Ondine Biomedical Inc on Tuesday said it raised around £2.8 million after successfully completing a placing and subscription of new shares.

The Vancouver-based life sciences company said it raised £2.0 million via the placing of 22.6 million new shares at a price of 9 pence each.

Shares in Ondine Biomedical were down 8.0% to 9.66 pence each in London on Tuesday afternoon

It also raised around £720,000 via the subscription of 8.0 million new shares at the issue price.

Ondine Biomedical said the 30.6 million new shares represent around 16% of shares.

Directors of the company subscribed to an aggregate of 2.2 million shares at the issue price, worth a total £200,000 or 7.2% of shares. This includes Founder & Chief Executive Officer Carolyn Cross, who subscribed for 1.1 million new shares, taking her holding to 135.3 million shares or 60% of shares.

A broker option to raise up to a further $1.3 million will remain open until 1645 GMT on Friday. Ondine Biomedical said this is in order to satisfy potential further demand from institutional investors.

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