Ondine Biopharma Corporation
LSE : OBP

Ondine Biopharma Corporation

April 28, 2009 02:00 ET

Ondine Biopharma Corporation: Publication of Information Circular and Mail Out of Financial Statements, MD&A and Shareholder Meeting Materials

FOR:  ONDINE BIOPHARMA CORPORATION

TSX, AIM SYMBOL:  OBP

April 28, 2009

Ondine Biopharma Corporation: Publication of Information Circular and Mail Out of Financial
Statements, MD&A and Shareholder Meeting Materials

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 28, 2009) - Ondine Biopharma ("Ondine Biopharma" or
the "Company") (TSX:OBP)(AIM:OBP) announces that, in accordance with regulatory requirements, it has
mailed out its Financial Statements and Management Discussion and Analysis (MD&A) for the year ended
December 31, 2008 as well as its Information Circular, Notice of Meeting and related proxy materials
on April 23, 2009, in connection with the Company's annual general and special meeting to be held on
May 19, 2009 at 10:00 A.M. (the "Meeting") at the Company's office at 910-1100 Melville Street,
Vancouver, British Columbia, Canada. Copies of these documents are available during normal business
hours on weekdays (except Saturdays, Sundays and public holidays) free of charge from the Company's
office at 910-1100 Melville Street, Vancouver, British Columbia, Canada. In addition, these documents
are available on the SEDAR website at www.sedar.com and on the Company's website at
www.ondinebiopharma.com.

At the Meeting the shareholders will be asked to vote on a resolution authorizing and approving the
sale of the Company's dental healthcare business (the "Proposal") substantially on the terms and
conditions set out in a non-binding letter of intent ("LOI") entered into with JS Dental Technologies,
Inc. ("JSD"). The terms of the LOI were summarized in the Company's news release dated April 8, 2008;
are detailed in the Information Circular; and the full text of the LOI is available on the SEDAR
website and on the Company's website. The background to the Proposal in also described in the
Information Circular.

During the year ended December 31, 2008 the Company incurred a loss of Cdn. $10.27 million with
revenues of Cdn. $0.91 million that were generated by sales of the Company's Periowave(TM) dental
products. Under the terms of the LOI, the Company would continue to manufacture and supply
Periowave(TM) products to JSD for a period of not less than two years from the closing of the Proposal
pursuant to the terms of a manufacturing, sustaining, and servicing agreement as further described in
the Information Circular.

After giving effect to the sale of the Company's dental healthcare business, the Company would
continue to be engaged in an active business and expects that its common shares will continue to be
listed on the TSX, or alternatively on the TSX Venture Exchange, and on AIM. The primary effect of the
sale on the Company would be an immediate reduction in its sales and marketing expenses. It would also
provide cash flows to assist in the development of future applications of the Company's platform
photodisinfection technology. The Company intends to focus primarily on further advancing the
development and introduction to the hospital infection control market of its MRSAid(TM) nasal
decolonization system which kills bacteria in the nasal passages, a key reservoir for MRSA
(methicillin-resistant Staphylococcus aureus) and significant source of MRSA infections.


-30-

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 Adams Ltd.
Ryan Gaffney
Nominated Adviser
+4420 7050 6500

-0-

Contact Information

  • Ondine Biopharma Corporation