REG - Ondine Biomedical - Ondine secures C$5 million financing

Ondine BiomedicalAnnouncement

24/09/2024 07:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240924:nRSX3976Fa&default-theme=true

RNS Number : 3976F  Ondine Biomedical Inc.  24 September 2024

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:

 

 Ondine Biomedical Inc.
 Angelika Vance, Vice President of Corporate Communications      +001 604 838 2702

 Singer Capital Markets (Nominated Adviser, Joint Broker)
 Phil Davies, Sam Butcher                                        +44 (0)20 7496 3000

 RBC Capital Markets (Joint Broker)
 Rupert Walford, Kathryn Deegan                                  +44 (0)20 7653 4000

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

 

 

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.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOESEUSMLELSEEU