Canadian life sciences company Ondine Biomedical Inc (AIM:OBI, OTC:OBIMF) has closed a pivotal equity round garnering approximately £2.85 million (C$4.91 million) to fund international expansion and further clinical studies.
Ondine issued new shares at 9p each, marking a 9% premium compared to the closing mid-price of the company's common shares on 29 November (the day before the fundraising was launched).
Post deductions for fees and expenses, the net proceeds amount to about £2.45 million.
When issued, the new shares will be fully paid and will rank pari passu with the existing common shares, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
Funds are earmarked to bolster Ondine's commercialisation efforts across several key markets, including Canada, the UK, Spain and Mexico.
Additionally, the company plans to allocate a portion of this capital for general working capital needs.
This fundraising effort ensures that Ondine Biomedical has a secure financial runway extending at least until the middle of the second quarter of 2024.
Moreover, Ondine is actively exploring additional funding avenues for its phase-three study in the US.
This study's progression hinges on the finalisation of the trial design with the US Food and Drug Administration (FDA).
Completion of this phase is vital for Ondine's ambition to expand its clinical footprint and deliver innovative solutions in the life sciences sector.