Phlow Secures $37 Million in Series C Funding to Enhance U.S. Pharmaceutical Supply Chain

Phlow Corp., a Richmond, Va.-based contract development and manufacturing organization (CDMO), has successfully closed a $37 million Series C funding round. This round was led by Align Private Capital, a woman-owned investment firm, with participation from both new and existing investors. To date, Phlow has raised over $93 million in private capital, in addition to more than $600 million in government contracts, underscoring the critical role it plays in the U.S. healthcare system.

The funding is a testament to Phlow's mission to stabilize the pharmaceutical supply chain and mitigate shortages of essential medicines and medical countermeasures. Eric S. Edwards, Phlow's Chairman and CEO, highlighted the company's achievements since its inception in 2020, including the development of small molecule APIs for clinical and commercial use. Edwards, a seasoned pharmaceutical executive and co-inventor of multiple medical products, brings a wealth of experience to Phlow's innovative endeavors.

This financial milestone coincides with Phlow's operational achievements, such as the launch of two cGMP manufacturing facilities in the U.S. capable of producing APIs at various scales. Furthermore, Phlow's collaboration with the Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense aims to enhance the nation's preparedness against chemical and biological threats.

Align Private Capital's CEO, Anna Nekoranec, expressed enthusiasm for supporting Phlow's initiatives, particularly its efforts to prevent pediatric drug shortages and advance API manufacturing technologies. Phlow's Children’s Hospital Coalition has already made significant strides, distributing over 1.6 million vials of essential medicines to children's hospitals nationwide, showcasing the tangible impact of its work.