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East Rutherford-based PersonalRX Pharmacy has initiated a capital raise of $10-20 million, intending to conclude the round in the next 60-90 days. CEO Lawrence Margolis envisions using the funds for ongoing expansion of the company, which experienced a remarkable 636% revenue growth in 2023 and is projecting a revenue run rate of $40 million by the end of the first quarter of 2024, with a focus on achieving profitability by late 2024 or early 2025.
Founded in 2014 by Margolis, who is motivated by a personal tragedy involving medication errors, PersonalRX differentiates itself with a highly personalized approach, providing patients with 24/7 access to live support and assigning each patient a dedicated care coordinator. The company’s unique model and growth projections make it a compelling player in the prescription delivery and medication management sector, attracting attention from institutional financial and strategic investors. As the company eyes potential further capital raises, its commitment to reducing medication errors and improving patient care positions it in a promising trajectory for sustained success and market impact.
