Wow!! Revenue! Can it be? Not much, but over a million bucks and more money in December alone than in all of 2002. Things are finally looking up for this longest of my investments.
"Response Biomedical Generates 2003 Revenue of $1.4 Million
Wednesday January 14, 9:00 am ET
"RAMP Sales Increasing From Multiple Product Lines
VANCOUVER, Jan. 14 /CNW/ - Response Biomedical Corp. (RBM: TSX Venture Exchange; RBQ: Frankfurt), is pleased to report revenue for the year ended December 31, 2003 of $1.4 million (unaudited), compared with $190,000 in 2002. Since January, 2003, the Company has sold more than 125 RAMP Systems. During the fourth quarter, the Company generated approximately $420,000 exclusively from product sales, and recorded revenue of $196,000 in December. The Company also began experiencing repeat orders for high margin biodefense test cartridges beginning in November, and West Nile Virus test sales are materializing ahead of schedule.
"Response is well positioned to maintain tremendous growth with steadily increasing sales in biodefense, West Nile and the anticipated near-term commercial launch of RAMP cardiac systems in the US, Europe and China," stated Bill Radvak, President and CEO. "In keeping with our goal of commercializing four to six new tests per year, the Company is exploring development opportunities to expand the current product lines and broaden the RAMP portfolio with new potential applications in water quality testing and food safety, including tests for E-coli and BSE."
"Biodefense Product Line
"With more than 70 RAMP Systems sold to date for biodefense, recent purchasers include the US Marine Corps, the Korean Government, UCLA, the States of New Jersey and West Virginia, the City of Philadelphia, and various public health and first response agencies in the US. The Company also recently trained additional UN biological weapons inspectors on RAMP and sold systems to the Japanese Military for use as part of the multinational forces in Iraq.
"Infectious Disease Product Line - West Nile Virus
"The Company has realized earlier than anticipated revenue from sales of the environmental RAMP West Nile Virus (WNV) Test during the fourth quarter of 2003, with a robust and growing sales pipeline. The Company has equipped and trained its sole US distributor, ADAPCO Inc., the largest distributor of mosquito control products and equipment in the US, in preparation for the upcoming testing season. Importantly, one of the largest arthropod-borne virus labs in the US (Harris County, Texas) has recently procured RAMP products for immediate use.
"Cardiac Product Line
"To date, more than 45 RAMP cardiac systems have been sold outside of North America, where the Company is building its international distribution network. In early December, the Company filed for US FDA market clearance of two additional cardiac marker tests for detecting troponin I and CK-MB. Based on RAMP's performance during multi-center US clinical trials, the Company looks forward to commercially introducing all three RAMP cardiac marker tests in the US early in 2004.
"Response Biomedical develops, manufactures and markets rapid on-site RAMP tests for medical and environmental applications providing reliable information in minutes, anywhere, every time. RAMP represents an entirely new class of diagnostic, with the potential to be adapted to more than 250 medical and non-medical tests currently performed in laboratories. The RAMP System consists of a portable fluorescent Reader and single-use, disposable Test Cartridges. RAMP tests are commercially available for the early detection of heart attack, environmental detection of West Nile virus, and biodefense applications including the rapid on-site detection of anthrax, smallpox, ricin and botulinum toxin." |
