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Manchester, UK, 22 March 2006 – F2G Limited, the Manchester UK based antifungal drug discovery and development company, today announced the completion of a £5 million equity financing round with an international syndicate of existing investors and a new investor, Astellas Venture Management LLC (USA), venture capital arm of Astellas Pharma Inc.

F2G’s 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.

Mr Shane 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 F2G’s strong technology base is a perfect match for Astellas.”

F2G 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

Contact:

Shane M. Kelly
Chief Executive Officer
Tel: (+44) 0161 785 1270
Fax: (+44) 0161 785 1273
Email: shanekelly@f2g.com

BankInvest 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

About Astellas Venture Management LLC. (AVM)

Astellas 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. AVM’s 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. AVM’s ability to offer not only investment funds, but also the Astellas Group’s 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 company’s website at www.astellas.com

Manchester, England, 10th February 2006 – F2G Limited, specialists in the research and development of new treatments for serious fungal infections in man, has received a European grant of £115,000 as part of the European Resistance Fungal Network consortium (EURESFUN).

F2G are part of a network of institutions that have been awarded funding by the EU to study approaches to the understanding, detection and prevention of antifungal drug resistance in fungal pathogens. The network consists of 8 academic institutions based around Europe, F2G Ltd and one other biotechnology company. The study will last for three years and will examine distinct resistance mechanisms in specific pathogens, and use microarrays to detect novel resistance mechanisms. It is anticipated that molecular investigations will uncover novel antifungal targets, diagnostic tools and markers for resistance surveillance. In addition the incidence and mechanisms of resistance in fungal pathogens around Europe will be studied by collection and analysis susceptibility patterns/resistance mechanisms of fungal strains from around Europe.
It is anticipated that the study will contribute significantly to the understanding of antifungal drug resistance in Europe and provide better diagnostic tools and therapeutic options.

F2G 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

Contact:

Dr Mike Birch
Operations Manager
Tel: (+44) 0161 785 1270
Fax: (+44) 0161 785 1273
Email: mikebirch@f2g.com

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.

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.

F2G Limited, specialists in research and development of new treatments for serious fungal infections in man, has entered into a research collaboration with Dow AgroSciences LLC, Indianapolis, Indiana, USA, a global leader in providing pest management and biotechnology products to improve the quality and quantity of food supplies.

This collaboration will allow both companies to exchange proprietary chemistry, technology and expertise facilitating the discovery of novel products. Dow AgroSciences will develop any resulting leads suitable for use in agrochemicals, pest control and animal health, whilst F2G will concentrate on developments that have pharmaceutical applications. The terms and conditions for the collaboration were not disclosed.

Dow AgroSciences will make selected compound libraries available for F2G to screen for activity against human fungal pathogens; both companies together will synthesize new compounds, which F2G will screen for pharmaceutical potential and Dow AgroSciences for agrochemical utility. Novel fungal targets identified by Dow AgroSciences will be available to F2G, who in turn will help Dow AgroSciences in further target and screen optimisation. F2G will utilize the Dow AgroSciences’ screens for its proprietary compound libraries and those it has access to, in the search for human antifungals.

“We recognise F2G as a company with focus and depth of expertise in human antifungals ranging from its genomic technology to its detailed understanding of the market, and we are very pleased to be collaborating with them in developing the potential of our chemistry in such an important market” said Jim Renga, Global Leader External Technology, Dow AgroSciences.

Ashley Cooper from F2G said, “We are delighted to be working on this collaboration with such a world-renowned company as Dow AgroSciences and are pleased that they have recognized the specialist capabilities of F2G which can bring significant benefits to their fungicide discovery plans. We hope and anticipate that this initial collaboration will lead to a fruitful and ongoing relationship between the two companies, resulting in an expanded range of products that can be discovered for both the pharmaceutical and agrochemical markets. This partnership marks another important step in F2G’s growth from a leading research and development company into a fully commercial drug development organisation”.

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Contact us

F2G Ltd
Lankro Way
Eccles
Manchester
United Kingdom
M30 0LX

Telephone | +44 (0)161 785 1270
Fax | +44 (0)161 785 1273
email |  contact@f2g.com


Registered in England and Wales. Company Registration No. 03578625, VAT Reg No. 712680645.