Ever since the Hong Kong Stock Exchange (HKEX) overhauled its listing rules to welcome pre-revenue biotech companies in April 2018, Hong Kong has become the largest biotech fundraising hub in Asia, and the second largest in the world after Nasdaq, HKEX executives said Tuesday at the bourse’s biotech summit. The biotech IPO pipeline continues to grow and pre-revenue companies are more accepted into the city’s financial system.

Neuropace Inc. has scooped up $67 million in a financing round that was led by Accelmed Partners. The funds will be used to accelerate commercial growth of its brain-responsive neurostimulator (RNS), as well as to advance new indications for the U.S. FDA-cleared system.

GI Windows Corp. scooped up $16.4 million in a series A-1 financing that included investment from Johnson & Johnson Innovation – JJDC Inc., Sonder Capital, GT Healthcare, JC Investco and an unnamed strategic investor. Also participating in the round were new investors Kennedy Trust and Coleman Trust. The funds are earmarked to advance the development and clinical trials of the company’s incisionless anastomosis technology.

Athira Pharma Inc.’s proposed $100 million IPO, along with a filing by Virios Therapeutics LLC to raise $35 million on Aug. 28, helped propel a supercharged amount of investment in 2020 that shows no sign of slowing. The pace is unusually swift this year despite hindrances from COVID-19. The total value of IPOs so far in 2020 is $12.95 billion, with 54 completed, easily outpacing 2019’s $8.64 billion.