(Alliance News) - Ondine Biomedical Inc on Wednesday said that its fundraise has given its nasal photodisinfection technology a boost.

The Vancouver-based life sciences company said it has now successfully raised CAD4.9 million, or USD3.6 million, and it will now accelerate the commercialisation of its proven nasal photodisinfection technology. It had raised the money at the start of December through a placing and subscription of shares.

"This cutting-edge technology replaces topical antibiotics for the prevention of healthcare-associated infections and kills all types of pathogens - bacteria, viruses and fungi - without causing antimicrobial resistance," Ondine said.

It added that it has met its 2023 target and more than doubled the number of hospitals using its photodisinfection technology to reduce healthcare-associated infections.

Further, it is now "in discussions" with more than 75 hospitals in the UK, Mexico, Spain, and Canada.

Chief Executive Carolyn Cross says: "We have put great efforts into improving our commercial activity sales process, which has increased the speed of the average sales cycle from contact to deployment by 50%. We have appointed distributors in the UK, Spain, and Mexico and are gaining real momentum. What is particularly encouraging is that many hospitals are recommending Steriwave to other hospitals. We believe this momentum will continue to increase, and commercial sales will become more significant in 2024."

Shares in Ondine Biomedical were down 5.6% to 8.50 pence each in London on Wednesday afternoon. Over the past 12 months, the stock is down 60%.

By Sophie Rose, Alliance News senior reporter

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