Response Biomedical Corporation Announces Subscription Agreement for $8 Million Private
VANCOUVER, British Columbia--(BUSINESS WIRE)--June 28, 2010--Response Biomedical Corporation
(TSX: RBM, OTCBB: RPBF) announced today the signing of a subscription agreement providing for the sale of
C$8 million of its common shares to funds affiliated with OrbiMed Advisors, LLC. The closing of the private
placement is subject to receipt of all necessary regulatory approvals, including the approval of the Toronto Stock
Exchange (“TSX”) and the shareholders of the Company. A shareholders’ meeting to approve the transaction is
being scheduled for Tuesday, July 27, 2010 and shareholders will soon be receiving an information circular
describing the proposed transaction in more detail.
“We are extremely pleased to have OrbiMed, the world’s largest and most prestigious healthcare-dedicated
investment firm, invest in our Company,” said S. Wayne Kay, Chief Executive Officer of Response Biomedical.
“The participation by OrbiMed’s affiliated Asia fund is indicative of our expanding growth in the China Market.
We have begun putting in place an expanding global network of partners and distributors, in addition to Roche
Diagnostics and 3M Healthcare, to access further commercial opportunities in the rapid clinical diagnostics area.
With our growing revenues, this funding will allow us to concentrate on accomplishing our operational goals as we
move toward becoming cash flow positive.”
“We are excited to invest in Response Biomedical, with its cutting edge commercialized rapid point-of-care
diagnostics platform technology,” said Carl Gordon, founding General Partner of OrbiMed Advisors. “We see
the value in growth expansion opportunities in China and other key international markets, especially in the cardiac
space. Response Biomedical has assembled a strong team and commercial partners and we look forward to
working together to help build this business.”
Pursuant to the subscription agreement