Ondine Biopharma Corporation Announces Share Consolidation and Name Change

VANCOUVER, BRITISH COLUMBIA--(Marketwire - October 11, 2010) - Ondine Biopharma Corporation (TSX: OBP)(AIM: OBP) (the "Company") today announced that the Company has received Toronto Stock Exchange acceptance and will proceed with the consolidation of all of its issued and outstanding common shares on the basis of fifteen (15) "old" common shares for one (1) "new" common share (the "Consolidation") and the name change from "Ondine Biopharma Corporation" to "Ondine Biomedical Inc.". Fractional shares remaining after giving effect to the Consolidation will be cancelled, such that shareholdings of each shareholder will be rounded down to the nearest whole number of post-consolidation common shares.

The shares of the Company will commence trading on the TSX and on the AIM Market of the London Stock Exchange on a consolidated basis under the new name "Ondine Biomedical Inc." at the opening of trading on Thursday, October 14, 2010. The CUSIP number for the Company's post-consolidation common shares is 68234M106. The Company's trading symbol, OBP, will not change.

About Ondine Biopharma Corporation

Ondine is developing non-antibiotic therapies for the treatment of a broad spectrum of bacterial, fungal and viral infections. The Company is focused on developing leading edge products utilizing its patented light-activated technology, primarily for the Hospital Acquired Infection (HAI) market. Photodisinfection provides broad-spectrum antimicrobial efficacy without encouraging the formation and spread of antibiotic resistance. The Company is based in Vancouver, British Columbia, Canada, with a research and development laboratory in Bothell, Washington, USA. For additional information, please visit the Company's website at: www.ondinebio.com.

The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.