China-based Avistone Biotechnology has closed its Series B financing round, raising 1bn yuan ($140m), to support clinical research and development of its drug pipeline.

This includes supporting both monotherapy studies of drugs and internal combinations.

SDIC CS Capital and IDG Capital jointly led the funding round, which also involved Yanchuang Capital and Cathay Capital.

Existing shareholder Bain Capital continues to make more investments.

The newly secured funds will also be used by the biotech company to expedite the screening of new molecules, facilitate clinical studies and expansion in the US, and aid in the commercialisation of its lead asset PLB1001 (Vebreltinib) in China.

Avistone Biotechnology founder, chairman and CEO Dr Hepeng Shi said: “This very important financing will support the commercialisation of our recently approved molecule, PLB1001 (Vebreltinib), in MET Exon 14 skipping Non-Small Cell Lung Cancer (NSCLC) and will provide funding for our pipeline."

IDG Capital said: “We believe that the demand for better products is a prevailing trend in the biopharmaceutical industry, and Avistone has consistently aimed for and practiced this goal.

“We believe that in the future, Avistone can achieve more innovative breakthroughs, and IDG Capital is committed to ongoing support, contributing to the advancement of the innovative pharmaceutical industry alongside Avistone.”

PLB1001 is a small-molecule inhibitor intended to target MET tyrosine kinase activity.

The National Medical Products Administration in China has granted conditional approval for the use of Vebreltinib as a treatment for patients with MET exon 14 skipping NSCLC.

In China, Avistone has a commercial sales and marketing team operating across 25 provinces, nearly 1,000 hospitals, and numerous commercial companies and retail outlets.

The company focuses on precision oncology therapeutics.