ONDINE BIOMEDICAL
INC.
("Ondine
Biomedical", "Ondine", or the "Company")
Ondine secures C$5 million
financing
All
references to C$ in this announcement are to Canadian
Dollars.
This
Announcement uses a C$:£ exchange rate of 1 : 0.555041 as at 16:30
(GMT) on 23 September 2024.
Ondine Biomedical Inc. (LON:
OBI), a Canadian life sciences company pioneering light-activated
antimicrobial treatments, announces that it has agreed to a private
placement financing in exchange for common shares from a new
third-party private investor in Canada to support commercial growth
(the "Private
Placement").
The Company has agreed to issue
22,222,222 new common shares of no par value in the capital of the
Company ("New Common
Shares"), raising C$5 million (circa £2.8 million) at an
issue price of 12.5 pence per New Common Share. The New Common
Shares to be issued pursuant to the Private Placement will
represent approximately 7.4 per cent. of the share capital of the
Company as enlarged by the Private Placement. The closing of the
transaction is expected to be on or before 8 November 2024.
Application for admission of the New Common Shares and a further
announcement will take place in due course.
The proceeds from the Private
Placement will be used for general working capital purposes and to
support commercial growth.
CEO Carolyn Cross stated;
"Following our recent
announcement of our distribution partnership with Mölnlycke Health
Care, a world-leading MedTech company that specializes in
innovative solutions for wound care and surgical procedures, we are
pleased to have this additional capital in support of our expected
sales growth."
-Ends-
Enquiries:
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Ondine Biomedical
Inc.
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Angelika Vance, Vice President of
Corporate Communications
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+001 604 838
2702
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Singer Capital Markets (Nominated Adviser, Joint Broker)
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Phil Davies, Sam
Butcher
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+44 (0)20 7496
3000
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RBC
Capital Markets (Joint
Broker)
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Rupert Walford, Kathryn
Deegan
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+44
(0)20 7653 4000
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Vane Percy & Roberts (Media
Contact for Ondine Biomedial)
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+44 (0)77
1000 5910
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Simon Vane Percy, Amanda
Bernard
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About Ondine Biomedical Inc.
Ondine Biomedical Inc. is a Canadian
life sciences company and leader innovating light-activated
antimicrobial therapies (also known as 'photodisinfection'). In
addition to Steriwave, Ondine has a pipeline of products, based on
its proprietary photodisinfection technology, in various stages of
development.
Ondine's nasal photodisinfection
system has a CE mark in Europe and the UK and is approved in Canada
and several other countries under the name Steriwave®.
In the US, it has been granted Qualified Infectious Disease Product
designation and Fast Track status by the FDA and is currently
undergoing clinical trials for regulatory approval. Products beyond
nasal photodisinfection include therapies for a variety of medical
indications such as chronic sinusitis, ventilator-associated
pneumonia, burns, and other indications.