RXQ has been backed by Ohio Innovation Fund as it prepares to build beyond its current location at the Ohio University Innovation Center.

RXQ Compounding, a US-based drug compound manufacturer based at Ohio University’s Innovation Center, raised a series A sum of undisclosed size on Monday in a round led by the Ohio Innovation Fund.

Founded in 2014, RXQ manufactures a range of more than 140 pharmaceutical products that include injectables, veterinary medications and dermatological creams or ointments, as well as ophthalmic solutions, orthopaedic steroids and custom lines for hospitals.

The manufacturing process is marketed as being fully compliant with the standards of healthcare regulator Food and Drug Administration.

RXQ currently has more than 500 customers, shipping from its outsourcing facility at the Innovation Center, however the series A funds will enable it to launch a new compounding plant in southeast Ohio.

Proceeds will also help RXQ extend its product range and work towards the expansion of its customer partnerships. Bill Baumel, managing director of Ohio Innovation Fund, will join the RXQ board of directors.

RXQ is a member of the TechGrowth Ohio incubator, a public-private partnership based at the university’s Voinovich School of Leadership and Public Affairs. The program provides qualifying startups with pre-seed funding and access to local investors for follow-on capital.

Marvis Nellis, president of Ohio University, said: “One of our goals is to help the businesses in our community in order to promote job growth and spur regional economic development.

“RXQ Compounding has proven a great fit for the region during its time at the Ohio University Innovation Center, and as an ongoing client of TechGrowth Ohio, we look forward to their continued success in the years to come.”

The Ohio Innovation Fund is backed by anchor partners Ohio University, Ohio State University and Kent State University.