Ondine Biomedical Inc (AIM:OBI) said first-half results were in line with expectations as it looks ahead to a phase three study of Steriwave, its nasal photodisinfection candidate.
A challenging economic backdrop and unfavourable stock markets meant the deferral of 2023 fundraising plans but the Canadian company said it made significant progress nonetheless.
Interim losses from operations were C$8.03 million (H1 2022: C$8.41 million), a 7% loss decrease year-over-year.
This loss largely comprises the costs associated with clinical and regulatory efforts for the US market, public company-related costs and expanding commercialisation reach.
Total revenues were C$0.43 million (H1 2022: C$0.26 million) a 63% increase during the period, reflecting the additional hospital clinical deployments.
Cash and equivalents were C$4.59 million as of 30 June 2023.
“With significant progress through recent and ongoing data delivery, I am excited for the months ahead and confident that we will be successful in the upcoming FDA-related and commercial milestones,” said Carolyn Cross, chief executive.