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Response Biomedical Seeks to Raise $9.5M

NEW YORK (GenomeWeb News) – Response Biomedical has filed a prospectus to sell 73,333,333 units at a price of C$.15 per unit for gross proceeds of around C$11 million (US$9.5 million).

Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will enable the holder to purchase one additional common share at a price of C$.25 for a period of 24 months from the closing date of the offering, which is expected on or around May 21, said Response Biomedical.

The Vancouver, BC-based genetic test maker also granted the underwriter of the offering an over-allotment option to purchase an additional 11 million units at the offering price.

Response Biomedical's shares closed at C$.15 yesterday on the Toronto Stock Exchange.

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