VANCOUVER, Sept. 12 /CNW/ - Response Biomedical Corporation (TSX-V: RBM,
OTCBB: RPBIF) today announced the appointment of S. Wayne Kay as Chief
Executive Officer (CEO). Mr. Kay was also appointed to the Company's Board of
Mr. Kay is a former President, CEO and Director of Quidel Corporation, a
leading global company in the discovery, development, manufacturing and
marketing of rapid diagnostic solutions at the point-of-care (POC) in
infectious diseases and reproductive health. During his tenure he designed and
managed a strategy responsible for building and sustaining unprecedented
market leadership of rapid influenza testing (from an approximately 2 percent
to 49 percent market share). He was also responsible for significantly
improving the financial performance of the company during his tenure. Since
leaving Quidel in 2004, Mr. Kay served as an executive advisor to the
management and boards of several early stage companies, mainly in the San
Francisco and San Diego areas. He also served as an executive advisor to one
of the US's most successful blue-chip healthcare/life sciences venture capital
funds, Kleiner Perkins Caufield and Byers.
"We are very excited to have attracted such an experienced, proven
executive to lead Response Biomedical," said Dr. Richard Bastiani, Chairman.
"Wayne has a wealth of experience in the diagnostics industry, and
particularly in POC, and has a proven acumen for building strong teams and
executing on strategy. He led Quidel through a strong expansion phase in their
history and his many years experience will be invaluable to lead the Company,
as we begin our expected rapid growth phase."
"I am very pleased to be joining Response Biomedical at this exciting
time in the evolution of the Company," said Mr. Kay. "With partnerships in
place with Shionogi & Co. Ltd. and 3M Company, we are poised for strong
growth. I look forward to leading the execution of our cardiovascular
partnering strategy, as well as the scale-up in manufacturing, the launch of
the new RAMP(R) Reader and the regulatory approval of three products, all
anticipated in the next few quarters. These are the building blocks which I
believe will significantly enhance shareholder value."
Dr. Bastiani continued, "On behalf of the Board of Directors, I'd also
like to take this opportunity to thank Bill Radvak for his many years of
dedicated service to the Company."
As part of Mr. Kay's compensation package, he has been granted options to
acquire 1,500,000 common shares of the Company, subject to vesting
requirements. The options are exercisable at a price of $1.07 per common
About Response Biomedical
Response Biomedical develops, manufactures and markets rapid on-site
diagnostic tests for use with its portable RAMP Platform for clinical and
environmental applications. RAMP 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
system consists of a portable fluorescent 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 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
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. The Company has achieved CE Marking and
its Quality Management System is registered to ISO 13485: 2003 and ISO 9001:
Response Biomedical is a publicly traded company, listed on the TSX
Venture Exchange 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Note on Forward-Looking Statements
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 ability to establish, and our dependence upon, relationships with
strategic alliance partners to develop and commercialize products; our ability
to attract and retain qualified personnel; our ability to effectively and
efficiently manage the planned growth of our operations; changes in business
strategy or development plans; and other factors referenced in our annual
report on Form 20-F 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
For further information:
For further information: Bill Wickson, Manager, Investor Relations,
Response Biomedical Corporation, Tel (604) 456-6073, Email:
firstname.lastname@example.org; Brian Korb, Vice-President, The Trout Group LLC,
Tel: (646) 378-2923, Email: email@example.com