Response Biomedical Corporation Shareholders Approve $8 Million Private Placement
VANCOUVER, British Columbia--(BUSINESS WIRE)--July 27, 2010--Response Biomedical Corporation
(TSX: RBM, OTCBB: RPBIF) (the “Company”) announced that at the Company’s Special General
Shareholders’ Meeting held today in Vancouver, shareholders approved the private placement of an aggregate of
13,333,333 common shares (the “Offered Shares”), at a price of Cdn. $0.60 per Offered Share, to Caduceus
Private Investments III, LP, OrbiMed Associates III, LP and Caduceus Asia Partners, LP (the “Purchasers”) for
gross proceeds of approximately Cdn. $8 million. The Offered Shares will represent approximately 34.4% of the
issued and outstanding share capital of the Company after giving effect to the private placement. The private
placement is expected to close tomorrow.
The Purchasers are affiliates of OrbiMed Advisors, LLC.
Shareholders also approved increasing the size of the Board of Directors from five to seven, and elected
Jonathan Wang, PhD to serve as a Director until the Company’s next annual general meeting. Following the
meeting, the Board also appointed Peter Thompson, MD to serve as a Director until the Company’s next annual
general meeting. Dr. Thompson and Dr. Wang were the nominees put forward by Caduceus Private Investments,
pursuant to its right to appoint two designees to the Board of Directors under the terms of the subscription
agreement dated June 27, 2010 between the Purchasers and the Company. Dr. Thompson will serve on the
Audit Committee and Nomination and Corporate Governance Committee, while Dr. Wang will serve on the
Compensation Committee of the Board.
“We believe that having such a stellar investment firm participate in the private placement will allow the Company
to continue to focus on our current partners’ needs, while also looking at new and high-growth international
commercial opportunities in the rapid clinical diagnostics area, said S. Wayne Kay, Chief Executive Officer.