Ondine Biopharma announces private placement equity financing


    VANCOUVER, Jan. 23 /CNW/ - Ondine Biopharma Corporation (TSX: OBP; AIM:
OBP) a medical technology company developing photodisinfection based products,
today announced it intends to issue, via a non-brokered private placement (the
"Offering"), 17,000,000 common shares at a price of $0.06 per share for
aggregate gross proceeds of C$1.02 million, to qualified investors pursuant to
applicable exemptions. The common shares issued under the Offering will be
subject to a four month hold period from the closing date under Canadian
Securities legislation. The placement is expected to close in one or more
tranches by mid February 2009.
    Insiders of the Company intend to participate in the placement for an
aggregate of 6,135,000 common shares for aggregate gross proceeds of $368,000.
The shares being purchased by insiders represent 9.99% of the Company's
currently issued and outstanding common shares, the maximum normally allowed
without securityholder approval pursuant to the rules of the TSX.
    The proceeds will be used for the continued research and development of
new products based on the Company's photodisinfection technology, including
the Company's MRSA product currently under development, for working capital,
and for general corporate purposes. The completion of the offering is subject
to certain conditions including, but not limited to, the receipt of all
necessary approvals including the approvals of the Toronto Stock Exchange and
    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 developing 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 based in Vancouver, British Columbia,
Canada, with a research and development 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 public 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, Chairman and Chief Executive
Officer, Ondine Biopharma Corporation, (604) 669-0555,
ccross@ondinebiopharma.com; Adam Peeler, Investor Relations, The Equicom Group
Inc., (416) 815-0700 ext. 225, apeeler@equicomgroup.com; Canaccord Adams Ltd,
Nominated Adviser, Neil Johnson, Ryan Gaffney, +4420 7050 6500

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