Ondine Biopharma Corporation

Ondine Biopharma Corporation

April 26, 2010 08:59 ET

Ondine Biopharma Completes Private Placement Equity Financing

VANCOUVER, BRITSH COLUMBIA--(Marketwire - April 26, 2010) -


Ondine Biopharma Corporation (TSX:OBP)(AIM:OBP) (the "Company") a medical technology company developing photodisinfection based products today announced it has completed its non-brokered private placement (the "Placement") announced on April 6, 2010 by issuing an additional 1,270,000 Units for gross proceeds of $76,200 to qualified investors pursuant to applicable exemptions. Each Unit has a price of $0.06 and consists of one common share of the Company and one share purchase warrant (a "Warrant") entitling the holder to acquire one common share of the Company at an exercise price of $0.075 until April 23, 2011. Accordingly, the Company issued 1,270,000 common shares and 1,270,000 Warrants and has, subsequent to closing, 126,796,145 common shares issued and outstanding (the "Enlarged Share Capital"). An application has been made for the 1,270,000 common shares issued to be admitted to trading on AIM ("Admission"), and Admission is expected to occur on or about April 30, 2010. The common shares issued and the common shares issuable on exercise of the Warrants are subject to a regulatory hold period in Canada expiring August 24, 2010.

The total number of voting rights attached to the Enlarged Share Capital on the basis of one vote per common share is 126,796,145. This voting rights figure may be used by shareholders of the Company as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, the Company under the Disclosure and Transparency Rules of the Financial Security Authority (FSA) in the United Kingdom.

This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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.

The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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