Richmond pharmaceutical company Phlow Corp. is looking to raise up to $50 million in outside funding, according to a Securities and Exchange Commission filing.
Phlow has so far raised $24.2 million from 11 investors toward a Series B round, according to the early September filing. The round puts Phlow’s pre-money valuation at $230 million, according to PitchBook.
We’ve reached out to Phlow for comment and will update this post when we hear back.
Phlow, co-founded in early 2020 by Eric Edwards and Frank Grupton, seeks to manufacture high-quality, essential generic drugs at a low cost, helping to boost the United States’ drug reserve. Last year, it began producing commercial drugs to supply pediatric hospitals.
The company closed a $20 million Series A round last year from undisclosed investors. That funding was to go toward building up the company’s commercial business team, establish data and analytics platforms and advance its research and development, among other initiatives.…
Read the full story from the Washington Business Journal.
