Vancouver, BC, July 10, 2007--(T-Net)--Response Biomedical (TSX-V: RBM, OTCBB: RPBIF) today announced that the Company has entered into an agreement with Haywood Securities Inc. pursuant to which the Company has agreed to issue and sell, by way of a bought deal private placement, an aggregate of 12,000,000 common shares of the Company at a price of $1.00 for each common share.
Haywood Securities Inc. will be paid a commission of seven percent of the gross proceeds, paid in cash on the closing date in connection with the financing. The securities issued under the private placement will have a hold period under Canadian law, National Instrument 45-102, of four months from the closing.
This private placement financing is subject to the receipt of all necessary regulatory approvals, including the approval of TSX Venture Exchange. This offering is not available to US investors.
About Response Biomedical
Response Biomedical develops, manufactures and markets rapid on-site diagnostic tests for use with its portable RAMP Platform for clinical and environmental applications. RAMP represents a new paradigm in diagnostics that provides high sensitivity and reliable information in minutes. It is ideally suited to both point-of-care testing and laboratory use. The RAMP system consists of a portable fluorescent reader and single-use disposable test cartridges, and has the potential to be adapted to more than 250 medical and non-medical tests currently performed in laboratories. RAMP clinical tests are commercially available for the early detection of heart attack and congestive heart failure.
In late 2006, the Company formed a strategic alliance with 3M Company to commercialize rapid infectious disease tests. In the non-clinical market, RAMP Tests are currently provided for the environmental detection of West Nile Virus, and Biodefense applications including the rapid on-site detection of anthrax, smallpox, ricin and botulinum toxin. Several other product applications are under development. The Company has achieved CE Marking and its Quality Management System is registered to ISO 13485: 2003 and ISO 9001:2000.
Response Biomedical is a publicly traded company, listed on the TSX Venture Exchange under the trading symbol "RBM" and quoted on the OTC Bulletin Board under the symbol "RPBIF". For further information, please visit the Company's website at www.responsebio.com.
For further information: Response Biomedical Contacts: Bill Wickson, Manager, Investor Relations, Response Biomedical Corporation, Tel (604)456-6073, Email: bwickson@responsebio.com; Brian Korb, Vice President, The Trout Group LL, Tel: (646) 378-2923, Email: bkorb@troutgroup.com