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news.Response Biomedical, a developer of rapid on-site diagnostic tests, has completed a second and final closing in respect of the financing announced on October 14, 2008 and amended on October 17, 2008, raising proceeds of $437,835, which amount is in addition to the $4.66 million raised on October 28, 2008.
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A total of $5.1 million was raised pursuant to the financing on the private placement of 34 million units at a price of $0.15 for each unit. Each unit consisted of one common share and one-half of one common share purchase warrant. Each full warrant is exercisable for one common share at a price of $0.20 per share. The warrants may be exercised for a period of 36 months from the closing date.
Net proceeds of this offering will be used for working capital purposes, in particular toward the launch of the Flu A+B test sold by 3M Medical and the cardiovascular test line to be marketed by Roche Diagnostics.
Wayne Kay, CEO of Response Biomedical, said: “This financing allows us to support the exciting 3M launch of the Ramp Influenza A/B assay this month in the US and to prepare for the launch of our cardiovascular testing by Roche Diagnostics anticipated in first quarter of 2009. We also have the right infrastructure and resources in place to take advantage of new partner-funded opportunities and we look forward to the prospects that lie ahead.”