Resussitation: More ops money ($1.2M) in exchange for share options at $0.30 for a year.
"FOR IMMEDIATE RELEASE Canadian Venture Exchange: RBM
RESPONSE BIOMEDICAL INITIATES LONG TERM FINANCE STRATEGY
Vancouver, British Columbia, December 12, 2000 - Response Biomedical Corp today announced that it has reached an agreement with Cornet Capital Corp whereby Cornet and its President, Brian McAlister, will be the lead subscribers in a private placement financing totaling $1.2 million.
"My first priority as incoming President and CEO of Response has been to secure the long term financial stability of the Company in order to support the late-stage development of the RAMP™ system, undertake clinical trials for an FDA submission and further expand the test menu", said Humberto Reyes. "Today's announcement addresses our short term needs and, together with Mr. McAlister, I have initiated a plan to ensure that the medium and long term requirements of the Company will be met. With over 20 years of experience in the investment field, Brian has a proven track record financing technology companies."
A cofounder of Novadigm Inc. (NASD:NVDM), Mr. McAlister stated, "I have observed the RAMP technology evolve from its inception and believe that the Company now has the critical mass to support significant corporate partnerships. With the revitalized leadership that Humberto brings, Response is poised for a breakthrough year."
The private placement will be for units at $0.30, each unit comprising one common share of the Company and one common share purchase warrant entitling the holder to purchase one common share at $0.30 for a period of one year from the closing.
Response Biomedical develops quantitative diagnostic systems that reduce the cost of healthcare by providing rapid and easy-to-use tests at the point of care. Response Biomedical's patented RAMP system will deliver highly
accurate results in less than 10 minutes, facilitating immediate diagnosis in hospitals, clinics, emergency rooms and doctor's offices. On-the-spot testing saves time, money and lives.
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties.
Actual events or results may differ from the Company's expectations.
For more information, please contact:
Ryan Males
Response Biomedical Corp.
604 681-4101 te
604 412-9830 fax
rmales@responsebio.com
Joanna Longo
Investor Relations
The Equicom Group Inc.
416 815-0700 tel
416 815-0080 fax
jlongo@equicomgroup.com |
