Fannie Mae, Freddie Mac shares tumble after conservatorship comments
LONDON - The UK government has canceled the Fleming Fund, a key initiative in the global fight against antimicrobial resistance (AMR), according to a statement released Monday by Ondine Biomedical Inc. (AIM:OBI).
The cancellation comes as new projections suggest drug-resistant infections could cost nearly $2 trillion annually by 2050. The Fleming Fund had previously supported AMR surveillance and stewardship in low and middle-income countries.
Research from the Center for Global Development indicates that drug-resistant infections already cost twice as much to treat as non-resistant infections. Without alternatives, annual GDP losses could reach $1.7 trillion by 2050, with healthcare systems in the UK, US, and Europe facing the most severe impacts.
"Ondine’s medical devices are engineered to prevent and treat infections in environments where antibiotics are failing," said Carolyn Cross, CEO of Ondine Biomedical, in the press release.
The company develops light-based technologies, including its Steriwave platform, which uses visible red light combined with a photosensitizer to target bacteria, fungi and viruses. Unlike conventional antibiotics, the company states its technology does not contribute to antimicrobial resistance.
The company reports that clinical studies of its photodisinfection technology in surgical and ICU settings have shown reductions in hospital-acquired infections.
The Fleming Fund’s cancellation occurs amid what experts describe as an escalating global crisis that threatens millions of lives and the world economy, according to the company statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.