Phlow Corp. 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 firm based in Florida, known for managing private family office direct investment vehicles. The funding round also saw participation from new and follow-on investors, bolstering Phlow's mission to produce medicine critical to the nation's healthcare. To date, Phlow has raised over $93 million in private capital, in addition to more than $600 million in awarded government contracts.

Eric S. Edwards, Phlow's Chairman and CEO, highlighted the company's rapid growth and achievement of key milestones since its launch in 2020. Edwards, a co-founder of the drug-delivery firm Kaleo, emphasized the collaborative effort of leaders, visionaries, and partners in addressing the chronic shortages of essential medicines and medical countermeasures for Americans. The recent funding round not only validates Phlow's mission but also accelerates its capability to support small molecule API development and manufacturing programs for various clinical and commercial volumes.

Phlow's achievements this year include the opening of two newly operational U.S.-based cGMP manufacturing facilities capable of producing APIs at both kilogram and metric-ton scales. Additionally, the company has partnered with the Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense to develop medical countermeasure drugs, supporting the joint forces and allies against chemical and biological threats.

Anna Nekoranec, CEO of Align Private Capital, expressed enthusiasm for supporting Phlow's initiatives to address inefficiencies in the U.S. pharmaceutical supply chain. Notably, Phlow's expanded pediatric program, the Children's Hospital Coalition, has already shipped over 1.6 million vials of essential medicines to children's hospitals nationwide, showcasing the company's commitment to preventing pediatric drug shortages and advancing tech-enabled API manufacturing.