The first investment of the Action Fund was announced, page-2

APT’s (Adaptive phage therapeutics) approach leverages an ever-growing library of systematically discovered, selected, catalogued, and curated bacteriophages (phages), naturally occurring viruses that infect and kill bacteria, which collectively provide broad coverage against many of the world’s highest priority antibiotic-resistant bacteria.

The other investment went to Venatorx Pharmaceuticals:
Venatorx Pharmaceuticals’ pipeline includes beta-lactam / beta-lactamase inhibitors in intravenous and oral formulations that target drug-resistant gram-negative bacteria. Cefepime-taniborbactam, the company’s Phase III intravenous product, is being developed for the treatment of complicated urinary tract infections (cUTI), hospital-acquired bacterial pneumonia, and ventilator-associated bacterial pneumonia. Recently announced Phase III data showed that cefepime-taniborbactam was superior to meropenem in the treatment of cUTI.