Richmond, VA, April 05, 2023 (GLOBE NEWSWIRE) -- Phlow Corp., a U.S.-based public benefit corporation and contract development and manufacturing organization (CDMO), today announced that it has closed a $36 million Series B capital raise as part of its mission to protect America’s medicine cabinet. Since its launch in 2020, Phlow has been working to leverage advanced development and manufacturing processes to re-imagine the domestic production of key starting materials (KSM), active pharmaceutical ingredients (API), and finished pharmaceutical products that are critical to U.S. healthcare.
The strategic capital raised will be leveraged by Phlow to expand its commercial offerings, including the rapid growth of its CDMO program, called cdmoX, that provides a range of customized services to pharmaceutical and biotech companies resulting in reduced production costs, decreased development time, improved quality, and lower negative environmental impact. Phlow’s U.S.-based R&D laboratory, co-located with the U.S. Pharmacopeia (USP) at the Advanced Pharmaceutical Development Center in Richmond, VA, along with its brand new manufacturing facilities in Petersburg, VA, will make it possible for Phlow’s customers to bring critical medicine supply chains back to the United States in order to help prevent future disruptions from public health threats, trade disputes, and geopolitical challenges. Further, by deploying state-of-the-art flow chemistry, continuous manufacturing technology, and other advanced manufacturing processes, Phlow’s goal is to help customers achieve faster regulatory approvals resulting in increased patient access to life-changing medicines and reduced drug shortages that continue to impact Americans.
“At Phlow, our U.S.-based public benefit corporation is focused firmly on impact, solving for critical pharmaceutical supply chain challenges by moving far beyond the boundaries of the status quo in pharmaceutical development and manufacturing. Our recent investment round further ensures our bold mission and progress towards helping to solve for drug shortage challenges while providing end-to-end solutions in the U.S. that are fully integrated, comprehensive, environmentally friendly and cost competitive,” said Eric Edwards, M.D., Ph.D., co-founder and CEO of Phlow.
“On behalf of our growing Phlow team, we are deeply appreciative that our investors have exhibited continued confidence and trust in not only our shared vision but our proven ability to execute,” said Dave Ryan, Phlow’s Chief Financial Officer. “Together, we are revolutionizing the science behind life-changing medicines and creating unprecedented levels of access that is helping to improve the health of our nation.”
About Phlow
Phlow Corp. is a U.S.-based public benefit corporation leveraging advanced manufacturing processes to re-imagine the domestic production of key starting materials (KSM), active pharmaceutical ingredients (API), and finished pharmaceutical products that are critical to U.S. healthcare. Focused on impact, Phlow partners with children’s hospitals, private industry, and the U.S. government to increase access to affordable, high-quality essential medicines through end-to-end solutions that are fully integrated, comprehensive, and better for the environment. Utilizing its advanced R&D labs and best-in-class, automated API cGMP capacities ranging from kilo to metric ton scales, Phlow provides customized contract development and manufacturing services for small molecule APIs and KSMs to pharmaceutical and biotech companies. Phlow measures its success by its ability to drive down costs and waste, improve quality and yield, and offer a more environmentally friendly approach to manufacturing medicines that lead to healthy and resilient communities. For more, visit www.phlow-usa.com.
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