F2G raises $60m in funding to progress antifungal agents development

Sectoral Asset Management led the round, which included participants such as Novo A/S, Aisling Capital and Brace Pharma Capital.

Existing investors Advent Life Sciences, Novartis Venture Fund, Sunstone Capital and Merifin Capital have also participated in the round.

The funding will take F2G’s lead compound F901318 through to product approval and development of pipeline assets.

F901318 a novel clinical stage candidate indicated to treat invasive aspergillosis and other severe rare mould infections.

F2G CEO Ian Nicholson said: "F2G has made significant progress in the last 12 months and this financing, achieved in a tough funding environment, demonstrates investor confidence in our novel class of therapies and outstanding team."

F2G discovered and developed a new class of antifungal agents, dubbed the orotomides.

The orotomides are active against Aspergillus and other rare as well as resistant moulds. They act through a completely different mechanism than existing marketed antifungal agents.

F2G is planning to carry out a small PK phase 2 clinical trial for F901318 in the second half of this year and pivotal registration trials in Invasive Aspergillosis planned for first half of 2017 depending on an accelerated regulatory pathway agreed with the appropriate agencies.

The company is developing F901318 as IV and oral formulations. It promises to have a safe and well-tolerated profile.