Early warning report - Cross Family Trust acquires ownership interest in Ondine Biopharma Corporation

    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES/

    VANCOUVER, Dec. 5 /CNW/ - On December 2, 2008, the Cross Family Trust
(the "Offeror"), acquired 8,749,687 common shares of Ondine Biopharma
Corporation ("Ondine") (TSX: OBP; AIM: OBP) from Carolyn Cross, President and
Chief Executive Officer of Ondine in a private transaction. Consideration for
the acquisition of the shares was cash of $0.04 per share. The common shares
acquired represent approximately 14.3% of the issued and outstanding common
shares of Ondine as at December 2, 2008.
    After giving effect to the acquisition of the shares referred to above,
the Offeror beneficially owns 8,866,356 common shares, representing
approximately 14.5% of the issued and outstanding common shares of Ondine as
at December 2, 2008 and Carolyn Cross beneficially owns 296,085 common shares
and options to purchase 975,000 common shares representing approximately 2% of
the issued and outstanding common shares of Ondine as at that date (assuming
exercise of the options).
    The shares purchased by the Offeror as referred to above were acquired by
the Offeror for investment purposes. It is the intention of the Offeror to
evaluate its investment in Ondine and to increase or decrease its
shareholdings as circumstances require.
    The Offeror and Carolyn Cross will file early warning reports describing
the above transactions with applicable securities regulators, copies of which
will be available under the Ondine profile at www.SEDAR.com. A copy of the
report for the Offeror may also be obtained from Jacqueline Pennycook, Trustee
of the Cross Family Trust. A copy of the report for Carolyn Cross may be
obtained from Carolyn Cross.

For further information: Information inquiries: Cross Family Trust c/o
Jacqueline Pennycook, Trustee, 1505-30 Wellington St. E., Toronto, ON, M5E
1S3, (416) 214-1984; Carolyn Cross, 910-1100 Melville St., Vancouver, BC, V6E
4A6, (604) 669-0555 ext 224