Venture capital and private equity firms pumped a combined $102m into seven Chinese biotechs in major deals announced during December.

After once again showing significant improvements in lung function and a 36% reduction in rate of exacerbations over 24 weeks, Verona is confident that its dual PDE3/4 inhibitor will change the treatment paradigm for COPD.

Verona Pharma’s Phase III ensifentrine, if approved, would be the first new dual-mechanism treatment class for COPD patients in decades. It could propel the UK-based biotech toward profitability, or into the arms of a larger partner.

The UK biotech is in a strong spot after extending its cash runway to prepare for the launch of ensifentrine, which analysts believe could become a pipeline-in-a-molecule for respiratory diseases.