F2G Ltd Announces Appointment of new Chief Scientific Officer

Wednesday 10th January, 2007

Manchester, England, 10th January 2007 – F2G Limited, specialists in research and development of new treatments for serious fungal infections in man, is pleased to announce the appointment of Dr Lloyd Payne as Chief Scientific Officer.

This appointment signifies a promotion for Dr Payne who joined F2G Ltd as Vice President of Research and Development in April 2006. He had previously held senior scientific and management positions within Cambridge Discovery Chemistry Ltd, NCE Discovery Ltd and more recently at Millennium Pharmaceuticals where he was responsible for the leadership of multidisciplinary drug discovery project teams based in the UK and US.

Dr Payne takes over the CSO position from Dr Jeff Edwards who is assuming the Chairmanship of the Board Science Committee.

Shane Kelly, Chief Executive of F2G, stated “We have been very impressed with the positive impact Lloyd has had on our scientific progress since he joined the Company. I personally wish Lloyd and Jeff every success in their new roles and thank them for their efforts to date”.

Lloyd Payne commented “F2G is focused on the development of novel therapies for the treatment of life-threatening fungal infections and has assembled an impressive range of capabilities in fungal biology and drug discovery. This is an exciting stage of the Company’s evolution and I look forward to working with the team to enable continued progression of current programs towards the market.”

F2G’s technologies focus on the development of new and innovative drug treatments for systemic fungal infections in man. This market is currently estimated at over five and a half billion dollars annually and is growing at approximately 20% per year. In addition, there is new evidence suggesting a correlation between fungal infections and allergic conditions (including asthma). If proven, this would add significantly to the growth of the total addressable market. F2G has developed unique capabilities in the field including proprietary genomic targets, target validation, drug discovery and drug development. The Company has also amassed unique expertise in the fields of clinical need and corporate and business development specific to the field.

For more information visit www.f2g.com

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