Ondine reports significant financial growth

(Sharecast News) - Ondine Biomedical reported significant growth in a trading update on Wednesday, with revenues doubling to $1.2m in 2023, driven by expanded hospital deployments of 'Steriwave'. The AIM-traded company said it now served 24 hospitals, including strategic gains in the UK and Spain, and its first deployment in Australia.

It said discussions were underway for distribution partnerships to accelerate market penetration.

Ondine was also entering the ICU market to replace mupirocin, and finalising plans for a US phase three clinical trial.

Funding support was expected from existing shareholders, while discussions with Health Insight Capital for the clinical trial were ongoing.

At 1211 BST, shares in Ondine Biomedical were down 3.7% at 6.5p.

Reporting by Josh White for Sharecast.com.