Response Biomedical Emerges From Creditor Protection
A slight increase in the value of the private placement, must have decided that it was easy to get the extra investment. Press release seems fairly certain that the anthrax test is going ahead, is this saying that there are no major barriers from here to marketing? Also interesting we now have a person ( Don Bradley ) doing media and corporate relations. Looks like we getting ready for more news and media attention.
Regards - Dick
Vancouver, British Columbia, March 14, 2002 - Response Biomedical Corp. (RBM: CDNX), developer of
the RAMP(TM) diagnostic system, today announces the Company's emergence from bankruptcy protection,
having made a final payment of $130,000 to creditors and received a Certificate of Full Performance
of Proposal from the trustee, PricewaterhouseCoopers Inc.
"After a difficult but necessary step to preserve shareholder value, Response Biomedical today
emerges from creditor protection strategically focused and well positioned for near-term
profitability and long-term success," states Bill Radvak, President and CEO of Response Biomedical.
"With an FDA cleared platform technology and near-term revenues expected from the commercialization
of the RAMP Anthrax Test, this Company is committed to become an industry leader in clinical
point-of-care and environmental on-site testing."
The Company sought bankruptcy protection on September 17, 2001 by filing a Notice of Intention to
make a Proposal under the Bankruptcy and Insolvency Act. On December 7, 2001, the Company
announced the British Columbia Supreme Court had approved the Company's proposal to its creditors,
which received unanimous acceptance from the Company's voting creditors on November 5, 2001.
In addition, pursuant to the non-brokered private placement announced on March 1, 2002, the Company
has increased the total value of proceeds to be raised to $1.3 million from $1.1 million. As
previously announced, proceeds of the financing will be used to initiate manufacturing of RAMP
Readers and Anthrax Tests, and to advance late-stage development of two additional cardiac markers
(CK-MB and tropinin I), prior to launching the cardiac panel in the first quarter of 2003.
About Response Biomedical Corp.
Response Biomedical Corp. develops on-site rapid diagnostic tests for use with its FDA cleared
RAMP(TM) Reader intended for clinical and environment applications, such as tests for the detection
of heart attack and biological agents including anthrax.
The RAMP System consists of a portable fluorescence reader and disposable test cartridges. The
Company's platform technology delivers reliable results in less than fifteen minutes, and has the
potential to be used with more than 250 tests currently performed in laboratories.
On January 8, 2002, the U.S. Food and Drug Administration provided marketing clearance of the RAMP
Reader for general clinical use, and also the Myoglobin test - a cardiac marker used in the early
diagnosis of heart attack. Approval in Canada is pending, and two other cardiac markers are in
late-stage development.
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.
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Media Contact: Investor Contact:
Don Bradley John Gomez
Director, Corporate Communications Manager, Investor Relations
Response Biomedical Corp. Response Biomedical Corp
Tel (604) 681-4101, Cell (604) 961-3883 Tel (604) 681-4101 ext. 208 |
