F2G secures €24m to develop drugs for fungal diseases

F2G secures €24m to develop drugs for fungal diseases
Credit: Shutterstock.com/ Aleksandar Grozdanovski

Austrian biotech F2G has secured €24 million from the European Investment Bank (EIB) to discover and develop novel drugs to treat life-threatening fungal diseases.

EIB´s transaction is supported by ‘InnovFin – Infectious Diseases Finance Facility’ (IDFF) run under Horizon 2020, the EU research and innovation programme.

This allows EIB to fund high-risk projects in the area of infectious diseases, where the risk is linked to the successful development of a compound, drug or medical device, and to its future commercialisation.

F2G will be spending most of its resources on R&D, in particular on the clinical trials of its lead compound “Olorofim”.

EIB Vice-President Andrew McDowell said: “investment in F2G contributes to fighting Antimicrobial Resistance (AMR), which is an area of significant concern for the scientific medical community.

“In particular, in the area of resistant fungi, there are very few drug candidates available, whereas resistance against the incumbent treatments is increasing year after year in multiple countries. To support a highly innovative company such as F2G demonstrates true European added value.”

Ian Nicholson, CEO of F2G, said: “The funding will allow F2G to continue the development of a new, first- in-class anti-fungal drug for a patient population with very limited treatment options and a high medical need.

“Due to its novel mechanism of action, our lead candidate, Olorofim, is active against drug resistant Aspergillus species and other rare moulds offering potentially life-saving therapy options.”