Manchester spin-out completes £6.3M funding round

The funding will be used, in part, to support the development of F2G’s novel antifungal lead compound which is in pre-clinical development. FG3622, says the company, is a potent, novel, small molecule antifungal, active against a wide range of clinically significant moulds. In addition it has a new mechanism of action for systemic antifungal agents.

The antifungal market is currently estimated at over $5.5 billion 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 funding, led by BankInvest Biomedical Venture (Denmark), will allow F2G to accelerate the development of FG3622 and other novel antifungal agents. Merifin Capital, Astellas Venture Management and K Nominees also participated in the financing round.

Mr Shane Kelly, CEO of F2G Ltd, said: “This financing is a strong endorsement of the outstanding work performed by the F2G team. We are delighted with the continued support from our investors and the current funding represents complete validation of our lead program and other ongoing projects. The resources will allow the Company to push through the development of FG3622 and other interesting programs.”

Mr Jens Kindtler, Partner at BankInvest Biomedical Venture and Chairman of the F2G Board of Directors, commented: “We are delighted to continue our support of F2G. FG3622 is an exciting, novel molecule that will impact heavily on the current antifungal market. There is significant clinical need for a new systemic agent and FG3622 has the potential to fulfil this gap.”