StockMarketWire.com - Clinical stage biotechnology company PureTech Health has announced its affiliate, Vedanta Biosciences, has been awarded a $5.8m grant for its VE707 programme targeting multi-drug resistant infections.
It was awarded a second research grant from global non-profit partnership CARB-X (Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator), and in addition, Vedanta Biosciences is eligible for $3.5m in further funding upon completion of specific milestones.
Executive director of CARB-X Kevin Outterson said: 'The addition of Vedanta's VE707 programme to the CARB-X portfolio expands the rich diversity of our pipeline and reflects a novel approach against drug-resistant infections.
'Innovations such as VE707, if successful and approved for use in patients, could offer physicians broader treatment options that would strengthen a patient's ability to fight serious infections and limit the spread of drug-resistant bacteria.'
Vedanta Biosciences received its first grant from CARB-X for $5.4m in 2017 to support clinical testing of Vedanta's oral product candidate, VE303.
Story provided by StockMarketWire.com
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