F2G, a UK- and Austria-based biotech developing novel therapies for life-threatening systemic fungal infections, secured US $60.8m in new financing.
New global institutional investor Cowen Healthcare Investments joined the round. In addition to Novo Holdings, existing investors Morningside Ventures, Brace Pharma Capital and Advent Life Sciences also participated in the round. Naveed Siddiqi Partner at Novo Ventures, joined the F2G Board, replacing Martin Edwards who is retiring.
Proceeds from the financing will be used to fund F2G’s late-stage clinical programs for Olorofim, its novel antifungal agent and organisational scale-up in preparation for commercialisation. Olorofim is in a Phase 2b open-label study focussing on rare and resistant life-threatening invasive fungal infections, such as invasive aspergillosis (including azole-resistant strains), scedosporiosis, lomentosporiosis, fusariosis, scopulariopsosis, and coccidioidomycosis (Valley Fever). Olorofim was granted Breakthrough Therapy designation (BTD) in November 2019 by the US Food and Drug Administration (FDA), the only antifungal agent ever to have been awarded this status based on early tolerability and efficacy data.
Led by Ian Nicholson, CEO, F2G is a UK- and Austria-based biotech company focused on the discovery and development of novel therapies to treat life-threatening invasive fungal infections. F2G has discovered and developed a completely new class of antifungal agents called the orotomides. The orotomides target dihydroorotate dehydrogenase (DHODH), a key enzyme in the de novo pyrimidine biosynthesis pathway.