REG - Ondine Biomedical - Related Party Transaction

Ondine BiomedicalAnnouncement

30/10/2024 17:30

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RNS Number : 3008K  Ondine Biomedical Inc.  30 October 2024

This Announcement contains inside information for the purposes of Article 7
of the Market Abuse Regulation No. 596/2014 as it forms part of UK law by
virtue of the European Union (Withdrawal) Act 2018 as amended. Upon the
publication of this Announcement, this inside information is now considered to
be in the public domain.

 

30 October 2024

Ondine Biomedical Inc.

("Ondine" or the "Company")

Related Party Transaction

Ondine Biomedical Inc. (AIM: OBI), a Canadian life sciences company, announces
the following updated related party transaction and continued financial
support from its Founding Shareholders with interim funding.

On 30 October 2024, Carolyn Cross, CEO, provided a loan (the "Loan") of
C$400,000 to the Company for additional working capital ahead of securing
longer term financing. The Loan has no interest and no specific terms of
repayment. The Loan is deemed to constitute a related party transaction for
the purpose of AIM Rule 13. The Company's Independent Directors, having
consulted with Singer Capital Markets, the Company's nominated adviser,
consider that the terms of the Loan are fair and reasonable insofar as
Shareholders are concerned. Founding shareholders, Carolyn and Robert Cross,
who jointly own 49.5% of the Company, have indicated they will continue to
support the Company with short term financing on similar favourable terms to
extend the runway while the Company secures longer term financing. The Company
remains confident in its ability to secure longer term finance in Q4 this year
to execute its growth plans.

This Announcement is made in accordance with the Company's obligations under
Article 17 of MAR and the persons responsible for arranging for the release of
this Announcement on behalf of Ondine are Carolyn Cross, Chief Executive
Officer and Nicolas Loebel, President and Chief Technical Officer of Ondine.
 

Enquiries:

 Ondine Biomedical Inc.
 Carolyn Cross, CEO                        +001 (604) 665 0555

 Singer Capital Markets

(Nominated Adviser and 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)
 Simon Vane Percy, Amanda Bernard          +44 (0)77 1000 5910

 

 

About Ondine Biomedical Inc.

Ondine Biomedical Inc. is a clinical 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 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.

 

About Steriwave(®)

Ondine's Steriwave nasal photodisinfection system is a patented technology
using a proprietary light-activated antimicrobial (photosensitizer) to destroy
bacteria, viruses, and fungi colonizing the nose. The photodisinfection
treatment is carried out by a trained healthcare professional and is an
easy-to-use, painless, two-step process. The photosensitizer is applied to
each nostril using a nasal swab, followed by illumination of the area with a
specific wavelength of red laser light for less than five minutes. The light
activates the photosensitizer, causing an oxidative burst that is lethal to
all types of pathogens without causing long-term adverse effects on the nasal
microbiome. A key benefit of this approach-unlike with antibiotics, which have
resistance rates reported as high as 81% i -is that pathogens do not develop
resistance to the therapy.

 

Nasal decolonization is recommended in the 2016 WHO Global guidelines for the
prevention of surgical site infections, ii  and the Society for Healthcare
Epidemiology of America (SHEA) guidelines, published in May 2023, recommend
nasal decolonization for major surgical procedures. iii 

 

 i Poovelikunnel T, Gethin G, Humphreys H. Mupirocin resistance: clinical
implications and potential alternatives for the eradication of MRSA. J
Antimicrob Chemother. 2015;70(10):2681-2692. (link
(https://academic.oup.com/jac/article/70/10/2681/829798?login=false) )

 ii  Surgical Site Infection Prevention: Key facts on decolonization of nasal
carriers of Staphylococcus aureus. World Health Organization. (link
(https://cdn.who.int/media/docs/default-source/integrated-health-services-(ihs)/ssi/fact-sheet-staphylococcus-web.pdf?sfvrsn=7e7266ed_2)
)

 iii Calderwood MS, Anderson DJ, Bratzler DW, et al. Strategies to prevent
surgical site infections in acute-care hospitals: 2022 Update. Infect Control
Hosp Epidemiol. 2023;44(5):695-720. (link
(https://www.cambridge.org/core/journals/infection-control-and-hospital-epidemiology/article/strategies-to-prevent-surgical-site-infections-in-acutecare-hospitals-2022-update/2F824B9ADD6066B29F89C8A2A127A9DC)
)

 

 

 

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