UK-Austria-based biotech F2G has secured $60.8m in a new financing round to support late-stage development of a novel antifungal agent.

The financing round was led by Cowen Healthcare Investments, with strong participation from existing investors Novo Holdings, Morningside Ventures, Brace Pharma Capital and Advent Life Sciences.

In conjunction with the financing round, Tim Anderson, Managing Director at CHI, Will West, Investment Advisor at Morningside Ventures and Naveed Siddiqi, Partner at Novo Ventures will all join F2G’s board.

“This financing marks the continued commitment of our shareholders and paves the way for the advanced development and potential approval of the first new antifungal treatment in 20 years, offering hope for patients with very limited treatment options and a high medical need,” said Ian Nicholson, Chief Executive Officer of F2G.

The money raised will be used to fund F2G’s late-stage clinical programmes for its novel anti anti antifungal agent olorofim, as well as organisational scale-up and preparation for commercialisation.

Olorofim is the biotech’s lead candidate, and is currently in a Phase 2b study focused on rare and resistant life-threatening invasive fungal infections. This includes invasive aspergillosis (including azole-resistant strains), scedosporiosis, lomentosporiosis, fusariosis, scopulariopsosis, and coccidioidomycosis (Valley Fever).

The drug scored a breakthrough therapy designation from the US Food and Drug Administration back in November 2019, for the treatment of invasive mould infections in patients with limited or no treatment options.

"The necessity for the discovery and development of treatments to tackle infectious diseases is today more apparent than ever. F2G's antifungal candidate demonstrates significant promise in terms of safety, tolerability, and efficacy,” said Tim Anderson.

“With our focus on supporting transformational science that can deliver real clinical outcomes, we are pleased to work with this proven management team and group of renowned investors to build on F2G's significant scientific and commercial potential,” he added.