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Richmond-based pharma company Phlow raises $15 million in investment round
November 25, 2020
A Richmond-based pharmaceutical manufacturing company founded this year to help build a strategic, national reserve of essential medications has raised $15 million from investors.
Phlow Corp. raised the money in an equity funding round, according to a filing with the U.S. Securities and Exchange Commission.
The company could seek $5 million more for a total capital raise of $20 million, according to the Nov. 20 filing. Four investors have participated in the capital raise.
Separately, the company filed a notice two days earlier with the SEC for about $8 million in options, warrants and other rights to acquire securities.
“Phlow will continue to raise additional capital as deemed necessary to ensure the company is able to achieve its bold vision,” Robby Demeria, Phlow’s chief of staff, said in a statement released Tuesday night.
Phlow, based in the Virginia Bio+Tech Park in downtown Richmond, was co-founded by Virginia Commonwealth University professor and chemical scientist Frank Gupton and Eric Edwards, who also was a co-founder of Kaléo, another Richmond-based pharmaceutical development company.
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