Pioneering essential medicines company seeks to actively accelerate U.S. manufacturing for medicines at risk of shortage, including those for COVID-19 pandemic response
Source: BUSINESS WIRE
RICHMOND, Va.– Phlow Corp., a public benefit corporation committed to a bold vision of providing every American with access to affordable, high-quality essential medicines necessary to sustain life and conquer disease, announced today the recent closing of the company’s $20 million Series A Preferred offering.
Phlow is using state-of-the-art, advanced manufacturing processes leveraging flow chemistry to produce active pharmaceutical ingredients (APIs) and finished pharmaceutical products. Phlow is reimagining the end-to-end domestic production critical to U.S. healthcare.
This injection of additional strategic capital will be used by Phlow to fund initiatives including building the company’s commercial business team, establishing its commercial business unit’s data and analytics platforms, advancing the commercial research and development of APIs and finished pharmaceutical products, and funding innovative initiatives to improve the delivery of essential medicines.
“We’re thrilled to have achieved such a significant milestone this early in our company’s journey,” said Eric Edwards, M.D., Ph.D., co-founder, president and CEO of Phlow. “This is a testament to the substantial progress that we have made and the dedication and experience of our entire team, as well as the quality and commitment of our strategic partners, Virginia Commonwealth University’s Medicines for All Institute, AMPAC Fine Chemicals, and Civica Rx, whose contributions are invaluable to our mission.”
In May 2020, Phlow announced that it had been awarded a contract to manufacture essential medicines in shortage, funded by Biomedical Advanced Research and Development Authority (BARDA), part of the office of Assistant Secretary for Preparedness and Response (ASPR) at the U.S. Department of Health and Human Services (HHS). The total contract value awarded to Phlow is up to $812 million which includes a four-year base award of $354 million with an additional $458 million included as potential options for long-term sustainability.
In its first contract year, Phlow has already delivered millions of doses of essential medicines as part of a U.S.- based, surge capacity ramp-up supporting critical COVID-19 response efforts while boosting our national supply chain security. In addition, Phlow has developed and is operationalizing the United States’ first Strategic Active Pharmaceutical Ingredients Reserve (SAPIR). This long-term, national stockpile of key ingredients will be used to manufacture the most essential medicines on U.S. soil and further reduce America’s dependency on foreign nations to support its drug supply chain.
“The Phlow team is deeply appreciative that our investors have exhibited confidence and trust in our vision. In just over a year, in addition to meeting our commitments under the BARDA contract, we have strengthened our cross-functional team of industry leaders by attracting additional industry leading talent to join Phlow, rapidly progressed our commercial and innovation strategic plans, and established a credible platform for thought leadership to catalyze change in the healthcare industry,” said Edwards.
Phlow is building an infrastructure that will contribute to the Central Virginia region’s growing role as an important center for advanced pharmaceutical manufacturing. Phlow expects that the development of Richmond and surrounding areas as an advanced manufacturing hub will help attract highly technical jobs and contribute positively to the quality of the workforce in the area, and ultimately enhance the delivery of critical essential medicines to Americans in the future.
Phlow Corp. is a trailblazing, essential medicines impact company that is reimagining essential medicines from start to finish through the use of flow chemistry. Everything Phlow does is designed to promote access to affordable, high-quality essential medicines for all Americans. Phlow provides a solution to the broken essential medicines supply chain by offering a resilient end-to-end solution that is U.S.-based, comprehensive, and fully integrated. With the support of an industry leading team, experienced strategic partners, and established relationships at the policy, regulatory, and federal levels, Phlow will manufacture active pharmaceutical ingredients (API) and finished pharmaceutical products, domestically for essential medicines critical to the Nation’s healthcare. Through the use of continuous-flow technology and green chemistry, Phlow is able to reduce costs and waste, improve quality and yield, and offer a more environmentally friendly alternative to batch manufacturing.
Grace Catlett: [email protected]