Forbion Co-leads $70 Million Funding F2G To advance Development and commercialization of a new antifungal agent Olorofim
Naarden, Netherlands, August 4, 2022 – Forbion, one of Europe’s leading life science venture capital firms, today announced $70 million in funding for F2G Ltd, a clinical-stage biopharmaceutical company focused on discovery and development. development of new therapies to treat life-threatening invasive fungal infections with a high unmet medical standard. need.
Forbion, through its Forbion Growth Opportunities Fund II, co-led the $70 million seed round with Sofinnova Partners, alongside significant commitments from existing investors. Nanna Lüneborg, General Partner at Forbion and Joe Anderson of Sofinnova Partners will join F2G’s Board of Directors.
The new funding will allow F2G to advance the development and preparations for commercialization in the United States of olorofim, a novel oral antifungal therapy to treat invasive aspergillosis (IA) and other rare mold infections.
Olorofim represents the first new antifungal class developed in the past two decades and is the only antifungal drug to have received Breakthrough Therapy Designation for multiple indications from the United States Food and Drug Administration (FDA). Olorofim acts by a unique mechanism of action, different from existing classes of antifungals, exerting fungicidal activity by inhibiting the pyrimidine synthesis pathway. It should be used to treat patients with severe invasive fungal diseases when existing treatments are inappropriate or no longer effective. This patient population currently has poor treatment options and faces high mortality. F2G aims to file the first new drug application for olorofim in the United States by the end of 2022.
Francesco Maria Lavino, Managing Director of F2G, said“We are thrilled to attract such high caliber investors and additional capital to F2G. This is a pivotal year for the Company. We are building a world-class team with commercial, operational and trading experience as we prepare for final development and commercialization in the United States. I look forward to welcoming Nanna and Joe to the F2G Board and working together at such an exciting time.
Nanna Lüneborg, General Partner at Forbion, commented“The Forbion Growth Opportunities Fund II focuses on promising late-stage European life sciences companies. F2G is an example of how our investments can have a positive impact on healthcare. If approved, olorofim is expected to be the first new class of antifungals with a differentiated mechanism of action in over 20 years, with the potential to make a real difference for patients and their families by saving lives and reducing the burden of disease in conditions of low treatment options and high morbidity and mortality. We are excited to work with F2G to bring olorofim to approval and launch.
In May 2022, F2G entered into a $480 million strategic collaboration with Shionogi to develop and commercialize olorofim in Europe and Asia, which included $100 million upfront and $380 million in regulatory milestones and marketing plus royalties on sales.
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Consilium Strategic Communications
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Notes to Editors
Forbion is a dedicated life sciences venture capital firm with offices in the Netherlands, Germany and Singapore. Forbion invests in life science companies active in the (bio-)pharmaceutical field. Forbion manages over €2 billion across multiple fund strategies that cover all stages of (bio-)pharmaceutical drug development. Forbion’s current team consists of over 30 life science investment professionals who have built an impressive track record since the late 1990s with successful investments in 92 companies. The company is a signatory to the United Nations Principles for Responsible Investment. In addition to financial goals, Forbion selects investments that will have a positive impact on the health and well-being of patients. Its investors include the EIF, through its European Recovery Program (ERP), LfA, Dutch Venture Initiative (DVI), AMUF and EFSI facilities and KfW Capital through the “ERP – Investments of the venture capital fund”. Forbion operates a joint venture with BGV, the seed and start-up fund manager, particularly focused on Benelux and Germany. For more information, visit: www.forbion.com
F2G is a biotechnology company with operations in the UK, US and Austria focused on the discovery and development of novel therapies to treat life-threatening invasive fungal infections. F2G has discovered and developed an entirely new class of antifungal agents called orotomides that selectively target a key enzyme in the de novo pyrimidine biosynthetic pathway. This is a completely different mechanism than currently marketed antifungal agents and gives orotomides fungicidal activity against a wide range of rare and resistant fungal mold infections. For more information, visit: www.f2g.com
Olorofim (formerly, F901318) is the lead orotomide class F2G candidate and is currently in an open label Phase 2b study. F2G is currently launching a global phase 3 trial (“OASIS”) to compare treatment with olorofim versus AmBisome® standard of care (SOC) follow-up in patients with invasive fungal disease of the lower respiratory tract caused by proven or probable infection with Aspergillus species. Olorofim has received orphan drug status from the European Medicines Agency for the treatment of invasive aspergillosis and invasive scedosporiasis. Olorofim has also received orphan drug status from the FDA for the treatment of scedosporium coccidioidomycosis and invasive aspergillosis. Olorofim has received Qualified Infectious Disease Product (QIDP) designation for Invasive Aspergillosis, Invasive Scedosporiasis, Invasive Lomentosporiasis, Coccidioidomycosis, Invasive Disease Due to Scopulariopsis Species, and Invasive Fusarium Wilt.
About Olorofim / Clinical test
The Phase 2b study for olorofim (ClinicalTrials.gov Identifier: NCT03583164) is a global, open-label study in patients who have limited treatment options for difficult-to-treat invasive fungal infections such as azole-resistant aspergillosis, scedosporiosis, lomentosporiosis and other rare mold infections.
About Invasive Aspergillosis
Aspergillosis is a fungal infection caused by species of Aspergillus molds that are commonly found all over the world. Most of these molds, in most people, are harmless. However, Aspergillus is transmitted to humans by inhalation and can cause a wide range of illnesses ranging from hypersensitivity reactions to direct invasion and tissue destruction. Invasive aspergillosis is a rare disease that can affect more than 10% of certain high-risk immunocompromised populations with a mortality greater than 80%.