Ondine Biomedical (AIM:OBI) has confirmed it has raised gross proceeds of £10 million (C$18.88 million) through a placing and subscription, with trading in its shares restored on AIM at 7.30 am on Tuesday.
The AIM-listed medical device company, which develops light-activated antimicrobial therapies to prevent and treat hospital-acquired infections, will issue 100 million new common shares at 10p each to satisfy the fundraising, announced the previous day.
Net proceeds are earmarked for commercial expansion, US regulatory activity supporting a planned New Drug Application submission in mid-2027, production and quality systems, and general administrative costs, as set out in Monday's launch announcement.
"This £10 million fundraise positions the Company to accelerate commercial traction and international growth through targeted expansion of our sales and business development capabilities, while advancing the regulatory, manufacturing and submission activities required for our planned NDA submission in mid-2027," Cross said.
The funding is expected to extend Ondine's cash runway into early 2028.
The raise follows a £5 million placing completed in April, which funded preparation for the NDA, GMP-compliant production batches and engagement with the US Food and Drug Administration ahead of a pre-NDA meeting now targeted for the first quarter of 2027.
Read more about Ondine Biomedical
- 19/10/26Ondine Biomedical launches £10m placing to fund US regulatory push
- 29/09/26Ondine partners with Mela Solutions to speed NHS Steriwave adoption
- 29/04/26Ondine Biomedical raises £5m at 12p to fund NDA preparation
That earlier round came as Ondine built toward September's positive topline results from its Phase 3 LANTERN trial, which enrolled 5,188 patients across US and Canadian hospital sites and reported an estimated 40% relative reduction in 30-day surgical site infections against standard care.
Chief executive Carolyn Cross subscribed for 10.59 million subscription shares for cash, contributing approximately £1.06 million (C$2 million) of the total raised. Following admission, Cross's total shareholding will reach the equivalent to 25.49% of the enlarged share capital.