Biotechnology Company Avistone Pharmaceuticals recently raised $200 million in fresh funding led by healthcare investment firm Vivo Capital.

Avistone is a clinical-stage biotech firm based in Beijing, China that develops oncology therapeutics, with a focus on lung cancer treatments.

Several pharmaceutical companies have recently filed to float their shares and raised capital as the COVID-19 pandemic pushed healthcare in the spotlight.

Earlier, biotechnology firm Freenome raised $300 million in a late-stage funding round led by Perceptive Advisors and hedge fund RA Capital Management.

Avistone intends to use the latest funding to accelerate the development of its existing drug candidates and scale its business to enter new markets globally.

Avistone said it currently has two clinical-stage drug candidates and several ongoing programs in the pre-clinical development stage.