Ondine Biopharma Corp., Sinuwave Technologies Corp. deal
Ondine divested its majority interest in its Sinuwave Technologies Corp. subsidiary to private investors for $660,000 in cash. Ondine will retain 19.6% interest in Sinuwave. Sinuwave was formed to develop and commercialize photodisinfection products to treat chronic sinusitis. In addition, the investors committed up to $2.2 million to Sinuwave. Ondine said the transaction provides funding for its photodisinfection portfolio, including the company's MRSAid nasal decolonization system and its in situ endotracheal tube disinfection system.
The biotechs also signed a memorandum of understanding for Ondine to receive up to $780,000 annually for management and R&D services. Ondine also is eligible to receive $250,000 in development milestones, plus royalties. ...