Ondine Biomedical Inc on Monday said it expects its cash to last until the beginning of the fourth-quarter as it reported an equity investment from a leading US healthcare provider.
Ondine Biomedical is a Vancouver, Canada-based life sciences company specialising in light-activated antimicrobial therapies.
The firm said New Jersey-based hInsight-NX LLC, a subsidiary of Tennessee-based HCA Healthcare Inc, has agreed to invest $4 million in Ondine to support the company’s strategic objectives, which includes delivering long-term value and advancing key initiatives.
Shares in Ondine dropped 12% to 11.18 pence on Monday morning in London.
Ondine said it will issue 38.0 million shares as part of the equity investment at a price of $0.10517 per share, with the new shares representing approximately 8.6% of the firm’s enlarged share capital.
The firm noted that, owed to the new investment, it anticipates its cash runway lasting into the early stages of the fourth-quarter of this year.
Ondine added that its private placement agreed in September with a Canadian private investor for C$5 million, or £2.8 million, continues to be delayed, due to the investor’s ‘unavoidable personal circumstances.’
Ondine said it would provide further updates with regard to this placement as they become available.
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