Phlow, an American pharmaceutical contract development and manufacturing organization (CDMO), today announced the successful close of its Series C financing round at an increased valuation from previous funding. The $37 million raise supports the company’s mission of helping bring medicines to life through advanced development and manufacturing.
The funds raised will accelerate Phlow’s expansion across its U.S.-based development, manufacturing, and digital infrastructure. This growth will strengthen domestic production of Key Starting Materials (KSMs) and Active Pharmaceutical Ingredients (APIs).
“Raising funds in today's capital market environment remains very challenging. This investment demonstrates the confidence that both new and existing investors have in our vision” said Dave Ryan, Chief Financial Officer of Phlow, “Together, with our bold and purpose-driven partners, these funds will permit us to continue to revolutionize the science behind life-changing medicines and improve the health of our nation, a focus over the last five years that has led to significant growth for our business and value creation for our investors. We are excited to work with the Align team to continue executing our vision.”
Phlow’s Series C funding coincides with several milestones this year, including the two newly operational U.S.-based cGMP manufacturing facilities, capable of producing APIs at both kilogram and metric-ton scales using both batch and continuous processes. Additionally, Phlow recently partnered with the Joint Program Executive Office for Chemical, Biological, Radiological, and Nuclear Defense to develop medical countermeasure drug products that support the joint force and its allies in counteracting chemical and biological threats. At the same time, Phlow expanded its impact in the pediatric space, having shipped more than 1.6 million vials of essential medicines to leading children’s hospitals across the country through the Children’s Hospital Coalition.
In addition to its partnerships with the U.S. government, Phlow is expanding its next-generation CDMO services for pharmaceutical partners, providing advanced development and manufacturing solutions, such as continuous flow chemistry.
