at Nationwide Children's Hospital. "STAQ is helping address a critical supply chain issue facing all hospitals."
STAQ Pharma is an FDA Registered 503B Outsourcing Facility that produces Sterile Injectable medications compounded under the Current Good Manufacturing Practices (cGMP) standards of pharmaceutical production. The support from Rev1 Ventures marks the investor's first financing from Rev1 Fund II, its corporate-backed fund aimed at supporting high-growth companies in Ohio and beyond. Rev1 previously supported STAQ through its Rev1 Fund I.
"We recognized very early on that STAQ has developed a ground-breaking solution that can address the growing challenges of managing medications, so we are thrilled to continue to support the company with additional financing," said Tom Walker, CEO of Rev1 Ventures. "Moreover, the addition of their facility will bring hundreds of new jobs to Columbus."
STAQ Pharma will begin design, architecture, and construction planning efforts immediately in the western part of Columbus. At full capacity, STAQ Pharma plans to employ up to 300 people at this facility.
STAQ Pharma's commitment to producing high-quality, safe, reliable products aligns with our vision of transforming health care and connecting communities to the best of academic medicine," said Scott Hawig, Executive Vice President of Finance, Chief Financial and Administrative Officer and Treasurer, Froedtert Health. "Our partnership with STAQ Pharma will aid us in our continued efforts to advance the health of the people of the diverse communities we serve through exceptional care enhanced by both innovation and discovery."
For more information about the company and its approach, visit http://www.staqpharma.com.
About STAQ Pharma Inc.
STAQ Pharma (Safety, Transparency, Availability, Quality) is a 503B Outsourcing facility headquartered in Denver, CO. STAQ is a cGMP manufacturing facility designed to produce compounded medications in prefilled syringes for anesthesia and surgical procedures. STAQ produces sterile to sterile and non-sterile to sterile and relies heavily on automation, ensuring adequate supply and compliance with FDA regulations. STAQ is focused on adult and pediatrics, to ensure that our biggest and littlest patients get the right dose at the right concentrations. You can learn more about us at http://www.staqpharma.com.
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SOURCE STAQ Pharma
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