UK-based antifungal drug discovery and development company F2G has raised $60m in financing to develop its pipeline of novel therapies to treat life threatening invasive fungal infections.
The financing round was led by Sectoral Asset Management and also saw participation from Brace Pharma Capital, Novo and Aisling Capital.
Existing investors such as Novartis Venture Fund, Sunstone Capital, Advent Life Sciences and Merifin Capital, also participated in the round.
F2G CEO Ian Nicholson said: "F2G has made significant progress in the last 12 months and this financing, achieved in a tough funding environment, demonstrates investor confidence in our novel class of therapies and outstanding team.
"We welcome our new investors to the company and thank our existing investors for their continuing support and confidence in our team and strategy.
"We are now well positioned to achieve our goal of product approval in an area with significant unmet medical need and look forward to conducting our pivotal registration study."
The biotech company has discovered and developed a completely new class of antifungal agents called the orotomides, which are active against the Aspergillus and other rare and resistant moulds.
Aspergillosis is a serious pulmonary infection caused by common fungus Aspergillus, which affects people with weakened immune systems or lung diseases.
Orotomides function through a completely different mechanism compared to the currently marketed antifungal agents.
These antifungal agents, as a result of their new mechanism of action, are active against infections resistant to current therapies, thereby posing a growing threat across the world.
F2G intends to advance its lead compound F901318, a clinical stage candidate for the treatment of invasive aspergillosis and other serious rare mould infections, to completion of a pivotal registration study, and to further develop earlier stage assets in its pipeline.
Image: Pulmonary invasive aspergillosis in a patient with interstitial pneumonia. Photo: courtesy of KGH.