Healthcare-focused private equity firm Shiyu Capital, also known as Shenzhen Shiyu Investment Management, led a 1.18 billion yuan series A funding round for Chinese drug developer Allist Pharmaceuticals Inc., DealStreetAsia reported, citing a company announcement.

Loyal Valley Capital and Suzhou Industrial Park Bioventure Investment Management Ltd. also supported the company, which focuses on the fields of cardiovascular, acid-related diseases and cancers, according to the report.

Allist will use the proceeds for drug research and for advancing product commercialization and foreign cooperation, the report noted.

As of May 24, US$1 was equivalent to 6.90 Chinese yuan.