REG - Ondine Biomedical - Related Party Transactions

Ondine BiomedicalAnnouncement

02/05/2024 18:30

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RNS Number : 0841N  Ondine Biomedical Inc.  02 May 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.

 

All references to C$ in this announcement are to Canadian Dollars.

This Announcement assumes a £ : C$ exchange rate of 1 : 1.71690 and a £ :
US$ exchange rate of 1 : 1.25155  as at 16:30 (GMT) on 1 May 2024.

 

 

2 May 2024

Ondine Biomedical Inc.

("Ondine" or the "Company")

Related Party Transactions

 

Ondine Biomedical Inc. (AIM: OBI), a Canadian life sciences company, announces
the following interim funding arrangements with related parties which were
entered into in advance of a planned fundraising to extend working capital
runway (the "Fundraising"), which was previously mentioned in the Company's
announcement of 24 April 2024.

 

The Company is close to finalising arrangements for the Fundraising which will
comprise a placing and a subscription (respectively, the "Placing" and the
"Subscription"). The net proceeds of the Fundraising will be used for general
working capital, US Phase 3 Clinical Trial readiness and start-up preparation,
and to support the Company's rapid sales growth of its Steriwave® nasal
decolonisation therapy. A further announcement is expected shortly in relation
to the launch of the Fundraising.

 

Related Party Transactions

On 10 April 2024, substantial shareholder and CEO, Carolyn Cross, advanced a
payment of US$160,000 (equivalent to £127,841) to the Company (the "Director
Payment"), as a lead indication in the upcoming Fundraising as detailed above.
In consideration, Carolyn Cross will be issued shares in the Subscription at
the expected issue price on the same terms as all other participants in the
Fundraising.

 

On 26 April 2024, Robert Cross, the husband of Carolyn Cross and substantial
shareholder in the Company, advanced C$350,000 (equivalent to £203,856) to
the Company (the "Related Party Loan"). The Related Party Loan accrues no
interest, is unsecured and is expected to become repayable by mutual agreement
between the lender and the Company upon completion of a subsequent fundraising
or, at the sole discretion of the Company, may be repaid earlier.

 

Although not assessed at the time of entry into these arrangements, in
aggregate the Director Payment and the Related Party Loan, are deemed to
constitute related party transactions for the purpose of AIM Rule 13. Further
disclosures are expected to be made shortly in relation to the Company's AIM
Rule 13 obligations in respect of these transactions.

 

 

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.
 Angelika Vance, Corporate Communications                      +001 604 838 2702

 Singer Capital Markets (Nominated Adviser and Joint Broker)
 Aubrey Powell, Asha Chotai, 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 Canadian life sciences company and leader
innovating 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 many other
indications.

 

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