Shares in Ondine Biomedical Inc (AIM:OBI, OTC:OBIMF) soared after saying it had raised around £2.8 million (C$5m) from a new private investor in Canada, in order to support the commercial growth of its antimicrobial treatments.
The funds were raised at an issue price of 12.5p per share, with 22.22 million to be issued to the new investor, giving them a 7.4% stake when the transaction closes, expected on or before 8 November.
Chief executive officer Carolyn Cross said: "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."