Astrazeneca plc said it has received about $486 million from the U.S. government to support the development and supply of a long-acting antibody combination under evaluation for the prevention and treatment of COVID-19. Phase III trials of the candidate, AZD-7442, are slated to begin later this month, the company told BioWorld. One trial will enroll more than 6,000 adults for the prevention of COVID-19 with additional trials set to enroll about 4,000 adults for the treatment of the infection, the Cambridge, U.K.-based company said.

DUBLIN – Priothera Ltd. closed a €30 million (US$35.4 million) series A round to shepherd an oral sphingosine 1 phosphate (S1P) receptor agonist through clinical development in patients with acute myeloid leukemia (AML) who are undergoing allogeneic hematopoietic stem cell transplantation (HSCT).

LONDON – Facing down the pandemic, U.K. biopharma had a record summer, raising just over £1 billion (US$1.3 billion) from June to August. That was up from £585 million in the second quarter of 2020, and brings the amount raised in the first nine months to £1.9 billion, putting 2020 on target to beat the 2018 record, when the annual total was £2.2 billion.

BEIJING – Three-year-old startup Everest Medicines Ltd. (1952.HK) sold 63 million shares at HK$55 apiece to raise HK$3.49 billion (US$451 million) on the Hong Kong Stock Exchange on Oct 9. Shares were oversubscribed by 654 times in Hong Kong.

The ongoing pandemic brought about several challenges for investors looking for the next big thing, but some areas still have experienced growth. Experts addressed this topic and other issues during a panel discussion Oct. 6 at the Cleveland Clinic’s 2020 Medical Innovation Summit.