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F2G Ltd Raises $30 Million to Fund Pre-Clinical and Clinical Development of Novel Anti-Fungal Compounds


9/5/2012 6:40:47 AM

Manchester, UK, Sept 5th 2012 - F2G Limited, an antifungal drug discovery and development company, today announced the completion of a $30 million equity financing round in which two new investors (Advent Life Sciences and Novartis Bioventures) joined the existing syndicate (Sunstone Capital, Merifin Capital, K Nominees, and Astellas Venture Fund). These funds will be used to select a clinical candidate from the F3 series of advanced preclinical analogs and proceed to first in man studies. The F3 series represents a proprietary group of compounds with highly potent and selective activity against Aspergillus species and other moulds, which act via a totally novel mechanism. Aspergillus infections are a serious threat in immune-compromised patient populations and result in a high rate of mortality even with the most effective treatment currently available. Dr Richard White, chairman of F2G, commented, “We are delighted to welcome two top tier investors into F2G. We now have a first class international syndicate, including the venture arms of two major pharmaceutical companies”.

Shane Kelly, previously the CEO, is leaving the company to pursue another opportunity. Dr White will assume the expanded role of Executive Chairman and noted “We would all like to thank Shane for his tireless and steadfast management of the company over the last 10 years and for bringing us to this successful juncture. We wish him well in his new venture”

Dr Raj Parekh of Advent and Dr Anja König of Novartis Venture Funds will both be joining the Board of F2G. Raj Parekh, General Partner at Advent said, “The F2G molecules show a compelling and novel profile and have the genuine potential to be first- and best- in-class agents for the treatment of invasive aspergillosis, which remains a serious unmet medical need. We look forward to working with Richard and the team to bring these molecules to an early clinical evaluation."

About F2G Ltd: Based in Manchester, UK, F2G Ltd is dedicated to the discovery and development of new and clinically superior drug classes to treat life-threatening systemic fungal infections in at-risk patient populations. The antifungal market is currently estimated at over 6 billion dollars annually and is growing steadily year on year. Market growth is expected to increase with the emergence of new clinical indications in allergies and asthma. ?The company has impressive internal capabilities, employing a core team of scientists with a unique understanding of the antifungal arena, supported by an experienced management team. ??For more information visit www.f2g.com


Read at BioSpace.com

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