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Message: Ondine Announces Completion of $1.78 Million Private Placement

Ondine Announces Completion of $1.78 Million Private Placement

posted on Aug 12, 2009 09:49AM

Ondine Announces Completion of $1.78 Million Private Placement

- Share Exchange with Grafton Fund –

VANCOUVER, B.C. - June 3, 2009

– Ondine Biopharma Corporation (the “Company” or

“Ondine”, TSX: OBP; AIM: OBP), a medical device company developing photodisinfection

based products, today announced it has completed the private placement with Grafton Resource

Investments Ltd. (“Grafton”) which was press released on May 19


. The private placement

consisted of a share exchange transaction with Grafton, a Closed-End fund managed by Newland

Fund Management LLP of London, England.

Ondine issued 14,851,250 of its common shares at C$0.12 per share to Grafton, representing a

value of C$1,782,150 (US$1.5 million), in exchange for 39,042 Ordinary Shares of Grafton Fund

(the “Grafton Fund Shares”) at US$38.42 per fund share. The common shares of Ondine issued

pursuant to the share exchange transaction are subject to a hold period in Canada expiring

October 3, 2009. An application has been made for the 14,851,250 common shares issued by

Ondine under the private placement to be admitted to trading on AIM, and admission is expected

to occur on June 4, 2009. Subsequent to the closing of this placement, Grafton Fund owns a total

of 17.5% of Ondine's issued and outstanding shares. In connection with this transaction, DFC

Corp. received a finder’s fee, which includes 250,000 share purchase warrants. Each warrant is

exercisable into one common share of Ondine at $0.12 until June 2, 2011. Upon completion of

this private placement Ondine will have 84,830,594 common shares outstanding.

About Grafton Fund

The Grafton Fund is a Cayman Island-based Closed-End fund managed by Newland Fund

Management LLP of London, England and was incorporated for the purpose of capital gains

appreciation of diversified investments in the medium term. The Fund Managers have had past

success with similar funds and a long track record in the investment industry. Newland Fund

Management LLP plans to list the Grafton Fund shares on the Irish Stock Exchange and on one

or more additional exchanges in the near future, but there are no assurances that a listing on a

public exchange will occur and therefore there can be no assurances of financial liquidity. For

additional information about Newland Fund Management LLP and the Grafton Fund, please visit



About Ondine Biopharma Corporation

Ondine Biopharma develops non-antibiotic therapies to treat a broad spectrum of bacterial,

fungal and viral infections. The Company is focused on developing leading-edge products that

utilize its patented light-activated technology to kill microbes without encouraging the formation

and spread of antibiotic resistance. Ondine is a publicly-traded company listed on the Toronto

and AIM stock exchanges under the symbol OBP. Ondine is headquartered in Vancouver, British

Columbia, Canada, and has a research and development facility in Bothell, Washington, USA

and an international office in St. Michael, Barbados. For additional information, please visit the

Company's website at:



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