Vancouver, Canada – November 22, 2007 - Ondine Biopharma Corporation (TSX: OBP; AIM: OBP) a medical technology company developing photodisinfection based products, today announced it intends to issue, via a non-brokered private placement (the “Offering”), 5,000,000 units at a price of $1.10 per unit for aggregate gross proceeds of C$5.5 million to a small number of accredited investors.
Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one common share at a price of $1.25 for a period of two years from the closing date of the Offering. The common shares issued under the Offering will be subject to a four month hold period from the closing date under Canadian Securities legislation.
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. The completion of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approvals of the Toronto Stock Exchange and AIM.
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.
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
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Neil Johnson / Ryan Gaffney
Canaccord Adams Ltd
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