May 21, 2009 (FinancialWire) — Response Biomedical Corp. (OTCBB: RPBIF) (TSX: RBM) said it has closed a public offering of units for gross proceeds of $12.65 million.

The company issued 73.3 million units at C$0.15 per unit and concurrently issued an additional 11 million units due to the exercise-in-full of an over-allotment option granted to the underwriter.

Each unit in the sale consists of one common share and one-half of one common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of C$0.25 for a period of 24 months from the closing date of the offering.

The company also granted 2.53 million common share purchase warrants to the underwriter, with each broker’s warrant entitling the holder to purchase one common share at a price of $0.25 for a period of 24 months from the closing date.

With the closing of the offering, Response believes that it has satisfied the conditions set forth by the Toronto Stock Exchange in connection with its de-listing review of the company.

Response plans to use the net proceeds of the offering primarily for general operating expenses and a small percentage for capital acquisitions related to manufacturing capacity expansion to meet product demand created by the company’s corporate partnerships with Roche Diagnostics, 3M Health Care and Shionogi & Co.

Vancouver-based Response Biomedical develops, manufactures and markets on-site diagnostic tests for clinical and environmental applications. The company’s tests, used in its RAMP platform, are currently provided for the environmental detection of West Nile virus, and biodefense applications including the rapid on-site detection of anthrax, smallpox, ricin and botulinum toxin.

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