Manchester’s F2G closes £46.5m funding round
Posted on August 17, 2020 by Jonathan Symcox
F2G has closed a £46.5m funding round.
The Manchester- and Austria-based BioTech is developing novel therapies for life-threatening systemic fungal infections.
The investment will be used to fund F2G’s late-stage clinical programs for their novel antifungal agent olorofim and organisational scale-up in preparation for commercialisation.
The financing round was led by Cowen Healthcare Investments and included strong participation from existing investors Novo Holdings, Morningside Ventures, Brace Pharma Capital and Advent Life Sciences.
F2G says olorofim has the potential to be the first truly novel mechanism antifungal therapy for nearly 20 years and represents a very significant market opportunity in an area of high unmet clinical need.
Ian Nicholson, CEO of F2G Ltd, said: “Following a successful year during which F2G has received FDA Breakthrough Therapy designation for olorofim, as well as FDA Orphan Drug Designation for Coccidioidomycosis (Valley Fever), and QIDP designation in multiple fungal infections, today’s announcement is a significant milestone.
“We are delighted to welcome Cowen Healthcare Investments to F2G, and I would like to thank our existing investors for their continued support.
“This financing marks the continued commitment of our shareholders and paves the way for the advanced development and potential approval of the first new antifungal treatment in 20 years, offering hope for patients with very limited treatment options and a high medical need.”
Tim Anderson, Managing Director at Cowen Healthcare Investments said: “The necessity for the discovery and development of treatments to tackle infectious diseases is today more apparent than ever.
“F2G’s antifungal candidate demonstrates significant promise in terms of safety, tolerability, and efficacy. With our focus on supporting transformational science that can deliver real clinical outcomes, we are pleased to work with this proven management team and group of renowned investors to build on F2G’s significant scientific and commercial potential.”
Joining the F2G Board in conjunction with the financing will be Tim Anderson, Managing Director at CHI, Will West, Investment Advisor at Morningside Ventures and Naveed Siddiqi, Partner at Novo Ventures. Siddiqi takes over from Martin Edwards, who is retiring from the board.