F2G - leader in fungal genomics

5 August 2003

F2G Ltd Announces Successful New Financing

New Funding Seen As A Vote Of Confidence By Current Investors

Manchester, England, August 5, 2003 - F2G Limited, specialists in research and development of new treatments for serious fungal infections in man, has received a new investment of capital from its current investors, in the form of a convertible preferred note. "The additional investment by these investors reflects their confidence in our company, and is an endorsement of the progress we are making," said Shane Kelly, acting company chief executive officer. "We have been pleased with the results of our discovery programmes, and this new funding will allow us to continue to pursue the most exciting aspects of our science."

As part of the new financing, the company will be reorganising its board of directors and realigning management of the company. The new structures will allow the company to better focus on the most promising developments, and enable the company to continue its growth. Said Jens Kindtler of BankInvest, "F2G is producing some exciting results in anti-fungal R&D, and we are looking forward to see them continue and accelerate their progress as a result of these additional funds."

As part of the reorganisation the CEO, Mr Ashley Cooper has left the Company with immediate effect. Mr Cooper has decided to return to the South of England to meet the demands of his young family. Over the last few years Mr Cooper has led the Company with great distinction spearheading the Company's search for funding and the development of its management structure. The Board of Directors thank him for his tenacious efforts on behalf of the Company and its staff and wish him well for the future.

F2G specialises in the research and development of new treatments for serious fungal infections in man. The Company was founded in 1998 and has the vision of becoming a world leader in antifungal R&D. It is unique in its focus on drugs for the treatment of invasive fungal infections and has a particular emphasis on drugs with improved efficacy against infections caused by Aspergillus fumigatus. The company's R&D is focused in this area in response to the unmet clinical need for better drugs and the rising incidence and high mortality of invasive fungal infections.

F2G has developed a capability for the rapid assessment of candidate drugs and is building the infrastructure to develop compounds up to phase II. It has also developed the MycoBank®, a functional genomic technology which enables the precise and rapid identification of genes which are essential for survival of the fungi. This does not require any information on gene sequences or assumptions about gene function. F2G is applying this technology to Aspergillus fumigatus in the belief that this will open the way to a more successful approach to the search for better antifungal drugs.

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