THIS ANNOUNCEMENT (INCLUDING THE APPENDICES) AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (COLLECTIVELY, THE "UNITED STATES"), AUSTRALIA, NEW ZEALAND, CANADA, JAPAN, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION IS OR WOULD BE PROHIBITED.

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NO ACTION HAS BEEN TAKEN OR WILL BE TAKEN BY ONDINE BIOMEDICAL INC. WHICH WOULD PERMIT A PUBLIC OFFERING OF SHARES IN ONDINE BIOMEDICAL INC. OR DISTRIBUTION OF THIS ANNOUNCEMENT OR ANY OTHER MATERIAL IN CONNECTION THEREWITH IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED.

THIS ANNOUNCEMENT SHOULD BE READ IN ITS ENTIRETY. IN PARTICULAR, IF YOU WISH TO PARTICIPATE IN THE PLACING YOU SHOULD READ AND UNDERSTAND THE INFORMATION PROVIDED IN THE APPENDICES. MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING.

This Announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 as amended. Upon the publication of this Announcement, this inside information is now considered to be in the public domain.

This Announcement uses a £:C$ exchange rate of 1: 1.8880

Proposed Placing and Subscription to raise c.£10 million (C$18.88 million)

Ondine Biomedical Inc. (AIM: OBI), a leader in light-activated antimicrobial therapies for the prevention and treatment of hospital infections, announces a proposed fundraising of c.£10 million (C$18.88 million) (before expenses). The fundraising is being implemented by way of a proposed placing (the "Placing") and subscription (the "Subscription") (together, the "Fundraising"). The Fundraising involves the issuance of common shares without par value in the capital of the Company ("Common Shares") at the price of 10 pence per New Common Share (the "Issue Price").

Carolyn Cross, the Company's Chief Executive Officer, intends to subscribe for c. 10.59 million Subscription Shares for cash, raising gross proceeds of c.£1.06 million (C$2 million) for the Company. In addition, certain Directors of the Company (together the "Participating Directors") have indicated their intention to participate in the Subscription for, in aggregate, c.1.14 million Subscription Shares at the Issue Price through the application of amounts owed to them by the Company. The participation in the Fundraising by the Participating Directors will be effected by entry into Subscription Agreements between the relevant Director and the Company.

The Fundraising is conditional on, amongst other things, Admission.