Phlow Corporation, the Richmond-based pharmaceutical manufacturing firm, has reportedly raised USD 15 million in an equity funding round led by four investors. The company could also seek USD 5 million more funding to achieve a total capital raise of USD 20 million.
Separately, the firm filed a notice two days before with the U.S. Securities and Exchange Commission for about USD 8 million in options, warrants, and additional rights to acquire securities.
For the record, Richmond-based pharmaceutical firm was co-founded by Virginia Commonwealth University professor Gupton and Kaléo Co-founder Eric Edwards. The company’s mission is to supply reliable, high-quality, essential medicines through a U.S-based advanced manufacturing process.
Previously, the company announced in May that it had awarded a USD 354 million federal contract to assist develop a strategic reserve of vital medications and to make develop intergradient for over a dozen medicines used to treat patients with COVID-19
In addition, the start-up firm also announced it would partner with manufacturers such as Civica Rx network and AMPAC to accelerate the production of medications with the help of processes developed at VCU. As per the agreement, AMPAC would develop some of the pharmaceutical ingredients at the Petersburg-based factory that the firm reopened in 2019, around five years after the closure of the plant.
In the statement, Robby Demeria who is the chief of staff at Phlow said that the company will continue to raise added capital as deemed necessary to ensure that it can achieve its bold vision. Many of the medicines presently being developed are used to treat hospitalized patients with COVID-19 disease, he states.
He added that the company is standing up major commercial operations to advance its mission and surge the number of stakeholders it would positively impact, which this added funding helps to support.