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Response Biomedical Closes $5.1 Million Financing
Date:10/31/2008

VANCOUVER, Oct. 31 /PRNewswire-FirstCall/ - Response Biomedical Corporation (TSX: RBM, OTCBB: RPBIF) (the "Company") today announced that it 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. A total of $5.1 million was raised pursuant to the financing on the private placement of 34,003,335 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.

The common shares issued under the financing will have a hold period under Canadian law until March 1, 2009. 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.

"This financing allows us to support the exciting 3M launch of the RAMP(R) Influenza A/B Assay this month in the United States and to prepare for the launch of our cardiovascular testing by Roche Diagnostics anticipated in Q1/2009. " said S. Wayne Kay, CEO. "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."

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 single-use disp
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SOURCE Response Biomedical Corp.
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