Response Biomedical Corp. (fka RPBIF)

[OttomanRosendahl]

Response Biomedical Corporation Announces Third Quarter Results

* Total revenues double over last year’s comparable nine months

* Clinical products revenue up 139% over last year’s comparable nine months

VANCOUVER--(BUSINESS WIRE)--Response Biomedical Corporation (TSX: RBM, OTCBB: RPBIF) today announced financial results for the third quarter and nine months ended September 30, 2009.

Total revenues for the three and nine month periods ended September 30, 2009 increased 39% and 106% to $2,047,523 and $7,495,339, respectively, compared to $1,471,130 and $3,641,766 for the same periods in 2008. Given the success of our commercial partners’ efforts, clinical products revenue showed the largest growth at 62% and 139% to $1,688,423 and $5,236,438 for the three and nine month periods ended September 30, 2009, respectively, compared to $1,040,649 and $2,191,409 for the same periods in 2008.

Net loss for the three and nine month periods ended September 30, 2009 was reduced by 14% and 38% to $3,177,221 and $6,807,623, respectively, compared to $3,684,602 and $10,969,207 for the same periods in 2008. Expenses were reduced by 15% and 29% to $2,813,195 and $7,552,556, respectively, for the three and nine month periods ended September 30, 2009, compared to $3,294,694 and $10,636,832 for the same periods in 2008.

“We are on track to conclude our best year ever, with total revenues at September 30, 2009 well in excess of total revenues for all of 2008. As we work with our partners and global distributors to introduce the RAMP® technology to a growing international market, we see this trend continuing in 2010 and beyond,” said S. Wayne Kay, Chief Executive Officer. “Looking at our strengthened cash position, we had approximately $7.5 million in cash and cash equivalents as at September 30, 2009, compared to $2.3 million as at December 31, 2008,” said S. Wayne Kay, Chief Executive Officer. “Our working capital as at September 30, 2009 was approximately $9.0 million compared to $2.9 million as at December 31, 2008. As you can see, we continue to show strong revenue growth, quarter over quarter when compared to revenues from last year.”

Conference Call Information

Response Biomedical management will host an analyst conference call beginning at 10:00 a.m. (Eastern Time) today to discuss these results and other corporate matters. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends.

The analyst conference call may be accessed by dialing 1-416-981-9000 (domestic and international) or 1-800-954-0691 (toll free in North America). An access code is not required. It is also available to listen via Web cast at http://www.snwebcastcenter.com/event/?event_id=589. An archive of the call will be available from the same link approximately two hours after the live call has concluded and will be accessible for 30 days.

About Response Biomedical

Response Biomedical develops, manufactures and markets rapid on-site diagnostic tests for use with its RAMP® Platform for clinical and environmental applications. RAMP® represents a new paradigm in diagnostics that provides high sensitivity and reliable information in minutes. It is ideally suited to both point of care testing and laboratory use.

The RAMP® system consists of a Reader and single-use disposable test cartridges, and has the potential to be adapted to more than 250 medical and non-medical tests currently performed in laboratories. RAMP® clinical tests are commercially available for the early detection of heart attack, congestive heart failure, influenza and RSV through our commercial partners, Roche and 3M Health Care respectively.

In the non-clinical market, RAMP® Tests 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. Several other product applications are under development.

Response has achieved CE Marking for its Reader and clinical tests and its Quality Management System is registered to ISO 13485: 2003 and ISO 9001: 2000.

Response Biomedical is a publicly traded company, listed on the TSX under the trading symbol "RBM" and quoted on the OTC Bulletin Board under the symbol "RPBIF". For further information, please visit the Company's website at www.responsebio.com.