Ondine to acquire Advanced Photodynamic for stock

Ondine Biopharma (TSX:OBP) has agreed to acquire closely held Advanced Photodynamic Technologies of Minneapolis, Minn., a developer of photodynamic drugs and devices for anti-microbial and oncotherapeutic applications, in a share exchange.

“The acquisition of Advanced Photodynamic Technologies represents an ideal strategic fit as it significantly expands our portfolio of photodynamic medical products and intellectual property,” Ondine CEO Carolyn Cross said in a statement.

“We intend to leverage our broad photodynamic and clinical expertise into new indications with large unmet medical needs, including disinfection of endotracheal tubes, treatment of chronic sinusitis, and local treatment of head and neck cancers without systemic side-effects,” she added.

Under the transaction, Ondine would issue 8,856,458 common shares to acquire APT.  Shareholders of APT would also be entitled to receive up to an additional 11,187,105 common shares, depending on reaching nine intellectual development milestones within certain time frames, and 5% of the net proceeds received by Ondine from future third party transactions for the commercialization or acquisition of certain of APT’s intellectual property.

Ondine finished trading at 5.5 cents last Friday.