BRIEF—F2G Biotech gets EIB funding for antifungal research

The European Investment Bank (EIB) is lending 24 million euros ($27.3 million) to Austrian F2G Biotech, a research-intensive company, focusing on the discovery and development of novel drugs to treat life threatening fungal diseases.

The EIB´s transaction is supported by ‘InnovFin – Infectious Diseases Finance Facility’ (IDFF) run under Horizon 2020, the EU research and innovation program. This allows the 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.

EIB vice president Andrew McDowell, who is responsible for operations in Austria at the Bank, underlined, said: “Fungal infection typically affects the immune-compromised patient where mortality rates are often very high. Our investment in F2G contributes to fighting Antimicrobial Resistance (AMR), which is an area of significant concern for the scientific medical community. In particular, in the area of resistant fungi, there are very few drug candidates available, whereas resistance against the incumbent treatments is increasing year after year in multiple countries. To support a highly innovative company such as F2G demonstrates true European added value.”