Biotech pioneer F2G raises $30m to fund development
NORTH West biotech company F2G has raised $30m (£18.8m) in an institutional fund-raising.
F2G, based in Eccles, is a pioneer in discovering and developing drugs to treat life threatening fungal diseases.
The latest fund-raising sees Advent Life Sciences and Novartis Bioventures join an existing syndicate of investors comprising Sunstone Capital, Merifin Capital, K Nominees and Astellas Venture Fund.
The company will use the proceeds of the investment to move forward its advanced pre-clinical trials towards “in man studies”. It was advised by corporte partner Daniel Varney at Manchester law firm Pannone.
The antifungal market is currently estimated to be worth more than £6bn a year and further growth is expected to increase with the emergence of new clinical indications in allergies and asthma.
Founded 14 years ago, F2G, which was spun out of Manchester University in 2001.
Dr Richard White, chairman of F2G, said, “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.”
F2G’s chief executive Shane Kelly is leaving the business to pursue other opportunities and will be replaced by Dr White, who is taking on the role of executive chairman.
Dr Raj Parekh of Advent and Dr Anja König of Novartis Venture Funds will both be joining the board of F2G.
Dr Parekh of 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.”
Daniel Varney said: “F2G has been a client for a number of years and we are delighted to advise it on its latest round of funding.
“F2G is at the forefront of antifungal drug discovery and development and this new round of funding from the international syndicate will enable its experienced scientist and management team to take the dynamic firm onto the next stage of its development.”
