F2G is an Austrian-British biotechnology company founded as a spinout from University of manchester and based on technology that allows the company to manipulate and analyze fungal genes. The company's work has resulted in an antifungal candidate – olorofim– which will target life-threatening fungal infections.
Great need for new treatments
Fungal infections may be rare, but they can be associated with high mortality. If left untreated, some of the infections targeted by F2G can have a mortality rate of over 90 percent. The need for new treatments is great, as the available treatments are often ineffective and there are also difficulties related to dosage and tolerability. In addition, resistance to antifungal drugs has increased in recent years, which is probably due to their use in agriculture. Today, resistance can be noted in approximately 30 percent of patients receiving today's standard treatment.
Complex research area
The number of players active in the research and development of antifungal drugs is low. This is probably largely due to the fact that fungi are organisms with complex cells and that it has been difficult to find new target molecules. If F2G succeeds in its ambition to take its candidate olorifim all the way to market, this would be the first new antifungal drug in 20 years.
On the way to Phase III
F2G has already come a long way with olorifim. US Food and Drug Administration FDA has granted the candidate both orphan drug status, breakthrough therapy designation and status as qualified infectious disease product, something given to antibacterial or antifungal candidates intended to treat life-threatening or serious infections.
Currently undergoing olorofim a phase IIb study where it is being tested in a number of rare infections and data from the study are expected to be presented in late 2020 or early 2021. The upcoming phase III study will focus on aspergillosis, a fungus that can cause allergic reactions and also form so-called mushroom balls in organs such as the lungs, kidneys and heart.
Investors see potential
F2G has now raised 60,8 million USD to take olorofim through the final studies. The cash contribution will also be used to pay for market applications and commercialization, for example, it is expected to be able to expand its existing team.
except Novo Nordisk, through its innovation company Novo Ventures, other existing investors participated such as Morningside Ventures in the investment round. In addition, new investors were attracted, for example in the form of the American financial company Cowen.