(Alliance News) - Biotechnology company PureTech Health PLC on Thursday said its affiliate Vedanta Biosciences has been awarded a USD5.8 million grant for its VE707 programme targeting multi-drug resistant infections.
The grant was awarded by Combating Antibiotic-Resistant Bacteria Biopharmaceutical Accelerator, a non-profit partnership dedicated to accelerating early development in antibacterial research and development D to address the threat of drug-resistant bacteria.
Vedanta Biosciences is eligible for USD3.5 million in further funding upon completion of specific milestones, PureTech said.
PureTech shares were down 4.6% at 251.00 pence each in London on Thursday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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PureTech (PRTC)