Ondine Biomedical Inc on Friday said the company successfully made progress towards reaching profitability.

The Vancouver-based company specialises in photodisinfection-based therapies to prevent and treat a broad spectrum of infections.

In 2023, pretax loss narrowed to C$14.4 million, approximately £8.2 million, from C$19.4 million the previous year.

Revenue increase 88% to C$1.2 million from C$638,000.

General and administrative costs contracted by 27% to C$8.0 million from C$10.9 million.

During the year, the company reduced costs, improved scale and efficiencies, in an effort to achieve the goal of reaching profitability by 2026.

The company added ten new hospital installations in 2023, and has so far added another seven in the first quarter of the current year.

‘As we move into 2024, our commercial momentum, strategic investments in clinical trials and international expansion, alongside disciplined cost control, position us well for sustained growth and value creation,’ Ondine said.

Post period end the company raised $6.0 million in gross proceeds through the issue of new shares.

Ondine shares were down 10% to 7.39 pence each in London on Friday afternoon.

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