Phlow Corp., a Richmond, Va.-based contract development and manufacturing organization (CDMO), has successfully closed a $37 million Series C funding round. This significant financial milestone was led by Align Private Capital, a woman-owned investment firm based in Florida, and included contributions from both new and existing investors. To date, Phlow has amassed over $93 million in private capital, in addition to more than $600 million in government contracts, highlighting its pivotal role in strengthening the U.S. pharmaceutical supply chain.

The funding round is a testament to Phlow’s achievements since its inception in 2020, including the establishment of two U.S.-based cGMP manufacturing facilities capable of producing active pharmaceutical ingredients (APIs) at various scales. These facilities are part of Phlow’s broader mission to mitigate chronic shortages of essential medicines and medical countermeasures, a challenge that has long plagued the U.S. healthcare system.

Eric S. Edwards, Phlow’s Chairman and CEO, emphasized the importance of this funding in advancing the company’s objectives. Edwards, a seasoned pharmaceutical executive and co-inventor of several medical products, highlighted Phlow’s commitment to innovation and collaboration in addressing supply chain inefficiencies. The company’s efforts extend to a pioneering pediatric program, the Children’s Hospital Coalition, which has already distributed over 1.6 million vials of essential medicines to children’s hospitals nationwide.

Align Private Capital’s CEO, Anna Nekoranec, expressed enthusiasm for supporting Phlow’s initiatives, particularly its focus on pediatric drug shortages and the development of tech-enabled API manufacturing. This partnership reflects a shared vision for a more resilient and efficient pharmaceutical supply chain, capable of meeting the needs of both the civilian population and the U.S. military.

Phlow’s recent accomplishments, including its collaboration with the Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense, further demonstrate its capacity to contribute to national security by developing medical countermeasures against chemical and biological threats. With this latest round of funding, Phlow is well-positioned to expand its impact, ensuring the availability of critical medicines and safeguarding public health.

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