RXQ Compounding, LLC, an Athens County, Ohio-based FDA-approved outsourcing facility that manufactures medical formularies and medications used in physician offices and hospitals across the country, received a nearly $3.6m investment.
Advantage Capital made the investment, which included $1m in equity under the Ohio Rural Business Growth (RBG) program, and was made in connection with the federal New Markets Tax Credit program.
The company intends to use the funds to expand its new Albany manufacturing facility, increase research and development, and create as many as 100 jobs.
Founded in 2015 out of the Ohio University Innovation Center and led by Ed Zatta, CEO, RXQ is an FDA Approved 503B Outsourcing Facility in Athens, Ohio that manufactures sterile and non-sterile medications, and compounds more than 160 formularies, including products on the FDA shortlist.
It is currently licensed to ship to 38 states and Washington, D.C., with licenses for other states to come soon.