Share Issuance for ICU Study Submission

Ondine Biomedical Inc.

25 February 2026

 

25 February 2026

ONDINE BIOMEDICAL INC.
("Ondine Biomedical", "Ondine" or the "Company")

Milestone-based Share Issuance Following Submission of Steriwave® ICU Study Results for Publication

Ondine Biomedical Inc. (AIM: OBI), a global leader in light-activated antimicrobial therapies, announces the issuance of shares for achievement of the final milestone under its clinical trial agreement for the ICU pilot study conducted at Royal Columbian Hospital ("RCH") in British Columbia, Canada. The milestone, triggered by the submission of the study results for publication in a leading peer-reviewed journal in critical care medicine, marks the successful conclusion of the world's first ICU-based clinical trial of the Company's Steriwave® nasal photodisinfection system.

Carolyn Cross, CEO of Ondine Biomedical, commented:

"We are deeply grateful to the Royal Columbian Hospital Foundation and it's Advancing Innovation in Medicine research team for their leadership and collaboration on this important study. Launched in early 2025 at Royal Columbian Hospital in Canada, this pilot study was an important step in expanding Steriwave into intensive care units, opening the door to an additional C$4 billion addressable market. This is the first time non-resistance forming photodisinfection has been used in ICU, where multidrug-resistant Gram-negative pathogens remain a critical challenge, and marks an important step in Ondine's mission to advance Steriwave into critical care settings. We look forward to the results being published."

As part of the agreement with the RCH Foundation's Advancing Innovation in Medicine division, Ondine will issue 1,184,504 new common shares of no par value in the capital of the Company ("Common Shares") at an issue price of 9.75 pence per Common Share, being the closing market price of the Company's Common Shares on the AIM Market of the London Stock Exchange Group plc ("AIM") two business days preceding this milestone.

This share issuance represents the final milestone payment, equivalent to 25% of the C$855,000 total pilot study cost. Milestone payments under the agreement are made in equity in the Company, allowing Ondine to preserve cash while advancing key clinical partnerships that expand the evidence base for its technology.

Admission to AIM and Total Voting Rights

Application has been made for the admission to trading on AIM of the 1,184,504 new Common Shares, which is expected to occur and dealings commence at 8:00 a.m. on or around 27 February 2026 ("Admission"). The new Common Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing Shares, including the right to receive all dividends and other distributions declared after the date of issue.

Following Admission, the Company's issued share capital will consist of 519,551,468 Common Shares, each carrying one voting right per Common Share. The Company does not hold any Shares in treasury. Therefore, the total number of voting rights in the Company will be 519,551,468, which may be used by shareholders to determine whether they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

All references to C$ in this announcement are to Canadian Dollars. This Announcement uses a C$:£ exchange rate of 1 : 0.5403 as at 16:30 EST on 18 February 2026 in accordance with the terms of the study agreement.

Enquiries:

Ondine Biomedical Inc.	www.ondinebio.com
Carolyn Cross, CEO	[phone] or via 5654 & Company
Strand Hanson Limited (Nominated & Financial Adviser)
James Harris, Richard Johnson	[phone]
Peel Hunt LLP (Broker & Joint Financial Adviser)
James Steel, Dr. Chris Golden	[phone]
5654 & Company (Financial PR and IR Adviser)	[e-mail]
Matthew Neal, Chris Gardner, Melissa Gardiner	[phone] [phone]

About the Royal Columbian Hospital Foundation (RCHF) and Advancing Innovation in Medicine Division

Royal Columbian Hospital (RCH) is a large tertiary care hospital in one of Canada's largest health authorities. It has a legacy of care since 1862 and serves 1.8 million people with unparalleled expertise in cardiac, trauma, neurosciences, and high-risk maternity, making it a vital lifeline for critical medical needs in British Columbia, Canada.

The hospital's foundation, a non-profit organization that supports RCH through public donations, is the largest external funder of research and innovation at RCH. Advancing Innovation in Medicine (AIM) is the research and innovation division of the Royal Columbian Hospital Foundation. AIM is dedicated to pioneering innovative clinical solutions that enhance patient outcomes, improve healthcare productivity, and create global impact through strategic partnerships. Find out more:  www.rchfoundation.com/aim-institute

About Ondine Biomedical Inc.

Ondine Biomedical Inc. is a Canadian life sciences company and leader in light-activated antimicrobial therapies ('photodisinfection') for the prevention and treatment of infections, including those caused by multidrug-resistant organisms. Ondine has a pipeline of investigational products, based on its proprietary photodisinfection technology, in various stages of development.

Ondine's nasal photodisinfection system has a CE mark in Europe and is approved for nasal decolonisation in Canada, Australia, Mexico and several other countries under the name Steriwave^®. In the US, it has been granted Qualified Infectious Disease Product designation and Fast Track status by the FDA and is currently undergoing clinical trials for regulatory approval. Products beyond nasal photodisinfection include therapies for a variety of medical indications such as chronic sinusitis, ventilator-associated pneumonia, burns and other indications.

 

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