Ondine Biomedical Reports Robust Growth in H1 2024

VANCOUVER, BC / ACCESSWIRE / September 30, 2024 / Ondine Biomedical Inc. (AIM: OBI) has posted solid results for the first half of 2024. The provider of light-activated antimicrobial technology noted substantial progress in commercial and clinical sectors. Revenue climbed by 101% to $0.9 million, with a gross margin rising to 62%. Although the operating loss was $7.8 million, this was an improvement from $8.0 million in the same period last year.

Significant milestones include the surge in adoption of Steriwave®, Ondine’s antimicrobial solution, which saw a 190% increase in hospital implementation. The company entered a strategic partnership with Mölnlycke Health Care to distribute Steriwave in the UK, EU, and Middle East. Ondine also made advancements in its US Phase 3 clinical trial and expanded into the ICU market through collaboration with the Royal Columbian Hospital Foundation.

Financially, the company secured approximately $11 million in capital, supported by CEO Carolyn Cross. This includes a private placement of $5 million set for delivery by November 2024, alongside $0.7 million in interest-free loans from the CEO for ongoing operations.