Phlow, a South Carolina-based medicine supply chain company, reeled in $36 million in series B fundraising to help the company expand its contract manufacturing program.
The company has earmarked the bulk of the funds to support the growth of its manufacturing operations—dubbed cdmoX—in order to meet market demands for customized services, Phlow said in an April 5 press release.
Phlow didn't disclose the investors involved in this round of funding.
The drug manufacturer formed in 2020 with the goal of bringing critical medicine supply chains back to the U.S. in order to help prevent future disruptions from public health threats, trade disputes and other global challenges.
“Our recent investment round further ensures our bold mission and progress towards helping to solve for drug shortage challenges while providing end-to-end solutions in the U.S. that are fully integrated, comprehensive, environmentally friendly and cost competitive,” Eric Edwards, co-founder and CEO of Phlow, said in the release.
The company was in the news in late February when its former vice president, Andrew Stiles, was charged with insider trading by the U.S. Department of Justice and the Securities and Exchange Commission. Stiles was accused of making more than $1.5 million on purchases of stock made using nonpublic information about a government pandemic preparedness contract awarded to Eastman Kodak.