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Response Biomedical's Q1 Revenues Rise; Proposes Unit Offering

NEW YORK (GenomeWeb News) – Response Biomedical today reported that its first-quarter revenues rose 131 percent, while its net loss fell around 50 percent.

The Vancouver, BC-based genetic test maker brought in revenues of C$2.7 million (US$2.3 million) for the three-month period ended March 31, compared to revenues of C$1.2 million. The firm said the boost was primarily due to a "significant contribution by Roche Diagnostics' launch of RAMP Cardiac products in the US."

Response Biomedical's net loss for the first quarter was C$1.7 million, orC$.01 per share, compared to a net loss of $3.5 million, or C$.03 per share, for the first quarter of 2008.

The company's R&D spending in the quarter decreased 31 percent to C$1.2 million from C$1.8 million, while its SG&A spending declined 42 percent to C$1.1 million from C$1.9 million.

Response Biomedical finished the quarter with C$706,509 in cash and cash equivalents.

In addition to releasing its financial results, Response Biomedical has filed a preliminary prospectus to offer an undetermined number of units consisting of one common share and one-half of one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share for a period of 24 months from the closing date of the offering.

The firm did not provide an estimate of proceeds, but it said that the funds would be used "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."

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