Result of Fundraising

All references to C$ in this announcement are to Canadian Dollars.

This Announcement uses a £:C$ exchange rate of 1:1.722827 as at 16:30 (GMT) on 28 November 2023.

Ondine Biomedical Inc.

("OBI", "Ondine", or the "Company")

Result of Fundraising

Ondine Biomedical Inc. (AIM: OBI), a Canadian life sciences company, announces the close of the Broker Option, and the successful completion of the Fundraising (comprising the Placing, Subscription and Broker Option), raising c.£2.85 million (C$4.91 million) in total.

Further to the announcement on 5 December 2023 regarding the Placing and the Subscription, a further 1,136,110 new shares (the "New Shares") will be issued pursuant to the Broker Option. The Fundraising was completed at an issue price of 9 pence (the "Issue Price") which represents a premium of approximately 9 per cent. to the closing mid-price of the Common Shares on 29 November 2023 (being the day prior to the launch of the Fundraising).

After the deduction of associated fees and expenses, the net proceeds of £2.45 million (C$4.22 million) receivable by the Company from the Fundraising (comprising the Placing, Subscription and Broker Option) will be used principally to support the Company's ongoing commercialisation efforts focused in Canada, the UK, Spain and Mexico and to provide general working capital. The net proceeds from the Fundraising will provide further cash runway until at least mid Q2 2024. The Company continues to evaluate funding opportunities for its Phase 3 study in the US, subject to the finalisation of the trial design with the FDA, and for further commercial development internationally.

Admission, Settlement and Dealings

The 30,555,553 Common Shares issued pursuant to the Placing and Subscription were admitted to trading on AIM on 8 December 2023. The New Shares to be issued pursuant to the Broker Option will be admitted to trading on AIM on or around 15 December 2023 ("Admission").

The New Shares, when issued, will be fully paid and will rank pari passu in all respects with the Existing Common Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.

Total Voting Rights

As at the date of this announcement and taking into account the Placing Shares and the Subscription Shares, the issued share capital and total voting rights in the Company is 225,617,679. This figure may be used as the denominator for the calculations by which shareholders will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Following admission of the New Shares issued pursuant to the Broker Option, the Company's issued and fully paid share capital will consist of 226,753,789 Common Shares, each carrying one voting right per share. The Company does not hold any Common Shares in treasury. Therefore, from 15 December 2023, the total number of Common Shares and voting rights in the Company is expected to be 226,753,789.

After the admission of the New Shares, this figure may be used as the denominator for the calculations by which Shareholders will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Ondine Biomedical Inc.

UK Product Governance Requirements

EU Product Governance Requirements

Singer Capital Markets Securities Limited ("SCM") and RBC Europe Limited ("RBC") acted as Joint Bookrunners for the Placing and the Broker Option.