Response Biomedical Announces Insider Participation in Current Financing



    VANCOUVER, Oct. 27 /CNW/ - In accordance with the Rules of the Toronto
Stock Exchange, Response Biomedical Corporation (TSX: RBM, OTCBB: RPBIF) (the
"Company") today announced that certain insiders (the "Insiders") of the
Company will participate in the financing announced on October 14, 2008 (the
"Financing").
    As previously announced, the Financing involves the issuance of an
aggregate of (up to) 36.67 million units with each unit being offered at a
price of $0.15 per unit and consisting of one common share and one half of one
share purchase warrant. Each full warrant will entitle the holder to acquire
one additional common share of the Company at a price of $0.20 per common
share for a period of 36 months from the closing date of the Financing.
    The following insiders will be participating in the Financing and will be
purchasing such number of units as appears beside their name (representing
such percentage of the total number of issued and outstanding common shares
prior to this transaction as appears in brackets beside the number of units):

    
    (1) Richard Bastiani (Chairman):  1,333,334 units (approximately 0.98%
                                      excluding any warrant shares and
                                      approximately 1.47% including all
                                      warrant shares)

    (2) Richard Bear (Director):      666,600 units (approximately 0.49%
                                      excluding any warrant shares and
                                      approximately 0.73% including all
                                      warrant shares)

    (3) Anthony Holler (Director):    1,833,334 units (approximately 1.34%
                                      excluding any warrant shares and
                                      approximately 2.0% including all
                                      warrant shares)

    (4) S. Wayne Kay (CEO) :          670,000 units (approximately 0.49%
                                      excluding any warrant shares and
                                      approximately 0.73% including all
                                      warrant shares)

    (5) Todd Patrick (Director):      670,000 units (approximately 0.49%
                                      excluding any warrant shares and
                                      approximately 0.73% including all
                                      warrant shares)

    (6) Duane Morris (COO):           333,334 units (approximately 0.24%
                                      excluding any warrant shares and
                                      approximately 0.37% including all
                                      warrant shares)
    

    The aggregate total number of units to be purchased by the Insiders is
5,506,568, which represents approximately 15% of the aggregate total of (up
to) 36.67 million units being offered under the Financing, assuming that all
36.67 million units are sold. As a percentage of the total number of issued
and outstanding shares prior to this transaction, the common shares being
issued to Insiders represent approximately 4.04% excluding any warrant shares
and approximately 6.06% including all warrant shares.
    As a percentage of the total number of issued and outstanding shares
prior to this transaction, the common shares being issued pursuant to the
Financing (assuming that all 36.67 million units are sold) represent
approximately 27% excluding any warrant shares and approximately 40.3%
including all warrant shares.
    Prior to completion of the Financing, the number and percentage of the
Company's issued and outstanding shares held by the Insiders is as follows:

    
    (1) Richard Bastiani (Chairman):  N/A
    (2) Richard Bear (Director):      N/A
    (3) Anthony Holler (Director):    1,647,166 common shares (1.21%)
    (4) S. Wayne Kay (CEO) :          6,700 common shares (0.005%)
    (5) Todd Patrick (Director):      1,158,997 common shares (0.85%)
    (6) Duane Morris (COO):           N/A

    The Financing is expected to close on Tuesday, October 28, 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 laboratory use. The RAMP(R)
systems 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 diction 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
http://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 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 express 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 budge 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 placed 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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