Contact: Sarah Seagraves,
Senior VP for Marketing
(405) 813-2403
[email protected]
Oklahoma-based Clear River Enviro has developed a patented, disruptive technology that is revolutionizing the way pharmaceutical waste, including opioids, is disposed of by the healthcare industry.
i2E, Inc., recently led a $1.5 million Series A investment round in Clear River Enviro, based in Edmond, OK.
The investment round included $500,000 from the Oklahoma Seed Capital Fund, along with $475,000 from the SeedStep Angels, and $250,000 each from the Accelerate Oklahoma Fund, and the Oklahoma Angel Fund 1. All are investment vehicles managed by i2E. Other investors contributed the remaining $173,000.
Clear River Enviro created a patented device called RxDestructTM that uses a unique chemical process to break up molecules in pharmaceutical waste and render them safe for the environment.
RxDestructTM also significantly reduces the widespread problem of diverting pharmaceutical waste – especially opioids –for illicit use. It has been estimated that as much as 10 percent of opioid waste is being diverted, contributing to the nationwide opioid crisis.
“We’re going to use the proceeds from this funding round to design the next iteration of our product.” said Mark Macdonell, Clear River Enviro co-founder and CEO. “We will be placing these units at ambulatory surgery centers and acute care hospitals.”
The Oklahoma Seed Capital Fund is a state-appropriated investment fund managed by i2E through the Oklahoma Center for the Advancement of Science and Technology.
The SeedStep Angels group was founded by i2E in 2009 and is now the state’s largest angel investment group with more than 50 members and chapters in Oklahoma City, Tulsa, Ardmore and Muskogee.
The Accelerate Oklahoma Fund was created in 2011 by i2E through a partnership with the Oklahoma Department of Commerce and the U.S. Treasury State Small Business Credit Initiative.
The Oklahoma Angel Fund 1 is a pooled fund of individual angel investors, managed by i2E, which offers another source of potential investment for Oklahoma entrepreneurs.
About Clear River Enviro
Founded in 2009, Clear River Enviro has developed a new scientific approach to treating chemical compounds that can be performed in a device the size of a desktop printer. The size and configuration of its RxDestruct™ product allows for installation anywhere pharmaceuticals are handled. The device destroys pharmaceutical waste, allowing it to be disposed of safely into the sewer system. The company’s patented technology brings to market the lowest-cost product available for pharmaceutical destruction while improving compliance with the DEA and EPA regulations. Mark Macdonell is CEO.
About i2E, Inc.
With offices in Oklahoma City and Tulsa, OK, i2E’s nationally recognized services include business expertise and funding for Oklahoma’s emerging small businesses. i2E has more than $50 million of investment capital under management. www.i2E.org
