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”.
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 (firstname.lastname@example.org) 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.