Richmond, Va.-based Phlow Corp., a contract development and manufacturing organization (CDMO), has closed a $37 million Series C funding round led by Florida-based Align Private Capital, a woman-owned firm managing private family office direct investment vehicles.

Other backers of the public benefit corporation, which enables production of medicine critical to the nation’s healthcare, included new and follow-on investors, the company said. So far, Phlow has raised over $93 million in private capital, alongside more than $600 million in awarded government contracts.

“Phlow’s rapid growth and proven ability to achieve key milestones since our launch in 2020 are the result of bold leaders, visionaries, and partners working collaboratively to stabilize our supply chain and end chronic shortages of essential medicines and medical countermeasures for Americans,” said Phlow Chairman and CEO Eric S. Edwards, previously a co-founder of the drug-delivery firm Kaleo. “The most recent funding round for Phlow validates our vital mission and accelerates our ability to support small molecule API [active pharmaceutical ingredients] development and manufacturing programs for small and large clinical and commercial volumes.”

During his 16 years at Kaléo, of Richmond, Va., Edwards held several executive management positions including those of chief

science officer, chief medical officer and vice president of Innovation, overseeing Kaleo’s research and development pipeline and product strategy. He is the co-inventor of multiple products, including AUVI-Q,an epinephrine auto-injector for the treatment of allergic emergencies, and is named in over 215 issued and patent-pending applications. Edwards. obtained his B.S. in Biology, Ph.D. in the Pharmaceutical Sciences, and Doctor of Medicine degrees at Virginia Commonwealth University/Medical College of Virginia.

Phlow said the funding coincides with several milestones this year, including the opening of two newly operational U.S.-based cGMP manufacturing facilities to produce APIs at both kilogram and metric-ton scales. Phlow also partnered with the Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense to develop medical countermeasure drugs to support the joint forces and its allies in counteracting chemical and biological threats.

“We are excited to support the Phlow team as they address the inefficiencies and challenges in the current U.S. pharmaceutical supply chain. In particular, we applaud the company’s initiatives to prevent pediatric drug shortages, to advance state-of-the-art tech-enabled API manufacturing, and to support the U.S. military,” said Align Private Capital CEO Anna Nekoranec, an alumna of the University of Virginia and the Wharton School.

Phlow’s initiatives include an expanded pediatric program, Children’s Hospital Coalition, billed as the first-of-its-kind initiative to combat pediatric drug shortages. Under the program, the company said it has shipped over 1.6 million vials of essential medicines to children’s hospitals across the country.

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