Growing Number of Overdoses During the Pandemic Demands Immediate Action.
SafeRX Pharmaceuticals Inc., a company developing an ARO (Alcohol Resistant Opioid) platform for preventing opioid/alcohol-related deaths, announced today that it is launching an equity crowdfunding campaign via Regulation CF to raise funds for its patented solution to this dimension of the national health crisis.
“We selected this funding approach because we want to give people who, like us, have experienced the devastation wrought by the opioid crisis the chance to participate in developing a solution,” said Michael Presti, M.D., Ph.D., a Mayo Clinic-trained neurologist and founder-CEO of SafeRX Pharmaceuticals. “We believe that grassroots, community-supported initiatives will succeed in reversing the opioid crisis where institutional investments have not. By choosing this source of funding, we can maintain the autonomy to stay true to our mission and reinvest any proceeds into research and development of other lifesaving answers to this multi-dimensional crisis. We can also include the community in charting our growth, another very important goal for us.”
Those interested in investing can find more information here. The minimum investment is $500 and the maximum is $25,000, in order to prevent any single institution from dominating and to encourage community participation. Regulation CF allows a company to raise as much as $5 million. Investors over the age of 18 can buy securities in private companies, regardless of income, wealth or experience. By choosing this inclusive funding path, SafeRX will be empowering individuals to invest who are usually shut out of traditional venture capital and corporate funding structures.
Research has shown that long-term opioid patients with a history of alcohol problems are five times more likely to overdose on their medication, and according to the CDC about one in four prescription opioid-related deaths occur when the person taking these medications also consumes alcohol. According to an article published by the Commonwealth Fund, during the COVID-19 pandemic fatal opioid-related overdoses have increased by as much as 50%, possibly due to heavier consumption of alcohol related to anxiety, depression and boredom.
“Many people do not understand how dangerous it is to have an alcoholic drink while taking an opioid,” says Ray Sison, Chief Product Officer at SafeRX. “Another life is lost to this all-too-common mistake about every two-and-a-half hours in this country. We believe that by preventing this potentially lethal combination, our new ARO products will offer a much safer option for pain relief, particularly for high-risk patients. We recognize this is a complex health emergency for which there will never be a ‘silver bullet’, but we believe that addressing this previously ignored dimension of the problem represents a critical next step in reversing the opioid crisis, in America and around the world.”
Since 2015, the U.S. Food and Drug Administration (FDA) has encouraged the development of new opioid formulations that deter hazardous misuse/abuse of the medications. But, to date only 10 such abuse-deterrent formulations have been approved, none of which aim to prevent concurrent alcohol-opioid consumption like the ARO platform of products being developed by SafeRX Pharmaceuticals.
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