F2G has secured U.S. $60.8 million in new financing from new and existing investors. The financing round is led by Cowen Healthcare Investments and includes participation from existing investors, Novo Holdings, Morningside Ventures, Brace Pharma Capital, and Advent Life Sciences. Proceeds from the financing will be used to fund F2G’s late-stage clinical programs for their novel antifungal agent olorofim and organizational scale-up in preparation for commercialization.
F2G has discovered and developed a completely new class of antifungal agents called the orotomides. The orotomides target dihydroorotate dehydrogenase (DHODH), a key enzyme in the de novo pyrimidine biosynthesis pathway. This is a completely different mechanism from that of the currently marketed antifungal agents and gives the orotomides fungicidal activity against a broad range of rare and resistant fungal mold infections. Olorofim (formerly, F901318) is F2G’s leading candidate from this class.
Olorofim is in a Phase 2b open-label study for rare and resistant life-threatening invasive fungal infections, including invasive aspergillosis (including azole-resistant strains), scedosporiosis, lomentosporiosis, fusariosis, scopulariopsis, and coccidioidomycosis (Valley Fever).
The U.S. FDA has granted Breakthrough Therapy designation, Orphan Drug designation, and Qualified Infectious Disease Product (QIDP) designation for the treatment of invasive mold and fungal infections.
Tim Anderson, Managing Director at Cowen Healthcare Investments, said: “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. 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.”