Preservation of Antibiotics for Medical Treatment Act of 2007

Preservation of Antibiotics for Medical Treatment Act of 2007 - Amends the Federal Food, Drug, and Cosmetic Act to require the Secretary of Health and Human Services to deny an application for a new animal drug that is a critical antimicrobial animal drug unless the applicant demonstrates that there is a reasonably certainty of no harm to human health due to the development of antimicrobial resistance attributable to the nontherapeutic use of the drug. Defines "critical antimicrobial animal drug" as a drug intended for use in food-producing animals that contains specified antibiotics or other drugs used in humans to treat or prevent disease or infection caused by microorganisms.

Requires the Secretary of Health and Human Services to withdraw approval of a nontherapeutic use of such drugs in food-producing animals two years after the date of enactment of this Act unless certain safety requirements are met.

Authorizes the Secretary of Agriculture to make payments to livestock or poultry producers to defray the costs of reducing the use of such drugs, with priority given to family-owned or small farms and ranches.

Amends the Farm Security and Rural Investment Act of 2002 to direct the Secretary of Agriculture to award grants to colleges and universities to establish programs to phase out the nontherapeutic use of such drugs in livestock or poultry.

Requires the manufacturer of such a drug or an animal feed for food-producing animals containing such a drug to report sales information to the Secretary of Health and Human Services.