Phlow looks to raise $50M as US aims to boost domestic manufacturing
More cash appears to be on its way to central Virginia’s manufacturing sector.
According to a Form D filing from the SEC, Phlow Corp., a manufacturer that prides itself on making materials in the US instead of relying on sources overseas, is looking to raise $50 million in a funding round.
Phlow has raised $24.2 million from 11 investors since the round kicked off in August, the documents reveal. However, no other details were provided about who the investors are or what the funds will eventually be used for.
The company didn’t respond to a request for comment as of press time. Endpoints News will update the story when more information becomes available.
Phlow also grabbed a $20 million raise at the beginning of last year, according to local site Richmond BizSense. That’s on top of a $345 million BARDA contract inked in 2020, with a total value of $812 million, to make APIs and finished dosage forms for several medicines. Phlow also secured a partnership with generic drug manufacturer Civica as it looked to build a $124.5 million site in Petersburg, VA, near Phlow’s HQ in Richmond, to support Civica’s eventual needs for production.
According to the Richmond Times-Dispatch, Phlow also has a contract to produce medicines for a local children’s hospital.
While Phlow is looking for more capital, the Richmond area and the wider county are doubling down on biomanufacturing and greater domestic API production.
The Department of Commerce, earlier this month, gave north of $50 million in grants to grow the domestic supply of APIs by investing in more labs, job training and other economic development efforts in the Richmond-Petersburg area.
Last week, the Biden administration invested $2 billion into the wider biomanufacturing space, with $40 million going to HHS to expand the domestic production of APIs, antibiotics and other materials.