REG - Ondine Biomedical - 2024 Full Year Results and Annual Report

Ondine BiomedicalAnnouncement

15/05/2025 07:00

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RNS Number : 7278I  Ondine Biomedical Inc.  15 May 2025

15 May 2025

ONDINE BIOMEDICAL INC.
("Ondine Biomedical", "Ondine" or the "Company")

2024 Full Year Results and Annual Report

Ondine Biomedical Inc. (AIM: OBI), a global leader in light-activated
antimicrobial technologies, announces its audited results for the year ended
31 December 2024. A complete version of the 2024 Annual Report and Accounts
("2024 Annual Report") can be found here:
http://www.rns-pdf.londonstockexchange.com/rns/7278I_1-2025-5-14.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7278I_1-2025-5-14.pdf)  and
is also being made available to shareholders on the Company's website at
www.ondinebio.com/investors/reports-documentation/
(https://ondinebio.com/investors/reports-documentation/) .

All figures are expressed in Canadian Dollars, unless otherwise stated.

The AGM will be held at 4:00 p.m. BST (8:00 a.m. Pacific Time) on 26 June
2025. The notice of AGM and a Proxy From will be published in due course and
made available to shareholders.

Carolyn Cross, CEO of Ondine Biomedical commented:

"Building on years of success with a growing number of hospitals, we are
focused on the foundational pillars that will drive sustainable growth and
meaningful impact. The progress achieved commercially, clinically, and
operationally in 2024 gives us strong confidence in our future plans and our
ability to deliver significant value to our shareholders."

2024 Financial and Operational Highlights:

·    Revenue Growth and Commercial Expansion:

Revenues increased by 70% to $2.0 million (2023: $1.2 million), driven by an
81% increase in hospital deployments and higher per-hospital revenue
year-over-year despite a 40% reduction in sales and marketing spend. In the
UK, Steriwave(®) became the first light-activated antimicrobial listed on NHS
Supply Chain, enabling streamlined access for hospitals across England and
Wales.

·    Strategic Distribution Partnership:

Established a strategic distribution partnership with Mölnlycke Health Care,
a world-leading MedTech company, to accelerate international reach for
Steriwave into key markets, including the United Kingdom (UK), European Union
(EU), and Middle East. Mölnlycke products and solutions are used daily by
hospitals, health care providers and patients in over 100 countries around the
world.

·    Margin Expansion:

Gross margin improved to 64% (2023: 58%) as a result of operational
efficiencies and the introduction of the enhanced Steriwave nasal illuminator,
which is designed for enhanced performance, high-volume manufacturing, and
improved margins.

·    Capital and Funding:

Successfully raised $21.7 million net cash during 2024, with a further $5.7
million in strategic investment from a leading US healthcare entity shortly
after the 2024 financial year-end, providing essential funding to initiate the
Phase 3 clinical trial and support continued commercial expansion of
Steriwave.

·    Clinical Progress:

The pivotal US Phase 3 LANTERN clinical trial commenced with the first patient
enrolled in December 2024. Early recruitment experiences informed efforts to
optimize protocols, processing, and overall trial plans. Patient recruitment
is actively progressing at 10 of the 14 planned HCA Healthcare hospitals, with
additional site activations pending and further sites contemplated. With these
measures, the Company anticipates last patient recruitment will be delayed by
approximately one quarter.

The Company agreed a clinical development program with the Royal Columbian
Hospital Foundation, enabling acceleration of entry into the ICU market. The
four-month ICU pilot trial began patient recruitment post-period, in March
2025.

·    R&D and Operating Expenses:

Operating loss was $19.4 million (2023: $14.8 million), reflecting increased
and upfront investment in clinical trials, FDA audit readiness, and
operational infrastructure to support future growth.

 

Live Presentation:

Dr. Nicolas Loebel, President and Chief Technology Officer of the Company,
will today provide a live presentation relating to the Full Year Results via
Investor Meet Company at 16:30 BST (08:30 Pacific time). The presentation is
open to all existing and potential shareholders. Questions can be submitted
pre-event via your Investor Meet Company dashboard, or at any time during the
presentation.

The recording and related slides will be made available after the presentation
on the Company's website: www.ondinebio.com/investors/reports-documentation/
(http://www.ondinebio.com/investors/reports-documentation/) .

 

Enquiries:

 Ondine Biomedical Inc.                                      www.ondinebio.com
 Carolyn Cross, CEO                                          Via Vane Percy & Roberts

 Strand Hanson Limited (Nominated & Financial Adviser)
 James Harris, Richard Johnson                               +44 (0)20 7409 3494

 RBC Capital Markets (Broker)
 Kathryn Deegan                                              +44 (0)20 7653 4000

 Vane Percy & Roberts (Media Contact)
 Simon Vane Percy, Amanda Bernard                            +44 (0)77 1000 5910

 

 

About Ondine Biomedical Inc.

 

Ondine Biomedical Inc. is a Canadian life sciences company and leader in
light-activated antimicrobial therapies (also known as 'photodisinfection').
Ondine has a pipeline of investigational products, based on its proprietary
photodisinfection technology, in various stages of development.

 

Ondine's nasal photodisinfection system has a CE mark in Europe and is
approved in Canada, Australia, Mexico 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.

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