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.