Ondine Biopharma Corporation

1100 Melville Street, Suite 910

Vancouver, B.C.

V6E 4A6

(the "Company" or "Ondine")

January 6, 2009

A press release was issued by the Company through newswire services on January 7, 2009.

Ondine Biopharma Corporation announced management and board changes. Carolyn Cross, the Company’s Chief Executive Officer, has been appointed Chairman of Ondine’s Board of Directors, replacing Mr. Pierre Leduc who resigned his positions of Executive Chairman and a Director of the Company effective January 6, 2009. Dr. Nicolas Loebel has been appointed President of the Company. Mr. Thomas Dawson has been appointed Chief Operating Officer of the Company. Dr. Cale Street has been appointed Vice-President of Research of Ondine’s wholly-owned subsidiary, Ondine Research Laboratories, Inc.

Dr. Cale Street has been appointed Vice-President of Research of Ondine’s wholly-owned subsidiary, Ondine Research Laboratories, Inc. ("ORL"); located at the Company’s research facilities in Bothell, Washington. Mr. Thomas Dawson, who continues as an officer of ORL, has been appointed Chief Operating Officer of the Company. Dr. Nicolas Loebel, who continues as an officer of ORL and as Chief Technology Officer of the Company, has been appointed President of the Company.

Carolyn Cross, who continues to hold the title of Chief Executive Officer of the Company, has been appointed Chairman of Ondine’s Board of Directors, replacing Mr. Pierre Leduc who has resigned his positions of Executive Chairman and a Director of the

Company effective January 6, 2009. Ondine wishes to thank Mr. Leduc for his contributions to the Company over the past 4 years and wishes him every success in his future endeavours.

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Not applicable.

Carolyn Cross

President and Chief Executive Officer

1100 Melville Street, Suite 910

Vancouver, British Columbia

V6E 4A6

Tel: (604) 669-0555

January 12, 2009