AMR.Solutions

Milken webinar: Innovative financing models for antimicrobials

Note: I’ve been away on holiday (see the newsletter’s postscript) and so there are multiple new items in both the meetings calendar and the list of funding opportunities: TB! PACCARB! Funding for antifungals! Funding for R&D in India! Look closely! 

Dear All:

The AMR Multi-Stakeholder Partnership Platform (AMR MSPP) collaborated with the Milken Institute on 28 May 2026 to host a 90-minute discussion on innovative models for financing antimicrobial development. The speakers included representatives from CARB-X, the AMR Action Fund, the European Investment Bank, and Wellcome Trust. The broad-ranging conversation and perspectives reinforced the idea that no single instrument will solve the antimicrobial financing challenge. Funds, bonds, pull incentives, philanthropy, public mandates, and policy reform all have a role to play. Here are the links you need:



The themes here are not new but this webinar brings us an update on where we are with the thinking. As you’ll hear, both blended capital funds and AMR-focused bonds could help, but consistent, predictable pull mechanisms will be the key to long-term success.

Here we can also link to other discussions about why it makes sense to take action now as well as notes on ongoing action in Europe (Transferrable Exclusivity Vouchers) and in the US (PASTEUR Act):

  • 27 Mar 2026 newsletter reporting on a Panmure House (home of Adam Smith!) dialogue: “Antimicrobial Effectiveness: The strategic economic value of antibiotics” 
  • A 20 Jun 2025 newsletter entitled “Pull incentives in Europe: Next legislative steps” in which Deepali Patel (Director of International Policy at the AMR Action Fund) decodes the EU legislative process
  • A 21 Oct 2025 newsletter entitled “Technical Briefing on Pull Incentives for the European Parliament” in which Frédéric Peyrane (General Secretary, BEAM Alliance) and I take you through the details of a technical briefing on TEVs that was provided to the EP by BEAM Alliance, AMR Action Fund, and Novo Nordisk Foundation
  • A 12 Dec 2025 newsletter entitled “Pull incentives in Europe: TEVs to be included in legislative update” providing a further update on EU TEVs
    • I understand that they are progressing steadily
  • 12 Feb 2026 newsletter: “PASTEUR (v2.0) reintroduced in the US Congress!”
    • My understanding here is that passage in this session of congress is low probability but bipartisan momentum continues to build for the next session.


Yes, the process is slow … but we are going to get there! Pulling it all together, I really liked the summary that “the financing question is not only what a new antibiotic earns, but what its absence costs.” Indeed!

Many thanks to Team Milken for continuing to push on this problem!

All best wishes, –jr

John H. Rex, MD | Chief Medical Officer, F2G Ltd. | Operating Partner, Advent Life Sciences. Follow me on Twitter: @JohnRex_NewAbx. See past newsletters and subscribe for the future: https://amr.solutions/blog/. All opinions are my own.


PS: I can’t resist telling you about the sandcastles that we built this year. My favorite was our working sundial. It only lasted a day in its final form, but it was great fun! See below. The 6-foot obelisk at center-left was the gnomon and the small mounds at the bottom of the image are the time markers that run from far right (9AM) to left (6PM) with the the shadow on 6PM. As was inscribed on the obelisk, “Life is Short, Time is Swift, Much to be Done!” I hope you’ve also found some downtime for personal restoration this summer!

Sand sundial at 6pm

John’s Top Recurring Meetings
Virtual meetings are easy to attend, but regular attendance at annual in-person events is the key to building your network and gaining deeper insight. My personal favorites for such in-person meetings are below. Of particular value for developers, the small meeting format of BEAM’s AMR Conference (March) and GAMRIC (September-October; formerly, the ESCMID-ASM conference series) creates excellent global networking. IDWeek (October) and ECCMID (April) are much larger meetings but also provide opportunities for networking with a substantial, focused audience via their Pipeline sessions. Hope to see you there!

