By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Response Biomedical today announced that it has entered into a C$2 million (US$1.9 million) debt financing agreement with Orbimed Advisors.

The Vancouver, British Columbia-based firm has structured the debt agreement so it can borrow money in tranches. Upon execution of the pact, it will draw down C$275,000 from Orbimed. It also has an option to draw down up to three further tranches of C$575,000, for a maximum potential draw of C$2 million.

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