● New investor Morningside Venture joins existing blue-chip investor syndicate
● Company accelerates global phase 2b study of lead candidate olorofim to develop its novel antifungal in an area of high unmet medical need
MANCHESTER, UK – 07 January 2019 – F2G Ltd, a UK- and Austria-based Biotech developing novel therapies for life-threatening fungal infections, today announced that it has raised funding from life science investor Morningside Venture Investments Ltd. (Morningside). This funding follows a EUR 24 million loan from the European Investment Bank (EIB) in November 2018 and allows F2G to accelerate its worldwide Phase 2b study for its lead candidate olorofim (formerly F901318) as a treatment for invasive fungal infections due to difficult to treat moulds such as azole-resistant aspergillosis.
F2G has discovered and is developing the orotomides, a novel class of antifungal agents. The orotomides act via a different mechanism than currently marketed antifungal agents and are active against Aspergillus and other rare and resistant moulds. Due to their mechanism of action, orotomides have fungicidal activity against fungal infections resistant to current therapies, a growing global problem where limited treatment options have led to a high medical need.