Richmond pharmaceutical company Phlow Corp. recently completed a $36 million Series B round that it will use to grow its commercial and manufacturing businesses.
The company did not divulge the names of the participants in the round, but said it included new and existing investors.
“The Series B raise is a great testament to the progress we have made,” Phlow President Dan Hackman said. “It allows us to make great progress in the coming years.”
Phlow was founded in early 2020 by Eric Edwards and Frank Gupton and seeks to manufacture high-quality, essential generic drugs at a low cost. The public benefit corporation grew out of Gupton’s work at the Medicines for All Institute at Virginia Commonwealth University and is part of the effort to bring essential medicine manufacturing back to the U.S.
Hackman said the fundraise presented some challenges. Filings with the Securities and Exchange Commission show Phlow planned to raise $50 million and had secured $24.2 million by September.…
Read the full story from the Washington Business Journal.
