Phlow taps board chair as new CEO

Dr. Eric Edwards, co-founder of pharmaceutical manufacturer Phlow, has stepped down as its CEO, and Tim M. Mayleben, the Richmond company’s board chairman, succeeded Edwards earlier this month.

Edwards now serves as chairman emeritus of Phlow and strategic adviser to the CEO and board of the public benefit corporation, which he started in 2020 with Frank Gupton, a Virginia Commonwealth University professor. Phlow, which has more than $600 million in awarded government contracts, develops and manufactures active pharmaceutical ingredients and finished pharmaceutical products.

The leadership change “reflects a planned evolution designed to position Phlow for its next phase of growth,” according to a May 12 news release.

With more than a quarter-century of leadership experience in the pharmaceutical and life sciences industries, Mayleben joined Phlow’s business advisory board in 2023. In 2025, he joined the Phlow corporate board and in October became chairman.

Since 2024, he has served as executive chair of a stealth biopharma company, according to his LinkedIn profile.

From 2012 to 2021, Mayleben served as president and CEO of Esperion Therapeutics, a Michigan-based biopharmaceutical company developing and delivering cardiometabolic and rare disease therapies. He also previously served as president and CEO of Massachusetts-based Vericel Corp., a provider of advanced therapies for the sports medicine and severe burn care markets.

Edwards led the search for and selection of his successor, according to the release.

“Phlow is entering a critical phase where disciplined execution and operational scale are paramount,” Edwards said in a statement. “Tim brings the experience and leadership track record this moment requires. This transition allows me to remain deeply engaged in advancing Phlow’s mission and national partnerships, while Tim drives the day-to-day execution that will take Phlow to its next level.”

As Phlow’s chairman emeritus and strategic adviser, Edwards will “provide strategic counsel on national partnerships and long-term strategic and innovation initiatives.”

Additionally, he will serve as CEO of MedPhlow, a Phlow subsidiary developing and commercializing novel essential medicine delivery solutions.

With Gupton, Edwards developed Phlow out of frustration that the U.S. had so many medications on the Food and Drug Administration’s drug-shortage list during the pandemic. In 2020, the U.S. Department of Health and Human Services awarded Phlow a four-year, $354 million contract to create a domestic supply chain for essential drugs and pharmaceutical ingredients in short supply. Before starting Phlow, Edwards co-founded Kaléo, a Richmond pharmaceutical company.

As of July 2025, Phlow had raised more than $93 million in private capital.

The company’s research and development lab is located at Virginia Biotechnology Research Park in Richmond, and its manufacturing facility is in Petersburg.