HCA to invest US$4 million in Ondine

This Announcement uses a US$:£ exchange rate of 1 : 0.808210 as at 16:30 (GMT) on 2 January 2025.

Ondine Biomedical Inc. (LON: OBI), a Canadian life sciences company developing light-activated antimicrobial treatments, is pleased to announce that hInsight-NX, LLC, a subsidiary of HCA Healthcare, Inc., a leading healthcare provider in the United States, has committed to a US$4 million equity investment in the Company.

The Company has agreed to issue 38,033,412 new common shares of no par value in the capital of the Company ("New Common Shares"), raising US$4 million (circa £3,232,840) at an issue price of approximately US$0.10517 per New Common Share (the "Private Placement"). The price of the subscription was determined by reference to the price the Company raised C$19.2 million in November 2024. The New Common Shares to be issued pursuant to the Private Placement will represent approximately 8.6041 per cent of the share capital of the Company as enlarged by the Private Placement. The shares will be issued non pre-emptively under the Company's existing authorities and are expected to be admitted to trading on AIM on 29 January 2025.

The New Common 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.

Use of Proceeds

The proceeds from this investment will be used to support the Company's strategic objectives, including advancing key initiatives, to deliver long-term value. With the addition of this new investment, the Company expects its cash runway to extend into early Q4 2025.

Total Voting Rights

Following admission of the New Common Shares on 24 January 2025, the Company's issued and fully paid share capital will consist of 442,038,143 Common Shares, all of which carry one voting right per share. The Company does not hold any Common Shares in treasury. Therefore, the total number of Common Shares and voting rights in the Company at this date will be 442,038,143 Common Shares.

Other Update

As previously announced, Ondine entered into a private placement agreement with a Canadian private investor in September 2024. Due to the investor's unavoidable personal circumstances, settlement of the private placement continues to be delayed. The Company remains optimistic about the completion of this placement and will provide further updates as they become available.

About Ondine Biomedical Inc.