  • [Don’t miss it!] 22-24 Sep 2026 (Lisbon, Portugal): The 2nd GAMRIC, the Global AMR Innovators Conference (London, UK). Formerly the ESCMID-ASM (or ASM-ESCMID depending on location) Joint Conference on Drug Development for AMR, 2026 will be the 11th year for this series that is now under the joint sponsorship of CARB-X, ESCMID, BEAM Alliance, GARDP, LifeArc, Boston University, and AMR.Solutions. The ongoing series employs the successful format of prior meetings with a single-track meeting and substantial networking time. The 2025 meeting was a sell-out success: a written summary is here and the videos are here. Registration for the 2026 meeting is now open and the near-final program is here: in addition to a keynote lecture by Karen Bush on the threat to beta-lactams due to the emergence of PBP3 mutations, there are sessions on funding, access, program design for narrow-spectrum agents such as phage, development for pediatrics, and more. Registration is ongoing.
  • 21-24 Oct 2026 (Washington, DC, USA): IDWeek 2026, the annual meeting of the Infectious Diseases Society of America. I would expect the program to continue to provide a substantial opportunity to present a product to a large audience (see also adjacent note about ESCMID) as well as opportunities to present at an IDWeek Pipeline Session. Go here to register.
  • 23-24 Mar 2027 (Basel, Switzerland): The 10th AMR Conference (3-4 Mar 2026) is now over and offered a rich program that included a 10-year retrospective (we’ve done a lot!), regulatory updates, discussions of how to pursue development in China, and much more … in addition to being a superb opportunity for networking! I am told the session videos will soon be available on the conference website.
  • 9-13 April 2027 (Stockholm, Sweden): ESCMID Global 2027, the annual meeting of the European Society for Clinical Microbiology and Infectious Diseases. Details won’t be out for some months, but the website is here. I do know that the meeting schedule will again include a Science Policy Forum on Friday 9 April 2027 (see here the newsletter about the 2026 science policy forum) and all who are interested in Pull incentives and the antibiotic ecosystem should plan to be there!)..

  Upcoming meetings of interest to the AMR community:

