VANCOUVER, Aug. 14 /PRNewswire-FirstCall/ - Ondine Biopharma Corporation (the "Company" or "Ondine", TSX: OBP; AIM: OBP) a medical technology company developing photodisinfection based products, today announced its financial results for the second quarter ended June 30, 2008.
"During the past quarter we made significant regulatory and clinical
progress with our photodisinfection technology and we are leveraging our
successes to advance discussions with prospective strategic partners,"
stated Carolyn Cross, Ondine's President & CEO, "We also took steps to
build on our technology as we see the opportunity to address many unmet
medical needs with our photodisinfection platform. Accordingly, having
validated Periowave (TM) in the Canadian dental market, we are refocusing
our resources on new product development and obtaining appropriate
strategic partners for the commercialization and co-development of our
photodisinfection-based product pipeline."
2008 Second Quarter Results and Recent Developments
For the quarter ended June 30, 2008 (the "Second Quarter of 2008"), the
Company recorded a loss of $2.43 million or $0.04 per common share compared
with a loss of $3.79 million or $0.07 per common share during the quarter
ended June 30, 2007 (the "Second Quarter of 2007"). For the six months
ended June 30, 2008 (the "First Half of 2008"), the Company recorded a loss
of $4.9 million or $0.08 per common share compared with a loss of $7.24
million or $0.13 per common share during the six months ended June 30, 2007
(the "First Half of 2007"). Product sales of our laser base stations and
treatment kits during the Second Quarter of 2008 amounted to $0.26 million
with a gross margin of $0.18 million (69.8%) compared to product sales of
$0.51 million and a gross margin of $0.23 million (45.6%) during the Second
Quarter of 2007. Product sales of our laser base stations and treatment
kits during the First Half of 2008 amounted
|SOURCE Ondine Biopharma Corporation|
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