Response Biomedical Announces Proposed Uni...( VANCOUVER May 5 / Response Biomedical...),Health

VANCOUVER, May 5 /PRNewswire-FirstCall/ - Response Biomedical Corporation (TSX: RBM, OTCBB: RPBIF) (the "Company") today announced that it has filed a preliminary short form prospectus in each of the provinces and territories of Canada, other than Quebec, in respect of a marketed public offering (the "Offering") of units (the "Units"). Each Unit will consist of one common share (each a "Common Share") and one-half of one common share purchase warrant (each a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one additional Common Share for a period of 24 months from the closing date of the Offering.

The Offering will be led by an underwriter. The Company expects to grant the underwriter an over-allotment option to purchase that number of additional Units equal to up to 15% of the Units sold pursuant to the Offering. The Offering is subject to certain closing conditions as described in the preliminary short form prospectus and receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange ("TSX").

The Offering will be priced in the context of the market with final terms of the Offering to be determined at the time of pricing.

Net proceeds of the Offering will be used primarily for general operating expenses and a small percentage for capital acquisitions related to manufacturing capacity expansion to meet product demand created by our corporate partnerships with Roche Diagnostics, 3M Health Care and Shionogi & Co., Ltd.

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 sing
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