Our Equity Capital Markets team has advised RBC Capital Markets and Singer Capital Markets on Canadian life sciences company Ondine Biomedical's fundraising to secure approximately C$16.2 million (£9.0 million), for its upcoming Phase 3 clinical trial to help advance infection control.

RBC Capital Markets acted as Joint Broker and Joint Bookrunner; Oberon Capital, a trading name of Oberon Investments Limited, acted as Joint Broker to the Placing and Joint Bookrunner; and Orana Corporate LLP acted as Joint Broker to the Placing. Singer Capital Markets acted as Nomad.

Gross proceeds of £9.0 million surpassed the initial target of £8.5 million. Estimated net proceeds of around C$15.1 million (£8.3 million) will enable Ondine to carry out the planned FDA Phase 3 clinical trial of its lead product, in partnership with HCA Healthcare, the largest healthcare provider in the United States.

The trial will compare standard-of-care infection prevention practices with and without the use of Ondine's nasal photodisinfection system (branded as Steriwave® outside the US). The trial evaluates the efficacy of Steriwave®, which has been seen in previous studies to significantly reduce surgical site infection rates, patient re-admission numbers, and length of hospital stay. The Phase 3 group-randomised crossover study will involve c.5,000 patients and will be conducted across 14 HCA hospital sites.

This successful funding round enables Ondine to embark on its key Phase 3 clinical trial. FDA Phase 3 approval will allow a wider range of medical professionals to prevent a range of infections, including those caused by drug-resistant pathogens.

Samantha Myers led the deal, supported by Sophie Evans and Freddie Whittle.

Gowling WLG's dedicated Equity Capital Markets group is recognised as one of the leading practices in London, with a particular emphasis on AIM and investment funds. With wide ranging experience, acting for both companies and nominated advisers on IPOs, secondary fundraisings, public takeovers as well as advising on ongoing AIM Rule compliance and corporate governance issues.