Skip to main content
Premium Trial:

Request an Annual Quote

Response Biomedical Files Prospectus to Raise $7.9M

NEW YORK (GenomeWeb News) – Response Biomedical this week said it has filed the final prospectus for its offering to raise C$8 million (US$7.9 million).

Under the offerings' terms, each Response shareholder of record on Dec. 7, 2011 will be able to receive one right for each held share. Each right will be exercisable for 2.7532 units, with each unit consisting of one common share and one common share purchase warrant at a price of C$.0746 per unit.

Warrants are exercisable for five years after the closing of the offering, which will be made available only in Canada.

The rights will expire 5:00 p.m. EST, Dec. 29.

The Vancouver, British Columbia-based firm has entered into a standby purchase agreement with OrbiMed Private Investments, OrbiMed Asia Partners, and OrbiMed Associates, under which they would buy at least C$5 million in units, not otherwise purchased pursuant to the exercise of rights under the offering.

Proceeds from the offering will be used for product development, market expansion, operating losses, capital improvements, working capital, and other general corporate purposes, Response said.

Earlier this month, the company filed its completed restated financial statements for full-year 2011 and the first two quarters of 2011.

The Scan

Mosquitos Genetically Modified to Prevent Malaria Spread

A gene drive approach could be used to render mosquitos unable to spread malaria, researchers report in Science Advances.

Gut Microbiomes Allow Bears to Grow to Similar Sizes Despite Differing Diets

Researchers in Scientific Reports find that the makeup of brown bears' gut microbiomes allows them to reach similar sizes even when feasting on different foods.

Finding Safe Harbor in the Human Genome

In Genome Biology, researchers present a new approach to identify genomic safe harbors where transgenes can be expressed without affecting host cell function.

New Data Point to Nuanced Relationship Between Major Depression, Bipolar Disorder

Lund University researchers in JAMA Psychiatry uncover overlapping genetic liabilities for major depression and bipolar disorder.