Response Biomedical Corporation Announces Third Quarter Results

    VANCOUVER, Nov. 29 /CNW/ - Response Biomedical Corporation (TSX-V: RBM,
OTCBB: RPBIF) today reported financial results for the third quarter ended
September 30, 2007. For a further discussion of the Company's financial
results for the three and nine month periods ended September 30, 2007, please
refer to the Company's unaudited interim consolidated financial statements and
related Management Discussion and Analysis, which can be found at, SEDAR (Canada) or EDGAR (US) Information at these sites is
typically available within 24 hours of the distribution of the news release.

    Corporate Update

    "We have remained focused on several key issues during the third
quarter," said S. Wayne Kay, Chief Executive Officer. "Earlier this month we
received conditional listing approval from the Toronto Stock Exchange and we
expect to be listed on this senior Canadian exchange in the near future."
    "Key upcoming milestones in our cardiovascular business include U.S. Food
and Drug Administration (FDA) market clearance for our RAMP(R) NT-proBNP Test,
expected in the near-term, and a worldwide marketing partner for our
cardiovascular line of RAMP(R) rapid tests, which we are driving to have in
place as soon as reasonably possible," continued Mr. Kay. "In our infectious
disease business, our collaboration with 3M remains strong with a focus on
receiving regulatory clearance and commercialization of the Rapid Influenza
A+B Test, which will be marketed exclusively by 3M. We are currently preparing
additional non-clinical data to support our U.S. FDA submission and we are
hopeful for a market clearance during the 2007/2008 flu season. In reviewing
all opportunities to best build this franchise, 3M determined that current
market conditions are not optimal for the Rapid Staph A Test and that
resources would be better utilized by focusing efforts on markets of greater
opportunity. Therefore, current development work for Rapid Staph A has been
put on hold and we are substituting other opportunities with greater market
potential. Should market conditions change, the Rapid Staph A initiative can
be revisited at that time. Both Companies remain committed to development of
tests in the infectious disease area with priority to large and growing
markets in which 3M can maximize its marketing strengths."
    "2008 will be a pivotal year for us as we scale up our manufacturing
process to meet the high demand expected by our current and future partners
and roll out our new Reader," Mr. Kay said. "To ensure we can meet that demand
we expect to move to our new state-of-the-art facility, by the end of the
first quarter, 2008."

    Summary of Interim Results
    (Expressed in 000's except per share data)

    Fiscal Year 2007                             Year to date   Year to date
                                                 September 30,  September 30,
                                                         2007           2006
    Total Revenue                                      $3,102         $3,296
    Research and Development Costs                     $5,370         $3,784
    Net Loss                                          ($9,601)       ($5,897)
    Loss per share - (basic and diluted)               ($0.08)        ($0.07)
    Cash and Cash Equivalents, Short Term
     Investments and Restricted Investment            $11,100         $2,458
    Working Capital                                   $11,257         $3,445
    Weighted Average Common Shares Outstanding        124,403         87,584

    Financial Overview:

    Total revenues for the nine-month period ended September 30, 2007 were
$3,102,355 compared to $3,296,365 for the same period in 2006, a decrease of
    As at September 30, 2007, the Company had $11,100,086 in cash and cash
equivalents, short-term investments, and restricted investments, an increase
of $1,933,230 compared to $9,166,856 as at December 31, 2006. As at
September 30, 2007, the Company had a working capital balance of $11,256,608,
an increase of $1,982,814 compared to $9,273,793 as at December 31, 2006.
    During the nine month period September 30, 2007, the Company raised
$11,123,331 through private placement, obtained (net of issue costs) $420,712
in cash through the issuance of shares related to the exercise of stock
options, and $792,489 through the exercise of warrants.

    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

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    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 on Form 40-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: Response Biomedical Contacts: Bill Wickson,
Manager, Investor Relations, Response Biomedical Corporation, Tel (604)
456-6073, Email:; Brian Korb, Vice President, The
Trout Group LLC, Tel: (646) 378-2923, Email:

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890