In Might, a analysis affiliate for Phlow Corp. labored on a COVID-19 drug at a VA Bio+Tech Park lab in Richmond.
A Richmond-based pharmaceutical manufacturing firm based this 12 months to assist construct a strategic, nationwide reserve of important medicines has raised $15 million from traders.
Phlow Corp. raised the cash in an fairness funding spherical, in keeping with a submitting with the U.S. Securities and Trade Fee.
The corporate might search $5 million extra for a complete capital increase of $20 million, in keeping with the Nov. 20 submitting. 4 traders have participated within the capital increase.
Individually, the corporate filed a discover two days earlier with the SEC for about $eight million in choices, warrants and different rights to amass securities.
“Phlow will proceed to boost extra capital as deemed mandatory to make sure the corporate is ready to obtain its daring imaginative and prescient,” Robby Demeria, Phlow’s chief of employees, stated in a press release launched Tuesday evening.
Phlow, based mostly within the Virginia Bio+Tech Park in downtown Richmond, was co-founded by Virginia Commonwealth College professor and chemical scientist Frank Gupton and Eric Edwards, who additionally was a co-founder of Kaléo, one other Richmond-based pharmaceutical growth firm.
Phlow introduced in Might that it had obtained a $354 million federal contract to assist construct a strategic reserve of important medicines and to make lively components for greater than a dozen medicines used to deal with sufferers with COVID-19.
— to richmond.com
The post Richmond-based pharmaceutical company Phlow raises $15 million in investment round | Business News appeared first on Correct Success.
source https://correctsuccess.com/investment/richmond-based-pharmaceutical-company-phlow-raises-15-million-in-investment-round-business-news/
No comments:
Post a Comment