Ondine announces closing of C$7.0 million private placement equity financing



    /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
    NEWSWIRE SERVICES/

    VANCOUVER, Dec. 10 /CNW/ - Ondine Biopharma Corporation (TSX: OBP;
AIM: OBP; the "Company"), a medical technology company developing
photodisinfection based products, today announced that it has closed upon its
previously announced private placement pursuant to which the Company has now
increased its private placement to be comprised of the issuance of an
aggregate of 6,335,182 units (instead of the previously announced 5,000,000)
of the Company, at a subscription price of $1.10 per unit, for gross proceeds
of approximately C$7.0 million (that being an aggregate of approximately an
additional C$1.5 in gross proceeds to the Company).
    Canaccord Capital Corporation assisted the Company in connection with the
initiation and completion of the private placement.
    Each unit consists of one common share and one-half of one common share
purchase warrant. Each whole warrant entitles the holder thereof to purchase
one common share at a price of $1.25 until December 7, 2009. The common shares
issued under the private placement are now subject to a four month hold period
and can not be traded through the facilities of the Toronto Stock Exchange
until April 8, 2008. An application has been made for the 6,335,182 common
shares issued under the private placement to be admitted to trading on AIM on
December 11, 2007.
    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.
    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.

    Forward-Looking Statements:

    Certain statements contained in this release containing words like
"believe", "intend", "may", "expect" and other similar expressions, are
forward-looking statements that involve a number of risks and uncertainties.
Factors that could cause actual results to differ materially from those
projected in the Company's forward-looking statements include the following:
market acceptance of our technologies and products; our ability to obtain
financing; our financial and technical resources relative to those of our
competitors; our ability to keep up with rapid technological change;
government regulation of our technologies; our ability to enforce our
intellectual property rights and protect our proprietary technologies; the
ability to obtain and develop partnership opportunities; the timing of
commercial product launches; the ability to achieve key technical milestones
in key products and other risk factors identified from time to time in the
Company's filings.

    The TSX Exchange has not reviewed and does not accept responsibility for
    the adequacy or accuracy of this release.





For further information:

For further information: Carolyn Cross, President and Chief Executive
Officer, Ondine Biopharma Corporation, (604) 669-0555,
ccross@ondinebiopharma.com; Irma Gomez-Dib, Media & Investors Relations, FD
International, (212) 850-5761, Irma.gomez-dib@fd.com; Christina Bessant,
Investor Relations, The Equicom Group Inc., (416) 815-0700 ext. 269,
cbessant@equicomgroup.com; Canaccord Adams Ltd, Nominated Adviser & Broker,
Neil Johnson/Ryan Gaffney, +4420 7050 6500

Organization Profile

ONDINE BIOPHARMA CORPORATION

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