Ondine Biopharma Corp. ("Ondine") today announced it has arranged, subject to regulatory approval, a private placement with a syndicate of agents co-lead by McFarlane Gordon Inc. and Canaccord Capital (Europe) Limited and including Haywood Securities Inc. for the issue of up to 6,666,666 common shares of the Company at the price of $2.25 per share for gross proceeds of $15 million. The Company has also granted the agents an over-allottment option for the placement of a further 2,222,222 common shares, which, if exercised in full, will result in additional proceeds of $5 million. It is expected that the placement will close on or about June 28, 2004.
