Funding to accelerate new store expansion plans
Boulder, CO - March 26, 2008 - Pharmaca Integrative Pharmacy, Inc., a retail chain of integrative pharmacies, has raised $20MM in additional growth capital. The financing round, led by Highland Capital Partners, the Highland Consumer Fund and Physic Ventures, will be used to accelerate Pharmaca's new store expansion plans. The Company expects to add 12 stores per year to its current 20 store base.
"It is exciting to have the continued support of Highland and Physic Ventures as we grow our integrative retail pharmacy concept in existing and new markets," stated Barry Perzow, co-founder, president and CEO of Pharmaca Integrative Pharmacy.
"Pharmaca continues to set the standard for integrative medicine at the retail level," continued Mr. Perzow. "Fueled by a consumer-driven movement toward healthy aging and self care, the convergence of western medicine with natural and complementary modalities is now embraced by leading teaching hospitals and medical centers. Pharmaca's growth demonstrates that we are the compelling destination for those seeking a healthier, more proactive lifestyle," he added.
"Through its innovative approach combining modern pharmacy with complementary and holistic remedies, Pharmaca has established a leading position in an exciting new retail category," said Tom Stemberg, managing general partner of Highland Consumer Fund. "We look forward to further contributing to the company's growth as they open additional stores and expand into new markets," he added.
Physic Ventures is a venture fund focused on growing consumer-driven health and sustainable living companies. William Rosenzweig, a managing director at Physic, said, "Pharmaca is the market leader in an important healthy lifestyle sector and we think their service-driven approach offers customers the experience they want and deserve."
Pharmaca Integrative Pharmacy, Inc., founded in June 2000 and based in Boulder, Colorado, is the nation's first and largest integrative pharmacy chain combining conventional prescriptions, natural and complementary health solutions. The Company owns twenty pharmacies in: Boulder, Colorado(3); Berkeley, Irvine, La Jolla, Los Gatos, Mill Valley, Monterey, Napa, Novato, Pacific Palisades, Sonoma and San Francisco, California (11); Portland, Oregon (1); Albuquerque and Santa Fe, New Mexico (2); and Seattle, Washington (3). http://www.pharmaca.com