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Response Biomedical’s Q3 Sales up 14 Percent

NEW YORK (GenomeWeb News) – Response Biomedical today reported that its third-quarter revenues rose 39 percent, while its net loss fell around 14 percent.

The genetic test maker brought in revenues of C$2 million (US$1.9 million) for the three-month period ended Sept. 30, compared to revenues of C$1.5 million in the period last year.

Most of that revenue boost came from the firm’s clinical products business, which increased 62 percent to around C$1.7 million compared with approximately C$1 million a year ago.

The firm’s non-clinical sales slid to C$260,000 from C$331,000 over the same period.

Response Biomedical's net loss for the first quarter was C$3.2 million, or C$.01 per share, compared to a net loss of $3.7 million, or C$.03 per share, for the third quarter of 2008.

The firm said its expenses for the quarter decreased around 15 percent to C$2.8 million from C$3.3 million in the year-ago period, but it did not break out R&D and SG&A spending for the quarter.

Based in Vancouver, BC, Response Biomedical offers the RAMP diagnostic test reader and cartridges and on-site diagnostic tests for clinical and environmental applications.

Response Biomedical finished the quarter with C$7.5 million in cash and cash equivalents.

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