ghp July 2016 | 29 Funding & Investment The biotech space in the UK is rapidly growing with UK companies accounting for over a quarter (£178m, 27%) of the amount raised in European IPOs. F2G Ltd, the UK-based antifungal drug discovery and development company, on 20th June announced that it has raised $60 million in financing to develop its pipeline of novel therapies to treat life threatening invasive fungal infections. The round was led by Sectoral Asset Management, with participation from Novo A/S, Aisling Capital and Brace Pharma Capital. Existing investors Advent Life Sciences LLP, Novartis Venture Fund, Sunstone Capital and Merifin Capital each participated in the round. F2G has discovered and developed a completely new class of antifungal agents called the orotomides. The orotomides are active against Aspergillus and other rare and resistant moulds and act via a completely different mechanism than currently marketed antifungal agents. Existing antifungal therapies have known safety limitations and between 10-30% of patients cannot tolerate any initial given therapy. Due to their new mechanism of action, orotomides are active against infections resistant to current therapies, a growing problem globally. F2G plans to advance its lead compound, F901318, a novel clinical stage candidate for the treatment of invasive aspergillosis and other serious rare mould infections, to completion of a pivotal registration study, and to further develop earlier stage assets in its pipeline. Aspergillosis is a serious pulmonary infection caused by Aspergillus, a common fungus that affects people with weakened immune systems or lung diseases. Ian Nicholson, Chief Executive Officer, F2G Ltd commented: “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. We welcome our new investors to the company and thank our existing investors for their continuing support and confidence in our team and strategy. We are now well positioned to achieve our goal of product approval in an area with significant unmet medical need and look forward to conducting our pivotal registration study.” Dr Maha Katabi, Private Equity Partner, Sectoral Asset Management added: “We look forward to working with the F2G team and a high quality venture capital syndicate to bring an important medicine to patients with life-threatening fungal infections. We have been impressed by the progress that F2G has made to date and are pleased to support its next phase of growth.” For further information, please visit: www.f2g.com • F2G Ltd, a private UK-based drug discovery and development company, focused on novel antifungal treatments, in June announced that it has raised $60 million in financing; • The proceeds will allow advancement of its pipeline including a new class of antifungal agents called the orotomides to treat life threatening invasive fungal infections; • Existing antifungal therapies have known safety limitations and between 10-30% of patients cannot tolerate any initial given therapy; • The world market for antifungal agents is currently in excess of US$6 billion with consistent annual growth; • The round was led by new investor Sectoral Asset Management, with participation from Novo A/S, Aisling Capital and Brace Pharma Capital. Existing investors Advent Life Sciences LLP, Novartis Venture Fund, Sunstone Capital and Merifin Capital also participated in the round; • Company is led by Ian Nicholson, a veteran of over 25 years’ experience in the life sciences sector.