F2G, an antifungal drug discovery and development company based in Manchester, U.K., has completed a $30 million equity financing round, which will be used to select a clinical candidate from the F3 series of advanced preclinical analogs and proceed to first in man studies.
Two new investors joined the financing round: Advent Life Sciences and Novartis Bioventures. The existing syndicate included Sunstone Capital, Merifin Capital, K Nominees and Astellas Venture Fund.
The F3 series represents a proprietary group of compounds with highly potent and selective activity against Aspergillus species and other moulds, which act via a totally novel mechanism. Aspergillus infections are a serious threat in immune-compromised patient populations and result in a high rate of mortality even with the most effective treatment currently available.
"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,” said Parekh, general partner, Advent Life Sciences.
Parekh and Dr. Anja König of Novartis Venture Funds will both be joining the board of F2G.