OBP Ondine Biomed

 
TIDMOBP 
 
Ondine Completes Sale of Majority Interest in Sinusitis Subsidiary 
FOR:  ONDINE BIOPHARMA CORPORATION 
 
TSX, AIM SYMBOL:  OBP 
 
September 15, 2010 
 
Ondine Completes Sale of Majority Interest in Sinusitis Subsidiary 
 
Sinuwave Technologies Secures Funding & Appoints CEO 
 
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 15, 2010) - Ondine Biopharma Corporation (TSX:OBP)(AIM:OBP) 
(the "Company") today announced that it has concluded the sale (the "Sinuwave Sale") of a majority interest in 
Sinuwave Technologies Corporation ("Sinuwave") to a group of private equity investors. Sinuwave was formed by 
the Company as a dedicated vehicle for the development of photodisinfection solutions for the chronic sinusitis 
market. In addition to a cash payment received by the Company on closing, the transaction provides Ondine with 
future economic benefits and with current cash flows to be used for the development of this expanded 
application of the Company's photodynamic platform technology. The Company also announced that Mr. James Balcom 
has been appointed President and Chief Executive Officer of Sinuwave Technologies Corporation. Mr. Balcom has 
over 20 years of experience leading and managing companies involved with the development and commercialization 
of cutting edge, complex technologies. 
 
"Today, few effective treatments exist for a large and rapidly growing number of chronic recurrent sinusitis 
sufferers. We believe photodisinfection technology may offer an effective solution for the treatment of chronic 
sinusitis. The proven antimicrobial and anti-inflammatory benefits of Ondine's non-antibiotic photodisinfection 
technology have the potential to provide substantial relief to those chronic sinusitis patients who have found 
sinus surgeries, antibiotics and other treatment methods to be unsuccessful," said Carolyn Cross, Chairman & 
CEO of Ondine Biopharma Corporation. 
 
"Having established Sinuwave as a separate company dedicated to the treatment of chronic sinusitis, this 
transaction is expected to accelerate the development programs and commercialization opportunities for this 
important new market. Ondine, the global leader in photodisinfection technology, will work with Sinuwave to 
create a new class of products to better serve these patients. We are excited that James Balcom has joined us 
as President and CEO of Sinuwave and will be spearheading this initiative to develop this important new 
application of photodisinfection." 
 
Sinuwave Technologies Corporation 
 
Sinuwave was established to develop and commercialize photodisinfection products for the chronic sinusitis 
market. It has licensed all relevant Ondine intellectual property and know-how for this application, including 
technology obtained in Ondine's December 2009 acquisition of Advanced Photodynamic Technologies Inc. ("APT"), 
and technology developed internally at Ondine over the past ten years. Sinuwave Technologies Corporation 
leverages the product development, clinical and regulatory experiences of both the Ondine and APT teams. 
 
Terms of the Sinuwave Sale Transaction 
 
Ondine sold a majority of its ownership in Sinuwave (the "Sinuwave Sale") for US$660,000 (the "Sinuwave Sale 
Proceeds") to the private equity investor group. In addition, immediately subsequent to the Sinuwave Sale, the 
private equity investor group completed an initial financing in Sinuwave for US$550,000 (the "Initial Sinuwave 
Financing"). The former shareholders of APT received a 3.3% interest in Sinuwave (post the Initial Sinuwave 
Financing), including a 2.0% interest received by Merrill Biel, a director of the Company and a 1.2% interest 
received by his wife. These shares were issued in settlement of Ondine's obligation to pay 5% of the Sinuwave 
Sale Proceeds to the former shareholders of APT. As a result of the sale and financing transactions, the 
private equity investor group will own a 77.1% interest in Sinuwave and Ondine retains a 19.6% interest. Under 
the terms of a shareholder agreement, Ondine has the right to participate in future financings of Sinuwave to 
the extent required to maintain its percentage interest. The private equity investor group has also committed 
to provide Sinuwave with additional financing totaling US$1.1 million in 2 tranches and would have the right to 
invest a further $1.1 million in Sinuwave on exercise of share purchase warrants. 
 
Ondine has also entered into a memorandum of understanding ("MOU") with Sinuwave, pursuant to which Ondine will 
receive monthly fees for management and research and development services initially representing up to 
US$780,000 annually. Also under the terms of the MOU, Ondine would have the right and obligation to manufacture 
products for Sinuwave for the chronic sinusitis application on a cost plus basis, and Ondine would be entitled 
to receive royalties on Sinuwave sales. In addition, Ondine is entitled to milestone payments totaling 
US$250,000 based on the achievement of certain development milestones. It is expected that the MOU will be 
followed up by definitive agreements to be entered into by the parties on or about the end of September 2010. 
 
Proceeds from the Sinuwave Sale will be used by Ondine for the continued research and development of the 
Company's platform photodisinfection technology products, including the Company's MRSAid(TM) nasal 
decolonization system, its in situ endotracheal tube disinfection system, as well as for working capital and 
general corporate purposes. 
 
About Ondine Biopharma Corporation 
 
Ondine is developing non-antibiotic therapies for the treatment of a broad spectrum of bacterial, fungal and 
viral infections. The Company is focused on developing leading edge products utilizing its patented light- 
activated technology. Photodisinfection provides broad-spectrum antimicrobial efficacy without encouraging the 
formation and spread of antibiotic resistance. The Company is based in Vancouver, British Columbia, Canada, 
with a research and development laboratory in Bothell, Washington, USA. 
 
For additional information, please visit the Company's website at: www.ondinebiopharma.com. 
 
Forward-Looking Statements: 
 
Certain statements contained in this release containing words like "believe", "intend", "may", "expect" and 
other similar expressions, are forward-looking statements that involve a number of risks and uncertainties. 
Factors that could cause actual results to differ materially from those projected in the Company's forward- 
looking statements include the following: market acceptance of our technologies and products; our ability to 
obtain financing; our financial and technical resources relative to those of our competitors; our ability to 
keep up with rapid technological change; government regulation of our technologies; our ability to enforce our 
intellectual property rights and protect our proprietary technologies; the ability to obtain and develop 
partnership opportunities; the timing of commercial product launches; the ability to achieve key technical 
milestones in key products and other risk factors identified from time to time in the Company's public filings. 
 
 
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FOR FURTHER INFORMATION PLEASE CONTACT: 
 
Ondine Biopharma Corporation 
Carolyn Cross 
Chairman and Chief Executive Officer 
(604) 669-0555 
ccross@ondinebiopharma.com 
www.ondinebiopharma.com 
 
OR 
 
Canaccord Genuity Limited 
Ryan Gaffney 
Nominated Adviser 
+4420 7050 6500 
 
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this 
release. 
 
 
 
 
Ondine Biopharma Corporation 
 

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