RESPONSE BIOMEDICAL CLOSES $1.35 MILLION
PRIVATE PLACEMENT
Vancouver, British Columbia, February 7, 2001 - Response Biomedical Corp.
(RBM:CDNX), developer of the RAMPTM diagnostic system, today announced the
closing of a $1.35 million private placement pursuant to the terms announced
January 15, 2001.
"This funding is key as it will support both the upcoming clinical trials
for FDA submission and the commercial development of the next two RAMP
assays," said Bill Radvak, President & CEO. "The developmental and
operational progress made in recent months gives us the ability to execute
our financial plan and attract strategic partners to market the RAMP
System."
Under the terms of the financing, the Company will issue 5,409,000 shares
and warrants to purchase an additional 5,409,000 shares over a two-year
period. All shares issued as part of the financing are subject to a hold
period expiring June 6, 2001. No finder's fees or commissions were paid.
Additionally, the Company announced the cancellation of 310,000 stock
options and, in accordance with its Stock Option Plan, the granting of
1,707,300 new stock options to employees, directors and officers at an
exercise price of $0.50, subject to the approval of the CDNX. In addition
to the usual time vesting provision for all new stock options, 719,800 of
the options have an additional vesting provision based on the achievement of
operational milestones. The Company has also applied to reduce the exercise
price of 1,110,500 existing employee and consultant stock options to $0.50
and to extend the term or 427,500 of these options.
Response Biomedical develops quantitative, point-of-care, diagnostic tests
for use with its proprietary RAMP System. The RAMP System reduces the cost
of healthcare by allowing accurate, rapid, and easy-to-use tests to be
performed in hospitals, clinics, laboratories, and doctor's offices
worldwide.
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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, Ph.D.
Manager, Corporate Communications
604.412.6055 tel
604.412.9830 fax
Email: rmales@responsebio.com
www.responsebio.com
OR
Joanna Longo
Investor Relations
The Equicom Group
416 815-0700 tel
416 815-0080 fax
jlongo@equicomgroup.com |
