Cowen leads $60.8m round for F2G

The firm is currently investing from its Cowen Healthcare Investments III fund, which closed on May 2020 on $493m.

The financing round also saw participation from existing investors Novo Holdings, Morningside Ventures, Brace Pharma Capital and Advent Life Sciences.

Joining the F2G board in conjunction with the financing will be CHI managing director Tim Anderson, Morningside investment adviser Will West, and Naveed Siddiqi, a partner at Novo Ventures. Siddiqi takes over from Martin Edwards who is retiring from the board.

Previous funding
In 2002, BankInvest Biomedical Ventures led a £4.3m round of funding for F2G. BankInvest provided £3m of the total from its Biomedical Venture Fund III, while Merifin supplied £800,000 and the balance was provided by a small number of private investors.

In 2003, a second funding round was provided by BankInvest and Merifin; the same investors injected an extra €4.52m in July 2004.

In 2006, a €7.35m round involved BankInvest, as well as Astellas Venture Management.

In 2008, BankInvest led an €8.01m round alongside minority investors Astellas and Merifin.

In 2012, Advent (via its Advent Life Sciences fund), Novartis, Sunstone, Merifin, K Nominees and Astellas invested a combined $30m in an equity financing round.

Company
F2G is a Manchester-based biotech company focused on the discovery and development of therapies to treat life-threatening invasive fungal infections. It has discovered and is developing a new class of antifungal agents called orotomides. Established in 1998, F2G was formerly known as Functional Fungal Genomics.

People
Cowen Healthcare Investments – Tim Anderson (managing director).
F2G – Ian Nicholson (CEO).

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