Ondine Biomedical Inc (AIM:OBI, OTC:OBIMF), the developer of light-activated nasal disinfection for hospital patients, has suspended trading in its shares while it raises new investment to capitalise on its clinical and commercial progress.
The company is one of a growing band of growth companies to use AIM's new Capital Access Window, a voluntary pause in share trading designed to widen the pool of investors and keep the price stable during a fundraise. Trading will resume once the results of the fundraise are announced.
A retail offer will let private investors take part on the same terms. No size or price has been disclosed yet.
The proceeds will pay for publishing the full results of its LANTERN phase III trial and preparing a New Drug Application (NDA) to the US Food and Drug Administration (FDA).
Ondine is targeting a pre-submission meeting with the FDA in the first quarter of 2027 and a filing in mid-2027.
Some of the money will also go on sales and marketing in markets where its Steriwave product is already authorised, including Canada, the UK and Mexico. The company also plans to strengthen its board and senior management.
LANTERN, which enrolled 5,188 surgical patients, met its main goal. Steriwave cut the risk of surgical site infection within 30 days by 40.5% compared with standard care, which could include a nasal antibiotic.
The company's statistical model put the probability that the treatment works at 98.2%. No treatment-related serious side effects were found in the initial analysis.
Separate studies at Leeds General Infirmary and in intensive care have also reported fewer infections.
Steriwave uses light to activate a solution in the nose that kills bacteria, avoiding antibiotics and the resistance that comes with them.
Ondine's interims revealed revenue rose 23% to C$1.25 million in the six months to 30 June as existing hospitals used more of the product and new ones signed up.
Research spending rose to C$11.5 million from C$8 million, almost all of it on LANTERN. The operating loss widened to C$15.9 million from C$12.5 million.
Cash fell to C$5.3 million from C$10.6 million at the start of the year, despite a C$9.2 million raise in the spring. Ondine expects spending to fall sharply now that the trial is finished.
Recent commercial wins include a first Scottish hospital, NHS Golden Jubilee, and a pilot with Mexico's largest private hospital network.
