F2G snares 6.3m [pounds sterling] to boost fungal-fighting compound.(Financings Roundup)

LONDON -- Antifungals specialist F2G Ltd. completed a 6.3 million [pounds sterling] (US$11.7 million) funding round, enabling it to advance development of the lead compound FG3622, a novel small molecule that is active against a number of serious fungal infections.

This fourth private round saw Bank Invest Biomedical Ventures, of Copenhagen, Denmark, which has funded F2G since 2002, keeping faith with the company.

The Danish investor led the round with support from Merefin Capital, Astellas Venture Management and K Nominees.

Jens Kindtler, partner at BankInvest Biomedical Venture and chairman of F2G, said Bankinvest is maintaining its support because it believes FG3622 will "impact heavily" on the market.

"There is significant clinical need for a new systemic agent, and FG3622 has the potential to [fill] this gap," he said.

The financing round is a "strong endorsement" of the Manchester, UK-based company, according to Shane Kelly, CEO. "The current funding represents complete validation of our lead program and other ongoing projects," he said.

FG3622, a systemic antifungal with a new mechanism of action, is currently in preclinical development. To date F2G has established preliminary evidence of activity in vivo. The new money provides the means to take the compound into the clinic and to advance other antifungals in its portfolio.