Richmond-based pharmaceutical firm Phlow has successfully closed a $37 million Series C financing round. The investment was led by Align Private Capital LLC, with participation from both returning backers and new investors who believe in Phlow’s mission. The company did not disclose its new valuation but described it as increased.
Strengthening Domestic API and Drug Substance Infrastructure
Phlow was founded in 2020 with a clear aim: to rebuild America’s capacity for producing essential medicine ingredients, including active pharmaceutical ingredients (APIs) and drug substances, directly on U.S. soil. According to CEO Eric Edwards, MD, PhD, this funding is a vote of confidence in Phlow’s approach to stabilize supply chains and tackle chronic shortages of critical medicines.
Phlow plans to use the capital to expand its development and manufacturing footprint within the U.S., not just in the lab but in full-scale production. Its Petersburg facility is already online, and the team intends to scale up operations further.
Track Record and Partnerships
Since launching, Phlow has raised over $93 million in private funding and secured more than $600 million in government contracts focused on public health and medical countermeasures. That track record has positioned Phlow as a serious player in U.S. drug manufacturing, with both public and private-sector support.
Edwards emphasized how the firm’s ability to hit milestones, whether it is opening plants or delivering on government deals, strengthens its mission to bring medicines to life through advanced development and manufacturing in America.
What Lies Ahead
With this fresh capital, Phlow plans to:
- Scale up its Petersburg drug-substance production
- Enhance its U.S.-based R&D and digital infrastructure
- Take on more small-molecule API development and manufacturing projects
The broader goal is to build a more resilient domestic supply chain and reduce U.S. dependence on foreign manufacturing. This is about both economic sovereignty and national security, especially after pandemic-related disruptions exposed vulnerabilities.
Why It Matters
The pharmaceutical supply chain has felt fragile lately. The U.S. imports a large share of its APIs from overseas, which can be risky when global events or geopolitics disrupt shipping or production. Phlow’s efforts represent a strategic shift, bringing important manufacturing back to home soil.
This is not only a business move. It is a public-health play. Securing local manufacturing for essential meds can prevent shortages, ramp up emergency preparedness, and stimulate regional economies. Phlow’s Petersburg plant already employs local talent, and continued growth could generate even more jobs in the Richmond area.
Final Take
Phlow’s $37 million capital infusion is more than a financial milestone. It signals that domestic pharma manufacturing is gaining momentum. By expanding U.S.-based development capabilities, Phlow is helping stabilize the supply of essential medicines. This is not just good business. It is a step toward greater resilience for American healthcare.
