Ondine Biomedical Inc. (LON: OBI), a Canadian life sciences company pioneering light-activated antimicrobial treatments, announced that it has agreed to a private placement financing in exchange for common shares from a new third-party private investor in Canada to support commercial growth.
The Company has agreed to issue 22,222,222 new common shares of no par value in the capital of the Company (“New Common Shares”), raising C$5 million (circa £2.8 million) at an issue price of 12.5 pence per New Common Share.
The New Common Shares to be issued pursuant to the Private Placement will represent approximately 7.4 per cent. of the share capital of the Company as enlarged by the Private Placement. The closing of the transaction is expected to be on or before 8 November 2024. Application for admission of the New Common Shares and a further announcement will take place in due course.
The proceeds from the Private Placement will be used for general working capital purposes and to support commercial growth.
CEO Carolyn Cross stated; “Following our recent announcement of our distribution partnership with Mölnlycke Health Care, a world-leading MedTech company that specializes in innovative solutions for wound care and surgical procedures, we are pleased to have this additional capital in support of our expected sales growth.”