Ondine Biopharma Corporation
LSE : OBP

Ondine Biopharma Corporation

September 29, 2010 08:00 ET

Ondine Announces Proposed Share Consolidation and Name Change

FOR:  ONDINE BIOPHARMA CORPORATION

TSX, AIM SYMBOL:  OBP

September 29, 2010

Ondine Announces Proposed Share Consolidation and Name Change

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 29, 2010) - Ondine Biopharma Corporation (TSX:OBP)(AIM:OBP) ("Ondine"
or the "Company") today announced its intention to consolidate its issued and outstanding common shares and to change
its name to Ondine Biomedical Inc., to more accurately reflect the nature of its operations. The Company does not
anticipate changing its trading symbol.

Under the proposed consolidation, every fifteen (15) existing shares will be consolidated into one (1) new share (the
"Consolidation"). The Company currently has 126,796,145 common shares issued and outstanding. Upon completion following
receipt of regulatory approvals, Ondine would have approximately 8,453,042 common shares issued and outstanding, after
adjusting for fractional shares. Fractional shares remaining after giving effect to the Consolidation will be cancelled,
such that shareholdings of each shareholder will be rounded down to the nearest whole number of post-consolidation
common shares. Outstanding stock options and warrants will similarly be adjusted by the Consolidation ratio.

In accordance with the articles of the Company, which were approved by the shareholders, the Board of Directors has the
authority to effect the name change and the share consolidation by directors' resolution and the Company does not intend
to seek shareholder approval for these changes. The Consolidation and name change are subject to the approval of the
Toronto Stock Exchange. If the Consolidation proceeds, the Company will issue a subsequent news release indicating the
record date of the Consolidation and the date on which the Company's shares will commence trading on a post
consolidation basis.

Management believes that consolidating the Company's issued common share capital would be in the best interests of the
Company. In the opinion of Management, the share consolidation will improve the ability of the Company to attract
additional equity financing necessary to continue with its existing business, the development and commercialization of
photodisinfection products for the medical market.

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.

Cautionary Statements:

Completion of the proposed Consolidation is subject to a number of conditions, including but not limited to, the Toronto
Stock Exchange acceptance. There can be no assurance that the Consolidation will be completed as proposed, or on a
specific date, or at all. There can be no assurance that the market price of the post-consolidated common shares of the
Company will increase as a result of the proposed Consolidation. The marketability and trading liquidity of the post-
consolidated common shares of the Company may not improve as a result of the Consolidation.

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; our ability to obtain regulatory approvals, our ability to obtain and develop partnership
opportunities; the timing of commercial product launches; our 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.

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