Briefly: Council Ventures leads New Day Pharmacy raise

By VNC Staff Updated 8:38 a.m. May 30, 2009

Briefly: Council Ventures leads New Day Pharmacy raise | New Day Pharmacy, Council Ventures, Jim Usdan, Dick Wager, venture capital, healthcare, Clayton Associates, Council Capital,

Second Avenue denizen Council Ventures today announced it recently led a $10.2 million Series A preferred financing for Nashville-based New Day Pharmacy, which outsources service for long-term care facilities.

Council was joined in the round by an undisclosed strategic investor, several individuals and by Nashville's Clayton Associates. New Day becomes the fifth announced active company in Council's current portfolio.

A Council release today said founder Dick Wager remains president of five-year-old New Day, but a Council-affiliated executive, Jim Usdan, takes over as chairman-CEO.

Other Council general and operating partners, including Co-founder and General Managing Partner Denny Bottorff (at left), and a Council CEO Council member take board seats and other roles.

Earlier this year, reported that NewDay had filed for Chapter 11. A year ago, New Day announced it had raised $1.7 million in a B-round raise. The full Council release is here. ♦