The European Investment Bank provides €24 million funding to F2G Biotech

The European Investment Bank provides €24 million funding to F2G Biotech

November 24, 2018 347

The European Investment Bank (EIB) is lending €24 million to Austrian F2G Biotech GmbH, a research-intensive company, focusing on the discovery and development of 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.

The European Investment Bank is the long-term lending institution of the European Union, owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

F2G is a world-leading UK and Austrian based biotech company focused on the discovery and development of novel therapies to treat life-threatening invasive fungal infections. F2G has discovered and developed a completely new class of antifungal agents called the orotomides, active against Aspergillus and other rare and resistant moulds, that act via a completely different mechanism than currently marketed agents. A Phase IIb study is currently ongoing focussing on invasive aspergillosis, scedosporiosis and other rare and resistant mould infections.

 

 

Information source: https://gmpnews.net/2018/11/the-european-investment-bank-provides-e24-million-funding-to-f2g-biotech/

 

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