Response Biomedical Corporation completes $5.1 million financing

On October 31, 2008, Response Biomedical Corporation, a Canadian company undertaking the development of rapid on-site diagnostic tests, announced that it had completed the second and final closing of its previously announced private placement. The private placement involved the issuance of a total of approximately 34 million units of the Company at a price of $0.15 per unit raising aggregate gross proceeds of approximately $5.1 million.

Each unit consisted of one common share and one-half of one common share purchase warrant. Each full warrant is exercisable for one common share at a price of $0.20 per share. The warrants may be exercised for a period of 36 months from the closing date.

The net proceeds of this offering will be used by Response Biomedical Corporation for working capital purposes, in particular toward the launch of the Flu A+B test sold by 3M Medical and the cardiovascular test line to be marketed by Roche Diagnostics.

Haywood Securities Inc. acted as agent and was advised by Fasken Martineau with a team led by Blair Horn and that included Steve Saville and Caroline Clapham.