The $68m raised by Createrna in a series A round was the biggest biotech financing deal backed by venture capital firms in China in September. Two other noteworthy fundings in the country involved cell therapy specialist Qihan Biotech and therapeutic cancer vaccine maker Neoantigen Therapeutics.

The role of a traditional Chinese medicine provided to the general public in China to fend off COVID-19 is controversial given limited evidence and even misleading, some say.

As Shanghai enters a second week of a city-wide lockdown with no signs of policy easing, officials are promoting the use of traditional Chinese medicines rather than Pfizer's recently approved Paxlovid.

Private Company Edition: The astonishing pace of venture capital investment in drug development continues with another $1.5bn in financings of $100m or more, including $152m for Pyxis and $126m for Omega. New VC funds also continue to launch, including RiverVest’s fifth fund, totaling $275m.