Although the spread of HIV/AIDS appears to be largely under control in China, increasing infections among the elderly are causing concern due to a range of risk factors, while domestic firms move to expand their drug offerings.

China's Hybio, Youcare and Shanxi Jinbo appear to be the only three companies in the world trying to develop a fusion inhibitor for COVID-19, the most advanced of which has now moved into a domestic Phase II trial.

Large or small, Chinese biotechs are receiving the cold shoulder from some investors amid souring investment sentiment. HanBio, Frontier and InnoCare have all seen their fundraising efforts hampered to various degrees.

Frontier Biotechnologies is seeking to enroll roughly 1,200 hospitalized COVID patients in an international Phase II/III clinical trial to evaluate its bofutrelvir (FB2001) in competition with Gilead’s Veklury.