More dilution but emerging from bankruptcy protection.
"Response Biomedical Raising $1 Million To Ramp-Up Production
VANCOUVER, BRITISH COLUMBIA--
"New Capital to Enable Company to Emerge from Bankruptcy Protection and Initiate Manufacture of RAMP(TM) System for Rapid Detection of Anthrax
"Response Biomedical Corp. (RBM: CDNX), developer of the RAMP(TM) diagnostic system, announces that it is undertaking a non-brokered private placement of 2,000,000 units at a price of $0.50 per unit, each unit consisting of one common share and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder thereof to purchase one common share of the Company at a price of $0.60 per share for a period of 12 months from the closing date of the private placement.
"Proceeds of the financing will be used to initiate manufacturing of RAMP Readers and Anthrax Tests, and advance late-stage development of two additional cardiac tests (CK-MB and troponin I), prior to launching cardiac panel in the first quarter of 2003. In addition, approximately $150,000 will be allocated for a final payment to creditors, at which time the Company will emerge from bankruptcy protection.
``With our ability to rapidly scale-up production of our RAMP Anthrax Tests, we expect to generate revenue in the coming months,'' stated Bill Radvak, President and CEO of Response Biomedical Corp. ``Having exceeded our performance specifications, we anticipate becoming an industry leader in the emerging market of environmental testing for bio-warfare agents.'' |
