Pharmaceutical company Venatorx Pharmaceuticals Inc reported on Monday the sale of its Series C Preferred Stock in a financing led by the AMR Action Fund, with participation from existing investors including Abingworth.

Proceeds will be utilised by Venatorx to advance its New Drug Application with the US Food and Drug Administration for cefepime-taniborbactam for complicated urinary tract infections, advancement of cefepime-taniborbactam for patients with hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia, as well as development of its oral antibiotic, ceftibuten/VNRX-7145.

To date, Venatorx has received significant funding awards from the National Institute of Allergy and Infectious Diseases (NIAID) of the National Institutes of Health (NIH), the Wellcome Trust, the Biomedical Advanced Research and Development Authority (BARDA), which is a part of the Office of the Assistant Secretary for Preparedness and Response (ASPR) at the US Department of Health and Human Service (HHS), the US Department of Defense's Defense Threat Reduction Agency (DTRA) as well as CARB-X.

The AMR Action Fund is the world's largest public-private partnership investing in antibiotics, antifungals, and other antimicrobial treatments. The Fund was formed to invest USD1bn into clinical-stage biotech companies to help bring new antibiotics to market.