BRIDGE FINANCING
Vancouver, British Columbia, November 8, 2001. Response Biomedical Corp. (RBM: CDNX), developer of
the RAMPä diagnostic system, announced that it has arranged a loan facility for up to US$500,000.
The first tranche of US$100,000 was advanced to the Company following the acceptance by the creditors
of the Company's proposal to its creditors. An additional US$200,000 will be advanced upon the
approval by the British Columbia Supreme Court of the proposal to creditors with the balance to be
advanced upon FDA clearance of the RAMP Myoglobin Assay.
"This bridge financing will fund the first installment due under our proposal to the creditors and
allow us to operate until March 2002 in our current, scaled-back mode," said Bill Radvak, President
and CEO of Response Biomedical. "The core R&D group that remains in place continues to advance our
development program while senior management is focused on developing strategic business relationships
and long term finance solutions."
The terms of the loan facility provide for interest to be paid quarterly at an annual rate of 8%.
The loans, secured by the Company's assets, are repayable one year from the dates of receipt, or
earlier at the Company's discretion. The Company has agreed to pay the lender a bonus in the form of
common shares equivalent to 20% of the principal of the loan. Bonus shares will be issued at the
Discounted Market Price as defined by the CDNX and no less than $0.15 per common share. The loan and
bonus share transactions are subject to the approval of the CDNX.
About Response Biomedical Corp.
Response Biomedical develops quantitative, diagnostic tests for use with its proprietary RAMP Reader
intended to be used for clinical, STAT-lab and point-of-care applications. The RAMP System is
expected to reduce the cost of healthcare by allowing rapid and easy-to-use medical tests to be
performed in hospitals, clinics, laboratories and physicians' offices worldwide. The Company's
platform technology has the potential to be used with more than 250 medical tests that are currently
performed by traditional laboratory methods. Response Biomedical's shares are listed on the Canadian
Venture Exchange under the trading symbol "RBM". For further information, visit the Company's
website at www.responsebio.com.
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.
Company Contact:
Bill Radvak
President & CEO
Response Biomedical Corp.
Tel (604) 681-4101, Fax (604) 412-9830
Email: bradvak@responsebio.com |
