Internet pharmacy HealthWarehouse.com (OTCBB:HEWA) has raised $3 million in debt, options and warrants, according to a regulatory filing.
The Cincinnati-based retail mail-order pharmacy sourced the funding from two investors, according to the document.
CEO and co-founder Lalit Dhadphale didn’t return a call.
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Founded in 2007, HealthWarehouse.com is a licensed pharmacy in 49 states. The company says it’s able to sell over-the-counter and prescription drugs more cheaply than brick-and-mortar retail chains due to its low overhead.
The company offers free shipping in the U.S. and 90-day returns with no restocking fees. It operates a warehouse in Florence, Kentucky and says the centralized location allows orders to reach customers in about 80 percent of the U.S. within two to three days.
Last month, HealthWarehouse.com reported limited financial data for the second quarter. The company’s net loss increased about 70 percent to $1.1 million, compared with the prior year.
However, the company reported solid growth elsewhere. Revenue jumped 43 percent to $2.5 million and prescriptions filled increased 147 percent to about 37,500, according to HealthWarehouse.com.