  • 31 Aug 2026 (virtual, 2-4p CET): WHO Dialogue with antibiotic developers on optimal evidence generation across the lifecycle. This 2-h session will be a virtual dialogue on the challenges such as fragmented regulatory requirements, trade-offs in clinical trial design, and gaps between evidence generated for regulatory approval and that needed to inform clinical use and stewardship. This session continues WHO’s efforts to use their convening power to shape the global conversation about how to improve the way(s) we advance new drugs from idea to the pharmacy. The agenda is not yet public but it’s clear that it will be a very interactive session: when you go here to register, you are asked about your experience(s) and have an opportunity to volunteer to present during the session.
  • [NEW] 3 Sep 2026 (2-3.30p CEST, virtual): GAP-f (Global Accelerator for Paediatric Formulations) is is hosting an industry dialogue on paediatric TB formulations, including long-acting formulations of TB drugs. Go here to register.
  • [NEW] 9-10 Sep 2026 (9a-5p ET in person or online: The Presidential Advisory Council on Combating Antibiotic-Resistant Bacteria (PACCARB) will meet with a focus on microbiome science to support AMR prevention and drive novel interventions. Go here for additional details and to register. 
  • 22-24 Sep 2026 (Lisbon, Portugal): GAMRIC  the Global AMR Innovators Conference. See list of Top Recurring meetings, above..
  • 10-18 Oct 2026 (Annecy, France, residential in-person program): ICARe (Interdisciplinary Course on Antibiotics and Resistance) … and 2026 will be the 10th year for this program. Patrice Courvalin orchestrates content with the support of an all-star scientific committee and faculty. The resulting soup-to-nuts training covers all aspects of antimicrobials, is very intense, and routinely gets rave reviews! Registration for 2026 is now open and runs through June 21, 2026. Go here to register!
  • 21-24 Oct 2026 (Washington, DC, USA): IDWeek 2026. See list of Top Recurring meetings, above.
  • 10-13 November 2026 (Madrid, Spain): The International Society for Infectious Diseases (ISID) has announced its 21st International Congress on Infectious Diseases (ICID). Register and view the preliminary program here.
  • [NEW] 16-18 Nov 2026 (FAO Headquarters, Viale delle Terme di Caracalla, 00153 Rome, Italy): The 4th Annual Plenary Assembly of the AMR Multi-Stakeholder Partnership Platform, of the Quadripartite organizations (FAO, UNEP, WHO, and WOAH). “Organized ahead of the Fifth High-Level Ministerial Conference on AMR, the Plenary Assembly will bring together MSPP members and observers, partners and external stakeholders from across regions and One Health sectors. The Plenary Assembly will focus on moving from political commitments to practical delivery, with particular attention to supporting countries in implementing their AMR NAPs.” Go here for additional details to register.
  • 27-29 Jan 2027 (Las Vegas, USA): IMARI (Interdisciplinary Meeting on Antimicrobial Resistance and Innovation) sponsored by IDSA and ASM. Abstract submissions are open through 19 Aug; registration and housing will open later this summer.
  • 23-24 Mar 2027 (Basel, Switzerland): The 11th AMR Conference sponsored by the BEAM Alliance. See list of Top Recurring meetings, above.
  • 9-13 April 2027 (Stockholm, Sweden): ESCMID Global 2026, the annual meeting of the European Society for Clinical Microbiology and Infectious Diseases. See Recurring Meetings list, above.
  • ??? Mar 2028 (yes, that’s 2028, with location TBD): The 2028 Gordon Research Conference (GRC, https://www.grc.org/) entitled “Antibacterials of Tomorrow to Combat the Global Threat of Antimicrobial Resistance” and its related Gordon Research Seminar (GRS) for young doctoral and post-doctoral researchers will be sometime in March 2028. The organizers hope to coordinate dates and location with the 2028 BEAM-AMR meeting. Details to follow — mark your calendar!

Self-paced courses, online training materials, and other reference materials:

