Response Biomedical Emerges From Creditor Protection
Response Biomedical Corp. (RBM: CDNX), developer of the RAMP diagnostic system, today announces the Company's emergence from bankruptcy protection, having made a final payment of $130,000 to creditors and received a Certificate of Full Performance of Proposal from the trustee, PricewaterhouseCoopers Inc. " After a difficult but necessary step to preserve shareholder value, Response Biomedical today emerges from creditor protection strategically focused and well positioned for near-term profitability and long-term success," states Bill Radvak, President and CEO of Response Biomedical.
" With an FDA cleared platform technology and near-term revenues expected from the commercialization of the RAMP Anthrax Test, this Company is committed to become an industry leader in clinical point-of-care and environmental on-site testing."
The Company sought bankruptcy protection on September 17, 2001 by filing a Notice of Intention to make a Proposal under the Bankruptcy and Insolvency Act. On December 7, 2001, the Company announced the British Columbia Supreme Court had approved the Company's proposal to its creditors, which received unanimous acceptance from the Company's voting creditors on November 5, 2001. In addition, pursuant to the non-brokered private placement announced on March 1, 2002, the Company has increased the total value of proceeds to be raised to $1.3 million from $1.1 million. As previously announced, proceeds of the financing will be used to initiate manufacturing of RAMP Readers and Anthrax Tests, and to advance late-stage development of two additional cardiac markers (CK-MB and tropinin I), prior to launching the cardiac panel in the first quarter of 2003.
Response Biomedical Corp. develops on-site rapid diagnostic tests for use with its FDA cleared RAMP ä Reader intended for clinical and environment applications, such as tests for the detection of heart attack and biological agents including anthrax. The RAMP System consists of a portable fluorescence reader and disposable test cartridges. The Company's platform technology delivers reliable results in less than fifteen minutes, and has the potential to be used with more than 250 tests currently performed in laboratories.
On January 8, 2002, the U.S. Food and Drug Administration provided marketing clearance of the RAMP Reader for general clinical use, and also the Myoglobin test - a cardiac marker used in the early diagnosis of heart attack. Approval in Canada is pending, and two other cardiac markers are in late-stage development. Response Biomedical's shares are listed on the Canadian Venture Exchange under the trading symbol "RBM".
Source: Response Biomedical Corp. View latest company information
Posted: March 14, 2002
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