Phlow, the Richmond-based public benefit pharma company, has just locked in a $37 million Series C round led by Align Private Capital LLC, with participation from undisclosed backers. With this fresh capital, co-founders Dr. Eric Edwards, MD, PhD and David Ryan are doubling down on an audacious but urgent mission: to reshape the future of U.S. pharmaceutical manufacturing and end critical medicine shortages once and for all.

Unlike the dozens of biotech moonshots chasing the next big molecule, Phlow is building something far more foundational: a resilient, U.S.-based supply chain for essential medicines that the country can’t afford to run short of - antibiotics, anesthetics, and treatments for children’s cancers, for starters.

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The Real Crisis: U.S. Medicine Shortages Are at an All-Time High

The U.S. is experiencing the worst medicine shortage in over a decade. As of 2024, the FDA lists over 300 drugs in shortage, including chemotherapy agents, antibiotics, and saline IV bags - items essential to everyday care.

Much of this stems from a reliance on overseas manufacturing, particularly in China and India. Roughly 80% of active pharmaceutical ingredients (APIs) used in the U.S. are produced abroad, creating dangerous dependencies and bottlenecks.

Phlow was founded in 2020 as a direct response to these vulnerabilities, particularly after COVID-19 exposed the fragility of global supply chains. The company is focused on rebuilding U.S. pharmaceutical infrastructure from the ground up, using advanced manufacturing and public-private partnerships to restore domestic control over essential drug production.

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Not Just Manufacturing - Infrastructure for a New Era

Phlow isn't simply a contract manufacturer. It’s creating vertically integrated supply chain solutions - from raw materials to finished pharmaceuticals - all made in the U.S. Their model blends flow chemistry, continuous manufacturing, and data-driven quality assurance to produce drugs more efficiently, safely, and sustainably.

Here’s where the strategic magic happens:

Founders in healthcare infra should remember - speed isn’t just velocity, it’s resilience. A slow but stable system beats fast and fragile.

Phlow's investment in redundant domestic capacity, strategic stockpiling, and AI-informed demand planning is setting a new gold standard in what pharma resilience can look like. Their work with the U.S. Department of Health and Human Services (HHS) and BARDA on emergency drug stockpiles is already making real impact in critical care.

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The Series C Round: Fueling National-Scale Capabilities

The $37M Series C will accelerate several key initiatives:

• Expansion of the advanced manufacturing facility in Richmond, VA
  
• Development of end-to-end supply chain visibility tools for hospitals and public health systems
  
• Broadening their portfolio of essential medicines and APIs
  
• Investment in pharmaceutical engineering talent and regulatory compliance infrastructure
  

While the full investor list remains undisclosed, the presence of Align Private Capital signals growing interest from private equity in mission-aligned, long-horizon healthcare infrastructure bets. Unlike traditional biotech plays, Phlow’s model is more industrial - but no less impactful.

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Meet the Founders: Legacy Meets Urgency

Dr. Eric Edwards is no stranger to pharmaceutical entrepreneurship. He co-founded Kaléo, the company behind the innovative auto-injector version of naloxone (Narcan), used to treat opioid overdoses. His experience spans R&D, regulatory navigation, and public health advocacy - a rare combo that fits Phlow’s big vision perfectly.

David Ryan, co-founder and seasoned executive, brings deep operational experience in building out compliant manufacturing operations, navigating procurement, and forging strategic partnerships with federal agencies.

Together, they’ve crafted a company that doesn’t just talk about reshoring - it’s doing it, at scale, with the urgency of a national imperative.

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U.S. Pharma Infrastructure: Market Context & Why It Matters Now

According to a recent report by the American Society of Health-System Pharmacists (ASHP):

• 99% of U.S. hospitals experienced at least one critical drug shortage in 2023
  
• Over 75% reported patient care being negatively impacted
  
• Shortages of chemotherapy drugs delayed or altered treatment for tens of thousands
  

Meanwhile, the global generics API market - worth over $150 billion - remains dominated by a few players in Asia. This leaves the U.S. vulnerable to supply shocks, trade policy swings, and quality control failures abroad.

Phlow is part of a broader movement toward bioindustrial resilience, a space that includes everything from synthetic biology to onshore PPE manufacturing. In this context, their work isn't just about pharma - it's about national security.

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What’s Next: Reshoring as a Long-Term Competitive Advantage

With this Series C round, Phlow is positioning itself to become the anchor of a revitalized U.S. pharmaceutical ecosystem. That includes:

• Launching API manufacturing as a service to support smaller drug developers
  
• Partnering with children’s hospitals and safety-net health systems to secure high-need pediatric drugs
  
• Exploring public benefit corporation partnerships with states and regional health departments
  

As more governments and health systems rethink their dependencies, Phlow’s blueprint is becoming the go-to playbook.

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Final Word: The Future of Pharma Is Domestic, Durable, and Data-Driven

Phlow is proving that pharmaceutical manufacturing doesn’t have to be brittle, opaque, or halfway around the world. By investing in advanced manufacturing, local talent, and supply chain visibility, they’re building a new kind of pharma company - one that sees resilience as ROI.

For founders chasing scale in infrastructure-heavy sectors, here’s the insight to steal:

Don’t just build the product - build the platform that de-risks the entire ecosystem around it. Whether it’s chips, semiconductors, or drugs, the future belongs to companies that can operate at the intersection of national interest and industrial precision.

Phlow’s $37M is more than a win - it’s a wake-up call. The time to fix the medicine shortage is before the next crisis. And Phlow is already way ahead.