Ondine Biopharma, makers of the Periowave photodisinfection system, reported declines in both sales and losses for fiscal 2008 (end-December 31).
The company reported a loss of $10.3 million on sales of $910,000 for fiscal 2008, compared with a loss of $13.2 million on sales of $1.61 million for the previous fiscal year.
"2008 will be long remembered as one of the most challenging years ever faced by businesses and investors. The backdrop of the financial markets crisis dominated the last quarter of the year and offset many of the favorable advancements made by the company," stated Ondine Chairman and CEO Carolyn Cross in a press release. "Ondine responded by reducing certain of its monthly expenditures to conserve cash while continuing its research and development programs."
In February 2008, Ondine canceled its exclusive distribution agreement for the Canadian market with Henry Schein Canada, which continues to distribute the Periowave system on a nonexclusive basis. During the second and third quarters of 2008, the company added two additional national distributors, Patterson Dental Canada and Sinclair Dental.
In March 2009, Ondine received a Health Canada license for the Periowave handheld model, which utilizes a new type of laser. The new system should be commercialized in the latter part of 2009, according to the company.
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