Response Biomedical closes US$12.6 million unit offering

On May 21, 2009, Response Biomedical Corporation (TSX: RBM, OTCBB: RPBIF), a Canadian company that develops, manufactures and markets rapid on-site diagnostic tests, announced that it had closed its previously announced public offering of units for gross proceeds of $12.65 million. Response issued 73,333,333 Units at a price of $0.15 per Unit. The company concurrently issued an additional 11,000,000 Units pursuant to the exercise-in-full of an over-allotment option granted to Haywood Securities Inc., sole underwriter of the offering. Net proceeds of the offering will be used primarily for general operating expenses and a small percentage for capital acquisitions related to manufacturing capacity expansion to meet product demand created by Response's corporate partnerships with Roche Diagnostics, 3M Health Care and Shionogi & Co., Ltd.Haywood Securities was advised in this transaction by a team from Fasken Martineau led by Blair Horn and that included Steve Saville and Caroline Clapham, with the assistance of paralegal Sara Knappe.