Response Biomedical Corporation Announced First Quarter Results



    Revenues Grow 131% and Expenses Reduced by 36% over Q1 2008

    VANCOUVER, May 5 /CNW/ - Response Biomedical Corporation (TSX: RBM,
OTCBB: RPBIF) reported that it recorded total revenues of $2,712,401 and a net
loss of $1,731,415 or ($0.01) per share for the three month period ended March
31, 2009.
    First quarter total revenues, higher than preliminary estimates,
increased 131% to $2,712,401 compared to $1,173,121 for the same period in
2008. This represents the highest revenues for any quarter in the Company's
history and includes a significant contribution by Roche Diagnostics' launch
of RAMP(R) Cardiac products in the U.S. In addition, due to continued efforts
in maintaining aggressive cost cutting measures, the Company's expenses were
reduced by 36% to $2,326,336 for the three month period ended March 31, 2009
as compared to $3,656,114 for the same period in 2008. Increased revenues and
reduced expenses have resulted in a 51% improvement in the loss for the three
month period ended March 31, 2009 to $1,731,415 as compared to $3,544,111 for
the same period in 2008.
    "We are extremely pleased with the progress in building our business,"
said S. Wayne Kay, CEO, Response Biomedical. "Our strong partnerships are
beginning to pay dividends and we believe the trend of strong year-over-year
revenue growth will continue as we move toward eventual profitability. Our
state-of-the-art manufacturing facility has afforded us greater production
capacity, which is important, as Roche Diagnostics successfully launched our
cardiovascular products in the U.S. and, coupled with 3M selling our influenza
product, should allow us to take advantage of our larger manufacturing scale."

    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, congestive
heart failure and influenza through our commercial partners, Roche and 3M
Health Care respectively.
    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 for its Reader and clinical tests and
its Quality Management System is registered to ISO 13485: 2003 and ISO 9001:
2000. The RAMP(R) Influenza A/B Assay and RAMP 200 reader are not yet licensed
for clinical use in Canada.
    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 limited 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; current financial market
conditions which may negatively affect our ability to obtain financing; our
ability to meet the continued listing requirements of the TSX under its
ongoing delisting review; 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 20-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,
Director, Investor Relations, Response Biomedical Corporation, Tel (604)
456-6073, Email: bwickson@responsebio.com

Organization Profile

RESPONSE BIOMEDICAL CORP.

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