Council Ventures has led a $10.2 million financing round for New Day Pharmacy, which filed for Chapter 11 bankruptcy early this year.

Also involved in funding the five-year-old venture, which partners with long-term care facilities to provide on-site drug dispensing units, were Franklin-based Clayton Associates, an unidentified strategic investor and two of Council's operating partners, James Usdan and Chip Lacy. Usdan, a former CEO of Castle Dental and RehabCare Group among others, also has been named chairman and CEO of the company.

“New Day Pharmacy’s business model provides a superior value proposition over its competition that is already resonating in the market," said Council Managing General Partner Denny Bottorff. "The New Day system saves customers money, is safer for patients and is easier for nurses to use. In short, it is on the ‘right side of change’ in healthcare.”

Bottorff has joined New Day's board, as have Lacy and Clayton Managing Director Matt King. On the operations front, Joseph Keane – who worked at Castle Dental with Usdan – has joined as CFO and former Healthways marketing senior VP Carol Murdock has taken on that title with New Day.