Ondine Biopharma Corporation

Ondine Biopharma Corporation

May 21, 2009 09:12 ET

Ondine Announces Results From Annual and Special Meeting

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 21, 2009) - Ondine Biopharma Corporation (TSX:OBP)(AIM:OBP) a medical technology company developing photodisinfection based products, today announced that the Company's shareholders approved all of the resolutions put forward in the information circular including the proposed sale of the Company's Dental Healthcare Business to JS Dental Technologies (the "Dental Business Sale") as announced on April 8, 2009. With 56.3% of the outstanding shares voting at the annual and special meeting of the Company held on May 19, 2009, the resolution proposing the Dental Business Sale passed by an overwhelming majority of 99.9%. Subject to the execution of definitive agreements and TSX approval, the sale of the Dental Business is expected to be completed later this month.

"The Dental Business Sale is a key component of the corporate restructuring plan that will enable Ondine to focus on the commercialization of MRSAid™, a non-antibiotic MRSA nasal decolonization product," said Carolyn Cross, Chairman and CEO. "Having successfully introduced Periowave™ into the Canadian dental market place, Ondine intends to use ongoing cash flows from the Dental Business Sale in part, to develop new products and new applications building on our leadership position in photodynamic disinfection technology."

Ondine wishes to announce the appointment of Ms. Margaret Shaw as a Director of the Company. Ms. Shaw, aged 56, has over 30 years of experience in the capital markets. Ms. Shaw established and managed a department responsible for the measuring and monitoring of performance analytics, and adherence to investment protocols at AGF Fund Inc., one of the largest independent mutual funds in Canada. Previously she had managed institutional funds focusing on small and mid-sized emerging technologies for AGF and for CIBC. Ms. Shaw has a Chartered Financial Analyst designation and a Bachelor of Mathematics degree from the University of Waterloo. Ms. Shaw currently owns 212,940 shares of the Company.

Pursuant to schedule 2(g) of the AIM rules there are no further disclosures.

The Company would like to give special thanks to Mr. Paolo Kalaw, who had served as a Director of the Company for the past four years. Mr. Kalaw's significant contributions and impact at both board and operating levels were instrumental in helping to shape Ondine into becoming a leader in the field of photodynamic therapy.

About Ondine Biopharma Corporation

Ondine Biopharma develops non-antibiotic therapies to treat a broad spectrum of bacterial, fungal and viral infections. The Company is focused on developing leading-edge products that utilize its patented light-activated technology to kill microbes without encouraging the formation and spread of antibiotic resistance. Ondine is a publicly-traded company listed on the Toronto and AIM stock exchanges under the symbol OBP. Ondine is headquartered in Vancouver, British Columbia, Canada, and has a research and development facility in Bothell, Washington, USA and an international office in St. Michael, Barbados. 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 sale of the Company's Dental Healthcare Business to JS Dental Technologies Inc. is subject to, among other things, negotiation of a definitive agreement and the Company receiving regulatory approval. It is anticipated that the transaction will close later this month; however, no assurances can be made.

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

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