from Ondine Biomedical Inc (LON:OBIMF)
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.
VANCOUVER, BC / ACCESSWIRE / September 24, 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 companythat 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."
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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.
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SOURCE: Ondine Biomedical Inc
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