|News Press Releases|
22 March 2006
Ltd Completes £5 million Financing Round to fund pre-clinical
and clinical development
F2Gs technologies focus on the development of new and innovative drug treatments for systemic fungal infections in man. This market is currently estimated at over five and a half billion dollars annually and is growing at approximately 20% per year. In addition, there is new evidence suggesting a correlation between fungal infections and allergic conditions (including asthma). If proven, this would add significantly to the growth of the total addressable market. F2G has developed unique capabilities in the field including proprietary genomic targets, target validation, drug discovery and drug development. They have also amassed unique expertise in the fields of clinical need and corporate and business development specific to the field.
The funding, led by BankInvest (Denmark), will allow F2G to accelerate the development of several lead compounds that are showing strong promise as potential antifungal drugs.
Kelly, CEO of F2G, said: This financing is a strong validation
of the outstanding work by the F2G team in the development of new classes
of drugs to treat systemic fungal infections in man. We are very pleased
with the continued commitment from our shareholders and the endorsement
by Astellas Venture Management of our lead programs and the MycoBank®
technology. The resources will allow the Company to push the development
of some very interesting compounds into pre-clinical and clinical trials.
Mr Jens Kindtler, Partner at BankInvest Biomedical Venture and Chairman of the F2G Board, commented: F2G has carved a unique niche in antifungal research and development and has assembled an outstanding team of scientists to address the growing clinical need and market opportunities in antifungals. We are very excited about the future prospects of F2G and look forward to a productive collaboration with Astellas Venture Management on the further development and progress of F2G.
Dr. Yoshitaka Yoneyama, President and CEO of Astellas Venture Management (AVM), commented: AVM is excited to participate in this financing of F2G which has high quality functional genomics technology and product seeds in the antifungal area where our parent company, Astellas Pharma Inc., has a strong interest. We are a strategic investor and F2Gs strong technology base is a perfect match for Astellas.
specialises in the research and development of new treatments for serious
fungal infections in man. The Company was founded in 1998 on its proprietary
genomics technology (MycoBank®) that identifies essential gene targets
in fungi. F2G is now advancing its own patented compounds and technologies
which will lead to the development of novel agents to treat serious
fungal disease. For more information visit www.f2g.com
About BankInvest Biomedical Venture
Biomedical Venture is a leading life science investor dedicated primarily
to the drug development segment. The first BankInvest Biomedical Venture
fund was established in 1998 and three other funds were raised in 1999,
2001 and 2005. EUR 410 million is under management. Currently, the portfolio
consists of 34 portfolio companies at various levels of development,
located in Scandinavia, Europe and the US. For more information about
BankInvest Biomedical Venture, please visit www.biventure.com
Venture Management LLC. (Los Altos, CA, USA) is the corporate venture
capital arm of Astellas Pharma Inc., a global pharmaceutical company
headquartered in Tokyo, Japan, which was formed through the merger of
Fujisawa Pharmaceutical Co. Ltd. and Yamanouchi Pharmaceutical Co. Ltd.
in April 2005. AVMs investment objective is to find a venture
company with a proprietary technology and facilitate its growth by utilising
Astellas experience and network within the biotechnology field.
AVMs ability to offer not only investment funds, but also the
Astellas Groups powerful combination of scientific and technical
expertise, depth of drug development and marketing knowledge and long-term
business perspective, can give entrepreneurs and investors the very
best chance for their rapid growth and success. For more information
on Astellas, please visit the companys website at www.astellas.com
F2G Ltd, Lankro Way, Eccles, Manchester, M30 0LX
Tel +44 (0)161 785 1270 Fax +44 (0)161 785 1273 Email firstname.lastname@example.org