Response Biomedical Corporation Announces First Quarter Results

    VANCOUVER, May 15 /CNW/ - Response Biomedical Corporation (TSX: RBM,
OTCBB: RPBIF) reported that it recorded total revenues of $1,173,121 and a net
loss of $3,544,111 or ($0.03) per share for the three month period ended
March 31, 2008. Additionally, the Company announced that as of March 31, 2008
it had $7,948,912 in working capital which included $3,676,748 in share
subscriptions receivable from share purchase warrants exercised at the end of
the quarter.
    For a further discussion of the Company's financial results for the three
month period ended March 31, 2008, please refer to the Company's unaudited
interim consolidated financial statements and related Management Discussion
and Analysis, which can be found at www.responsebio.com, SEDAR (Canada)
www.sedar.com or EDGAR (US) www.sec.gov/edgar/searchedgar/webusers.htm.
Information at these sites is typically available within 24 hours of the
distribution of the news release.

    Corporate Update

    "During the first quarter we were very pleased to move into our new
46,000 square foot facility. This facility was specifically designed for
development and GMP manufacturing of our proprietary point-of-care (POC)
medical diagnostic tests," said S. Wayne Kay, Chief Executive Officer. "The
new facility is expected to meet the demands of our current partners, 3M
Company and Shionogi & Co. of Japan, as well as the projected demands of our
planned cardiovascular partner."
    "Subsequent to the end of the first quarter we were also very pleased to
receive U.S. Food and Drug Administration (FDA) 510(k) clearance to market our
rapid Influenza A+B test (Flu A+B test) and a new version of the RAMP(R)
Reader, the RAMP(R) 200. 3M has put a strong sales and marketing organization
in place and has begun introducing the product, which we believe will be
welcomed by the growing worldwide healthcare market," continued Mr. Kay. "A
U.S. launch is expected in the third quarter of 2008. We are now awaiting the
FDA's decision on our RAMP(R) NT-proBNP Test as an aid in the diagnosis of
congestive heart failure. The resubmission was completed in April 2008."

    About Response Biomedical

    Response Biomedical develops, manufactures and markets rapid on-site
diagnostic tests for use with its RAMP(R) Platform for clinical and
environmental applications. RAMP(R) represents a new paradigm in diagnostics
that provides high sensitivity and reliable information in minutes. It is
ideally suited to both point-of-care testing and laboratory use. The RAMP(R)
system consists of a Reader and single-use disposable test cartridges, and has
the potential to be adapted to more than 250 medical and non-medical tests
currently performed in laboratories. RAMP(R) clinical tests are commercially
available for the early detection of heart attack and congestive heart
failure.
    In late 2006, the Company formed a strategic alliance with 3M Company to
commercialize rapid infectious disease tests. In the non-clinical market,
RAMP(R) Tests are currently provided for the environmental detection of West
Nile Virus, and Biodefense applications including the rapid on-site detection
of anthrax, smallpox, ricin and botulinum toxin. Several other product
applications are under development. Response has achieved CE Marking and its
Quality Management System is registered to ISO 13485: 2003 and ISO 9001: 2000.
    Response Biomedical is a publicly traded company, listed on the TSX under
the trading symbol "RBM" and quoted on the OTC Bulletin Board under the symbol
"RPBIF". For further information, please visit the Company's website at
www.responsebio.com.

    Statements contained in this press release relating to future results,
events or developments, for example, statements containing the words
"believes," "may," "could", "plans," "will," "estimate," "continue,"
"anticipates," "intends," "expects", "goal" and similar expressions, are
"forward-looking statements" or "forward-looking information" under applicable
United States and Canadian securities laws. Forward-looking statements or
information may involve, but are not limited to, comments with respect to our
planned activities, business plan and strategies and their future
implementation, and our expectations for our financial condition and the
results of, or outlook for, our business operations generally. Forward-looking
statements or information are subject to the related assumptions made by us
and involve known and unknown risks, uncertainties and other factors that may
cause actual results, events or developments to be materially different from
those expressed or implied by such statements or information.
    Many of such risks, uncertainties and other factors form part of our
underlying assumptions, and include, among other things, financial risks that
would affect our operations such as our available working capital and cash
flows and whether and for how long available funds will be sufficient to fund
our operations and our ability to raise additional capital as and when needed;
our need for substantial additional funding to conduct research and
development and commercialization activities; changing facility costs and
other risks relating to our facilities expansion plans; our ability to
establish, and our dependence upon, relationships with strategic alliance
partners to develop and commercialize products; technological changes that
impact our existing products or our ability to develop and commercialize our
products; our ability to obtain and enforce timely patent and other
intellectual property protection for our technology and products; our ability
to obtain and maintain rights to technology from licensors; liability for
patent, product liability and other claims asserted against us;
commercialization limitations imposed by patents owned or controlled by third
parties; technical risk in research and development; adverse results or
unexpected delays in product development and clinical trials; our ability to
retain, and our reliance upon, third party suppliers, manufacturers,
distributors and alliance partners; our ability to attract and retain
qualified personnel; our ability to effectively and efficiently manage the
planned growth of our operations; our ability to obtain, and the timing of,
necessary regulatory approvals; our ability to profitably sell our products at
prices that would be acceptable to third-party reimbursement programs;
competition including competition from others with significantly more
resources; market acceptance of our products and the size of our markets;
changes in business strategy or development plans; changes in, or the failure
to comply with, governmental regulations; fluctuations in interest rates and
foreign exchange rates; seasonality including government budget cycles;
general economic and business conditions where we operate; and other factors
referenced in our annual report, our Annual Information Form (AIF) (Form 40-F
in the U.S.) and other filings with Canadian and United States securities
regulatory authorities.
    Given these uncertainties, assumptions and risks, readers are cautioned
not to place undue reliance on such forward-looking statements or information.
We disclaim any obligation to update, or to publicly announce any revisions
to, any such statements or information to reflect future results, events or
developments, except as required by law.

For further information: Response Biomedical Contacts: Bill Wickson,
Manager, Investor Relations, Response Biomedical Corporation, Tel (604)
456-6073, Email: [e-mail]; Brian Korb, Vice President, The
Trout Group LLC, Tel: [phone], Email: [e-mail]