Eccles biotech firm raises £45m

Eccles biotech firm raises £45m

Eccles-based biotechnology firm F2G has raised £45.3m to develop its pipeline of novel therapies to treat life-threatening invasive fungal infections.

The funding round was led by Sectoral Asset Management, with support from Novo AS, Aisling Capital and Bruce Pharma Capital.

Existing investors Advent Life Sciences, Novartis Venture Fund, Sunstone Capital and Merifin Capital also participated in the round.

Dr Maha Katabi, private equity partner at Sectoral Asset Management, and Dr Martin Edwards, senior partner at Novo AS, will join the F2G board of directors as a result.

F2G plans to advance its lead compound to completion of a pivotal registration study and further develop earlier stage assets in its pipeline.

Ian Nicholson, chief executive of F2G, said: "F2G has made significant progress in the last 12 months and this financing, achieved in a tough funding environment, demonstrates investor confidence in our novel class of therapies and outstanding team.

"We welcome our new investors to the company and thank our existing investors for their continuing support and confidence in our team and strategy.

“We are now well-positioned to achieve our goal of product approval in an area with significant unmet medical need and look forward to conducting our pivotal registration study." 

Dr Katabi added: "We look forward to working with the F2G team and a high-quality venture capital syndicate to bring an important medicine to patients with life-threatening fungal infections.

“We have been impressed by the progress that F2G has made to date and are pleased to support its next phase of growth."

 

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