A Newtown Square biopharmaceutical company, ArriVent, has raised $110 million in a private stock sale to bring cancer medicines approved in China to the U.S. and the European Union, writes John George for Philadelphia Business Journal.

ArriVent Biopharma officials said the funds will advance its existing pipeline and support asset growth. They expect the Series B funding to reach $145 million.

The company has a licensing agreement with Shanghai-based Allist Pharma to develop, manufacture and commercialize a medicine outside of China that treats patients with locally advanced or metastatic non-small-cell lung cancer who have a certain genetic mutation.

The medicine, known as furmonertinib, has received regulatory approval in China. 

ArriVent is also looking at a second new drug candidate that targets solid tumors.

The company enrolled patients in a Phase 1 study of furmonertinib in lung cancer patients back in July.  It is ArriVent’s first clinical trial and its first global study for a new drug candidate.

ArriVent employs 40 people. It was co-founded by Bing Yao, who is the chairman and CEO. He was previously the CEO and chairman of Viela Bio out of Maryland, a spinoff company of AstraZeneca.

Read more about ArriVent Biopharma bringing China-approved medicines to the U.S. at Philadelphia Business Journal.