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Shareholders Approve Response Biomedical's C$8M Private Placement

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Response Biomedical today announced shareholders have approved the private placement of an aggregate of more than 13.3 million shares to Caduceus Private Investments III, OrbiMed Associates III, and Caduceus Asia Partners.

Each share was priced at C$0.60 ($0.58), putting the total price of the sale at C$8 million ($7.7 million). The offered shares would represent about 34.4 percent of Response Biomedical's issued and outstanding share capital after giving effect to the private placement, which is expected to close on July 28.

The subscription agreement was originally announced late last month.

The shareholder vote was taken at Response Biomedical's Special General Shareholders Meeting today. Net proceeds from the placement will be used for general operating expenses, the Vancouver, BC-based molecular diagnostics firm said in a statement.

The purchasers of the shares are affiliates of OrbiMed Advisors.

The company also said that two new directors have joined its board, increasing its size to seven from five. Jonathan Wang will serve on the board's compensation committee until Response Biomedical's next annual meeting. Peter Thompson will serve on the company's audit committee and nomination and corporate governance committee.

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