Business
Full Year Results to 31 December 2021
Full Year Results to 31 December 2021.
About this update from Ondine Biomedical, Inc.
[{"type":"text","content":"\n \n \n \n \n \n 19 May 2022\n \n \n \n \n \n Ondine Biomedical Inc.\n \n \n (\"Ondine Biomedical\", \"Ondine\" or the \"Company\")\n \n \n \n (All figures are expressed in Canadian Dollars, unless otherwise stated)\n \n \n \n \n \n \n \n \n \n Full Year Results for the Twelve Months Ended 31 December 2021\n \n \n \n \n \n \n \n Ondine Biomedical Inc. (AIM:OBI), an AIM listed, Canadian biomedical company, is pleased to announce its audited results for the year ended 31 December 2021. The results follow the Company's admission to trading on the AIM Market of the London Stock Exchange (\"AIM\") in December 2021.\n \n \n \n Operational Highlights, Including Post Year-End Events\n \n \n \n \n ·\n Admission onto AIM on 6 December 2021 through an equity fundraise of $37.7 million (\"Admission\")\n \n \n \n \n \n ·\n The US Phase 2 clinical trial for submission to the Food and Drug Administration (\"FDA\") for the Company's patented nasal photodisinfection commenced patient recruitment in Q1 2022 and is on track to complete recruitment by mid-year. Ondine's nasal photodisinfection has received Qualified Infectious Disease Product status and been granted Fast Track designation by the FDA\n \n \n \n \n \n ·\n Additional Canadian hospital deployments of the Company's nasal photodisinfection treatment\n \n \n \n \n \n ·\n Completion of 4 trials demonstrating nasal photodisinfection effectiveness against SARS-CoV- 2\n \n \n \n \n \n ·\n Increased adoption of nasal photodisinfection by enterprise customers, for successful prevention against COVID-19\n \n \n \n \n \n ·\n Significantly enhanced the Board of Directors with expertise encompassing life sciences, corporate finance, corporate law, and accounting\n \n \n \n \n Financial Highlights\n \n \n \n \n ·\n Cash and cash equivalents of $29.9 million as at 31 December 2021 (2020: $0.6million)\n \n \n \n \n \n ·\n Revenues of $2.6 million (2020: $1.8 million), primarily driven by growth in the enterprise sector with implementation of the Company's nasal photodisinfection as a trusted solution for prevention of COVID-19 at the workplace\n \n \n \n \n \n ·\n Loss from operations in line with expectations of $17.5 million (2020: $15.9 million), with the increase driven primarily by costs associated wi...