Response Biomedical Announces $5.5 Million Financing Terms Amended



    VANCOUVER, Oct. 17 /CNW/ - Response Biomedical Corporation (TSX: RBM,
OTCBB: RPBIF) (the "Company") today announced that due to changing market
conditions the Company will, subject to the approval of the Toronto Stock
Exchange, increase the number of units and lower the unit price and the
warrant exercise price of the financing announced on October 14, 2008. The
number of units will be increased to 36.67 million units at a price of
$0.15 per unit, lowered from $0.18, announced earlier. The warrant exercise
price will be lowered to $0.20 per share from $0.25 per share.
    Each unit will consist of one common share and one half of one share
purchase warrant, with each full warrant entitling the holder to acquire one
additional common share of the Company for a period of 36 months from the
closing.
    "We have implemented cost cutting measures and are in the process of
implementing further cost cutting measures to extend our cash runway, while
preserving our core business," said S. Wayne Kay, Chief Executive Officer. "We
have financial commitments from our partners and we believe their support
coupled with this financing will assist us in weathering the current state of
the financial markets."

    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 worldwide and in 2008 entered
into a strategic alliance with Roche Diagnostics to commercialize rapid
cardiovascular tests worldwide.
    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.

    This press release does not constitute an offer to purchase securities.
The securities to be offered in the private placement have not been and will
not be registered under the United States Securities Act of 1933, as amended,
and may not be offered or sold in the United States except pursuant to an
available exemption from such registration requirements.
    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 the
planned financing, 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:

For further information: Response Biomedical Contacts: Bill Wickson,
Manager, Investor Relations, Response Biomedical Corporation, Tel (604)
456-6073, Email: bwickson@responsebio.com

Organization Profile

RESPONSE BIOMEDICAL CORP.

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