New Funding Seen As A Vote of Confidence
Manchester, England, July 1, 2004 – F2G Limited, specialists in research and development of new treatments for serious fungal infections in man, has received $5.5m investment of capital. “This additional investment reflects investors’ confidence in our company, and is an endorsement of the progress we are making,” said Shane Kelly, Chief Executive Officer. “We are delighted with the significant scientific progress achieved over the past 12 months in our discovery programmes, and this new funding will allow us to pursue the exciting lead compounds we have identified.”
The new funding was secured at a higher company valuation than last year. Said F2G’s Chairman, Jens Kindtler of BankInvest, “F2G has continued to build on its discovery pipeline and enhance its platform technologies. We look forward to seeing an acceleration of progress as a result of these additional funds.”
F2G specialises in the research and development of new treatments for serious fungal infections in man. The Company received its first institutional investment in 2002 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. 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 has built infrastructure to develop compounds up to Phase II. It has also developed and enhanced its 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.