Shareholder letter of Mar 2
Dear Shareholder,
On January 11, 2001, I committed to achieving a series of milestones key to
the commercialization of the RAMP System. I am pleased to report that the
first milestone was achieved on schedule.
a Myoglobin Test and RAMP Reader in Beta Trials
January 2001
We conducted this preclinical study at two local institutions: St. Paul's
Hospital, which has one of Vancouver's busiest emergency departments, and
CEQAL, Inc., Canada's leading reference laboratory. The study was
successful and the feedback we received from participants has helped us make
final preparations for our FDA clinical trial, scheduled to begin this
month. Most importantly, the results of the study have encouraged me that
we are on target to meet the remaining milestones to which I have committed:
* Myoglobin Test and RAMP Reader in FDA Trials
March 2001
* Myoglobin Test and RAMP Reader FDA Submission June
2001
* Myoglobin Test and RAMP Reader FDA Clearance
September 2001 (expected)
* Troponin I and CK-MB Test FDA Submission
March 2002
This most recent achievement combined with anticipated near-term FDA
clearance is enhancing our ability to solidify marketing and development
relationships. In February we signed an agreement to develop and market a
test for prostate cancer with Nippon Kayaku Co. Ltd. who specialize in
anti-cancer drugs and have annual net sales exceeding US$1 billion. PSA has
revolutionized the diagnosis and management of prostate cancer. It is
estimated that over US$400 million is currently spent globally on PSA
testing. Under the terms of the agreement, they will fund the development
of the RAMP PSA test. Nippon Kayaku will then market the RAMP PSA test in
Japan while Response Biomedical retains sales and marketing rights for the
rest of the world. This is a prime example of a major international company
choosing RAMP as the point-of-care system of the future.
In a move toward solidifying the Company's financial position, on February 6
we closed a private placement financing for $1.35 million. That 19 of our
employees participated in this financing not only underscores their support
for Response, but also shows a firm belief in the viability and value of
RAMP. Over the past two weeks we have shared our accomplishments and
business strategy with a receptive audience of investors in Vancouver,
Calgary, Toronto and Montreal and demonstrated, first hand, the RAMP System
in action.
We are dedicated to realizing our technical, business and financial goals.
I look forward to sharing more progress with you in the near future. Again,
please feel free to contact Ryan Males, our Manager of Corporate
Communications, or myself with any comments or questions you may have.
Sincerely,
<<...>>
Bill Radvak
President & CEO
Confidentiality Notice. The information contained in this communication is
confidential and /or proprietary business or technical data. If you are not
the intended recipient you are hereby notified that any dissemination,
copying or distribution of this communication, or the taking of action in
reliance on the content of this communication, is strictly prohibited. If
you have received this communication in error, please immediately notify us
by telephone 604.681.4101 or electronically by return message, and delete or
destroy all copies of this communication.
Ryan Males, Ph.D.
Manager, Corporate Communications
Response Biomedical Corp.
8855 Northbrook Court
Burnaby, BC Canada V5J 5J1
Phone: 604.681.4101
Fax: 604.412.9830
Email: rmales@responsebio.com
www.responsebio.com |
