Vancouver, Canada – December 10, 2007 - Ondine Biopharma Corporation (TSX: OBP; AIM: OBP; the “Company”), a medical technology company developing photodisinfection based products, today announced that it has closed upon its previously announced private placement pursuant to which the Company has now increased its private placement to be comprised of the issuance of an aggregate of 6,335,182 units (instead of the previously announced 5,000,000) of the Company, at a subscription price of $1.10 per unit, for gross proceeds of approximately C$7.0 million (that being an aggregate of approximately an additional C$1.5 in gross proceeds to the Company).
Canaccord Capital Corporation assisted the Company in connection with the initiation and completion of the private placement.
Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one common share at a price of $1.25 until December 7, 2009. The common shares issued under the private placement are now subject to a four month hold period and can not be traded through the facilities of the Toronto Stock Exchange until April 8, 2008. An application has been made for the 6,335,182 common shares issued under the private placement to be admitted to trading on AIM on December 11, 2007.
The proceeds will be used for the continued research and development of new products based on the Company’s photodisinfection technology, for working capital, and for general corporate purposes.
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 creating and commercializing 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 headquartered in Vancouver, British Columbia, Canada, with a research laboratory 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 filings.
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information please contact:
Carolyn Cross
President and Chief Executive Officer
Ondine Biopharma Corporation
(604) 669-0555
ccross@ondinebiopharma.com
Christina Bessant
Investor Relations
The Equicom Group Inc.
(416) 815-0700 ext. 269
cbessant@equicomgroup.com
Irma Gomez-Dib
Media & Investors Relations
FD International
(212) 850-5761
Irma.gomez-dib@fd.com
Nominated Adviser
Neil Johnson / Ryan Gaffney
Canaccord Adams Ltd
+44(0)20 7050 6500