F2G Ltd, a clinical-stage biopharma company focused on therapies to treat life-threatening rare fungal infections with a high unmet medical need, has announced $70 million of financing.
This was co-led by new investors Forbion and Sofinnova Partners, with participation from existing investors, Novo Holdings, Morningside Ventures, Cowen Healthcare Investments and Advent Life Sciences.
Nanna Lüneborg of Forbion and Joe Anderson of Sofinnova Partners will join the F2G board of directors.
The proceeds from the financing, in addition to the $480 million from the strategic collaboration with Shionogi & Co., Ltd. announced in May, will enable F2G to advance late-stage development and commercialization in the U.S. of olorofim, an oral antifungal therapy to treat invasive aspergillosis (IA) and other rare mold infections.
The collaboration with Shionogi & Co. is to develop and commercialize olorofim in Europe and Asia, which included a $100 million upfront payment and $380 million in regulatory and commercialization milestones plus double-digit royalties on sales.
New data due in October
Olorofim represents the first novel class of antifungals developed in the past 20 years and is the only antifungal medication to be awarded a Breakthrough Therapy Designation for multiple indications by the US Food and Drug Administration (FDA).
Olorofim works differently to existing classes of antifungals, exerting fungicidal activity through inhibition of the pyrimidine synthesis pathway. It is anticipated to be used to treat patients with a serious invasive, rare fungal disease where existing treatments are inappropriate or no longer effective.
Data from F2G’s open phase 2b study in patients with rare and resistant molds, who have limited treatment options, will be presented at ID Week annual conference in October.
Francesco Maria Lavino, CEO of F2G, said: “This is a pivotal year for the company. We are building a world class team with commercial, operational and dealmaking experience as we prepare for final development and commercialization of olorofim in the U.S. If approved, olorofim is expected to be the first new class of anti-fungal with a novel, differentiated mechanism of action in more than 20 years and will address genuine unmet needs in conditions with high morbidity and mortality.”