Related Party Transaction

Ondine Biomedical Inc.

16 September 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.

16 September 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 11 September 2024, Carolyn Cross, CEO, provided a loan (the "Loan") of C$285,000 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 is confident in its ability to secure longer term finance in Q4 this year to execute its growth plans and will provide a further update in the first half earnings announcement to be released at the end of this month.

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 [phone]
Singer Capital Markets (Nominated Adviser and Joint Broker)
Phil Davies, Sam Butcher	[phone]
RBC Capital Markets (Joint Broker)
Rupert Walford, Kathryn Deegan	[phone]
Vane Percy & Roberts (Media Contact)
Simon Vane Percy, Amanda Bernard	[phone]

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]

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[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)

[ii] Surgical Site Infection Prevention: Key facts on decolonization of nasal carriers of Staphylococcus aureus. World Health Organization. (link)

[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)

 

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