Two Delaware County life science firms are leading the way this year in equity financing.

A cancer treatment drug being developed by ArriVent Biopharma in Newtown Square got a financial boost this week when the company closed a $155 million private stock sale.

The sale was the second largest equity financing deal this year for a Philadelphia-area life sciences company, writes John George for Philadelphia Business Journal.

The first came in February in a $220 million public stock offering by Radnor-based Mineralys Therapeutics, which is developing a treatment for uncontrolled hypertension.

ArriVent has now raised more than $300 million with a $150 million Series A round it completed in 2021.

Funds will support a Phase 3 trial of furmonertinib, a potential treatment for advanced or metastatic non-small cell lung cancer first developed in China.

ArriVent has worked since 2021 to bring biopharmaceutical medicines approved in China to the U.S. and the European Union. 

“ArriVent is accessing innovations on a global scale and pursuing a more capital-efficient path for drug development while improving treatment options for patients,” said Dr. Jim Healy, managing partner of Sofinnova Investments who joined ArriVent’s board of directors.

Read more about ArriVent Biopharma in the Philadelphia Business Journal.