Response Biomedical Corporation (TSX: RBM, OTCBB: RPBIF) (the "Company") announced today that it has closed its previously announced private placement of common shares for gross proceeds of approximately $8 million. The Company issued 13,333,333 common shares at a price of C$0.60 per share.
The purchasers are affiliates of OrbiMed Advisors, LLC.
The shares issued under the private placement will have a hold period under Canadian law of four months and one day from the closing. Net proceeds of the private placement will be used primarily for general operating expenses.
The offer and sale of the securities described herein have not been registered under the U.S. Securities Act of l933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. persons unless an exemption from registration is available.