F2G Ltd, a leading antifungal drug discovery company specialising in the development of new treatments for systemic fungal infection and InterBioscreen (IBS), one of the world’s major suppliers of screening compounds, announce the signing of a collaboration to find new systemic anti-fungal drugs.
This relationship was facilitated by Early Discovery Chemistry (EDC) in the UK, InterBioscreen’s European Sales Agent. The deal structure and commercial terms were not disclosed.
The collaboration allows F2G to screen for antifungal activity against its HTS and whole cell assays and to further develop promising leads. IBS will provide access to their library of drug-like natural product and synthetic compounds. There is potential to further collaborate on developing specific areas of interest.
Alex Lemon, Business Development Manager at F2G said, “This alliance with IBS represents an important relationship for F2G and allows for a broader collaboration in time. This relationship will provide a strong base from which we hope to explore new areas of chemistry to treat systemic fungal infections ”
Steve Iles-Jonas of EDC said, “The collaboration that we set up presents a good opportunity to maximise the number of hits F2G find in the antifungal area and to share the costs and benefits of the project. It also demonstrates their faith in the quality and diversity of the IBS compounds that EDC markets, and will provide them with the chemistry support to develop hit compounds further”.
F2G (www.f2g.com) are a leading antifungal drug discovery company with a genomics based platform technology that identifies and validates essential gene targets within Aspergillus fumigatus. F2G also has established broad-based whole cell screening capabilities, animal models, medicinal chemistry and development expertise. F2G plan to use these targets and whole cell screens to discover broad-spectrum antifungal agents. F2G were formed in 1998 and are based in Manchester, United Kingdom.
IBS (www.ibscreen.com) are a major producer and supplier of drug-like screening compounds and building blocks for drug discovery. The IBS has a collection of >320,000 synthetic and natural screening compounds, along with >2,000 building blocks for combinatorial chemistry. IBS was founded in 1989 and are based in Moscow, Russia.
EDC (email@example.com) are IBS’s Sales Agent responsible for marketing and selling their compounds throughout Europe. EDC was founded in 2000 and is based in Hove, United Kingdom.
F2G Limited are pleased to announce that they have finalised their first round of funding having raised £4.3M from an international syndicate of VCs.
F2G specializes in antifungal R&D targeted towards new treatments for serious human fungal infections and is a world leader in its field. It believes that the next breakthrough in antifungal therapy will be a drug with a broad spectrum of activity against fungal species, including greatly enhanced potency against Aspergillus fumigatus and one that combines major commercial opportunity with unmet medical need. The company has the expertise to develop drugs to phase II and has proprietary drug discovery technology which it will use to identify new drugs which are cidal to Aspergillus fumigatus, which F2G considers vital to achieve the needed improvements in activity against this important pathogen.
Professor Jesper Zeuthen, Managing Director of BankInvest Biomedical Venture, one of the top 10 pan European specialist biotech investors who led the syndicate of investors, said “We are proud to invest in a company with such a strong approach to antifungal R&D. Being able to successfully close this financing round under such difficult market conditions demonstrates that F2G has a unique profile embracing innovative technology, clinical expertise and an excellent team being able to establish F2G as worldwide specialists in the discovery and development of improved drugs for systemic fungal infections”.
Gordon Duncan, Managing Director of Dunhaw Capital Limited said, “We are delighted to have assisted F2G in attracting specialist institutional investors into its first venture financing round. This represents one of the very few successful first venture round financings in the sector to have been completed in the UK this year.”
There is an urgent need for improved drugs to treat seriously ill patients where the market for systemic antifungals was $2.2 billion in 2000 and is forecast to rise to $4.6 billion by 2005. To understand the future potential of the market and its structure F2G has developed and uses the MycoModel, a patient-based forecasting model. F2G’s proprietary MycoModel is currently being used by organisations wanting to gain a perspective on the future of the antifungal market.
F2G will partner with biotechnology, pharmaceutical and agrochemical companies to add significant value to their antifungal drug discovery and development processes. This latest investment will allow F2G to continue to recruit high calibre industry specialists as part of its progress in moving from a research based to a commercial drug discovery and development based company.
F2G is proud to announce that it has received a SMART award. The award will fund the work required to complete the development and validation of F2G’s novel technology for identification of essential fungal genes, i.e. genes which are vital to the growth and well-being of the fungus. This information will be used by the pharmaceutical industry to develop new and effective drugs for the treatment of serious fungal infections.
The SMART award scheme is run in England and Wales by the Department of Trade and Industry (DTI). Its overall objective is to improve industry’s competitiveness by encouraging innovation in SMEs which can be applied to the development of new products and process to the ultimate benefit of the national economy. The awards are made by the DTI after independent assessments have been made of the degree of innovation and the likelihood of technical success.
Said David Denning, a founder director of F2G, “our success in competing in this round of SMART awards endorses the competitiveness of our technology and is a helpful boost to our confidence during the current round of fund raising”.