Current funding opportunities

  • Novo Nordisk Foundation (NNF) have an EUR 20m call for development of rapid, point-of-care diagnostics. See the 28 May 2026 newsletter for details; the deadline for expressions of interest is 7 Oct 2026.
  • [NEW] BARDA’s VITAL Hub has an open call for innovative antifungals. Non-dilutive funding of up to $250K is available to startups and university-backed projects working on “first-in-class, broad-spectrum antifungal drug candidates with novel mechanisms of action for the treatment of invasive fungal infections.” Candidates for the treatment of infections caused by Candida species, including Candida auris, and Aspergillus species, as well as rare molds, such as Mucorales are eligible. In-scope technologies include small molecules and peptide-based candidates. Neither vaccines nor antibody-based nor topical treatments will be considered for award under this solicitation (considered out of scope). Applications are due by 30 Oct 2026; go here for additional details.
  • CARB-X have had one funding round (8-22 April 2026); a further round is expected during 4Q 2026. There are 4 funding themes for these rounds as below.
    • Direct-acting therapeutics for infections caused by Gram-negative bacteria
    • Novel Chemistry for AMR Challenge – target-based therapeutics.
    • Non-vaccine approaches to prevent neonatal sepsis
    • Diagnostics for neonatal sepsis
  • [NEW] The India AMR Co-Development Programme (I-AMR-CDP) is a collaboration between Venus Remedies Limited, the Indian Government, GARDP, ADVANCE-ID that seeks to support antibacterial R&D based in India. I have limited insight into how collaborations would work; you can start with this LinkedIn post to learn more. 
  • ENABLE-2 has continuously open calls for both its Hit-to-Lead program as well as its Hit Identification/Validation incubator. Applicants must be academics and non-profits in Europe due to restrictions from the funders. Applications are evaluated in cycles … see the website for details on current timing for reviews. 
  • BARDA’s long-running BAA (Broad Agency Announcement) for medical countermeasures (MCMs) for chemical, biological, radiological, and nuclear (CBRN) threats, pandemic influenza, and emerging infectious diseases is now BAA-23-100-SOL-00004 and offers support for both antibacterial and antifungal agents (as well as antivirals, antitoxins, diagnostics, and more). Note especially these Areas of Interest: Area 3.1 (MDR Bacteria and Biothreat Pathogens), Area 3.2 (MDR Fungal Infections), and Area 7.2 (Antibiotic Resistance Diagnostics for Priority Bacterial Pathogens). Although prior BAAs used a rolling cycle of 4 deadlines/year, the updated BAA released 26 Sep 2023 has a 5-year application period that ends 25 Sep 2028 and is open to applicants regardless of location: BARDA seeks the best science from anywhere in the world! See also this newsletter for further comments on the BAA and its areas of interest.
  • HERA Invest was launched August 2023 with €100 million to support innovative EU-based SMEs in the early and late phases of clinical trials. Part of the InvestEU program supporting sustainable investment, innovation, and job creation in Europe, HERA Invest is open for application to companies developing medical countermeasures that address one of the following cross-border health threats: (i) Pathogens with pandemic or epidemic potential, (ii) Chemical, biological, radiological and nuclear (CBRN) threats originating from accidental or deliberate release, and (iii) Antimicrobial resistance (AMR). Non-dilutive venture loans covering up to 50% of investment costs are available. A closing date is not posted insofar as I can see — applications are accepted on a rolling basis; go here for more details.
  • The AMR Action Fund is open on an ongoing basis to proposals for funding of Phase 2 / Phase 3 antibacterial therapeutics. Per its charter, the fund prioritizes investment in treatments that address a pathogen prioritized by the WHO, the CDC and/or other public health entities that: (i) are novel (e.g., absence of known cross-resistance, novel targets, new chemical classes, or new mechanisms of action); and/or (ii) have significant differentiated clinical utility (e.g., differentiated innovation that provides clinical value versus standard of care to prescribers and patients, such as safety/tolerability, oral formulation, different spectrum of activity); and (iii) reduce patient mortality. It is also expected that such agents would have the potential to strongly address the likely requirements for delinked Pull incentives such as the UK (NHS England) subscription pilot and the PASTEUR Act in the US. Submit queries to contact@amractionfund.com.
  • INCATE (Incubator for Antibacterial Therapies in Europe) is an early-stage funding vehicle supporting innovation vs. drug-resistant bacterial infections. The fund provides advice, community, and non-dilutive funding (€10k in Stage I and up to €250k in Stage II) to support early-stage ventures in creating the evidence and building the team needed to get next-level funding. Details and contacts on their website (https://www.incate.net/).
  • These things aren’t sources of funds but would help you develop funding applications
    • The Global AMR R&D Hub’s dynamic dashboard (link) summarizes the global clinical development pipeline, incentives for AMR R&D, and investors/investments in AMR R&D. See also the 7 Feb 2026 newsletter (“The global funding pipeline, 2017-2023: A review”) about an excellent deep dive by the Hub team into patterns of funding over time.
    • Antimicrobial Resistance Research and Innovation in Australia is an actively updated summary that covers Australia’s AMR research and patent landscape. It is provided via collaboration between The Lens (an ambitious project seeking to discover, analyse, and map global innovation knowledge) and CSIRO (Commonwealth Scientific and Industrial Research Organisation, an Australian Government agency responsible for scientific research). Lots to explore here!
    • Diagnostic developers would find valuable guidance in this 6-part series on in vitro diagnostic (IVD) development. Sponsored by CARB-X, C-CAMP, and FIND, it pulls together real-life insights into a succinct set of tutorials.
  • In addition to the lists provided by the Global AMR R&D Hub, you might also be interested in my most current lists of R&D incentives (link) and priority pathogens (link).
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