VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/30/15 -- Response Biomedical Corp. ("Response" or "the Company") (TSX: RBM)(OTCQB: RPBIF), has received the fifth milestone of US$720,000 in the Collaboration Agreement with Hangzhou Joinstar Biomedical Technology Co. Ltd. ("Joinstar"). The milestone payment was received upon the receipt of certain testing reports for the high throughput rapid immunoassay analyzer developed by Joinstar. On February 16th, 2015 the companies entered into definitive Collaboration and Supply Agreements whereby Response and Joinstar will co-develop components and assays for the new analyzer and Response will provide certain materials to Joinstar required for Joinstar to manufacture and sell these assays specifically to run on their new analyzer.
"The receipt of the fifth development milestone payment continues to demonstrate the rapid progress we are making in this important collaboration. This milestone marks the completion of the last stages of development prior to the China Food and Drug Administration (CFDA) submission," said Dr. Barbara Kinnaird, Chief Executive Officer of Response.
"We are pleased that this fifth milestone is an indication of the success of the cooperation and of the progress in the collaboration with Response on this project," stated Mr. Xuyi Zhou, General Manager of Joinstar.
Under the terms of the Collaboration Agreement and the previously signed Technology Development Agreement, Response has now received US$3.01 million of the total US$3.80 million cash milestones it is eligible to receive over the planned fifteen month project period.
About Hangzhou Joinstar Biomedical Technology Co. Ltd.
Joinstar's main business is Research & Development, Manufacturing, Distribution Services and Bioinformatics targeting products and services in medical In Vitro Diagnostics (IVD) market, located in Hangzhou, Zhejiang Province, China and has developed a high throughput rapid immunoassay analyzer and other various assays.
About Response Biomedical Corp.
Response develops, manufactures and markets rapid onsite diagnostic tests for use with its RAMP® platform for clinical, biodefense and environmental applications. RAMP® represents a unique paradigm in diagnostics that provides reliable, quality results in minutes. The RAMP® Platform consists of a reader and single use disposable test cartridges and has the potential to be adapted to any other medical and nonmedical immunoassay based test currently performed in laboratories. Response clinical tests are commercially available for the aid in early detection of heart attack, congestive heart failure, thromboembolism and infectious diseases. In the nonclinical market, RAMP® tests are currently available for the environmental detection of West Nile Virus and Dengue Fever antigen and for Biodefense applications including the rapid onsite detection of anthrax, smallpox, ricin and botulinum toxin. Response is a publicly traded company listed on the TSX under the trading symbol "RBM" and quoted on the OTCQB under the symbol "RPBIF". For further information, please visit the Company's website at www.responsebio.com.
Forward-Looking Statements
This press release may contain forward-looking statements. These statements relate to future events and are subject to risks, uncertainties and assumptions about Response Biomedical Corp. Examples of forward-looking statements in this press release include statements that Response will provide certain materials to Joinstar required for Joinstar to manufacture and sell these assays specifically to run on their new analyzer this development milestone continues to demonstrate the rapid progress we are making in this important collaboration and is an indication of the success of the cooperation and of the progress in the collaboration, our belief that this milestone marks the completion of the last stages of development prior to the China Food and Drug Administration (CFDA) submission and that we are eligible to receive cash proceeds totaling US$3.8 million over the planned fifteen month project period. These statements are only predictions based on our current expectations and projections about future events. Although we believe the expectations reflected in such forward-looking statements and the assumptions upon which such forward-looking statements are made are reasonable, there can be no assurance that such expectations will prove to be correct and if such expectations are not met, our business may suffer.
Readers should not place undue reliance on these statements. Actual events or results may differ materially. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Many factors may cause the Company's actual results to differ materially from any forward-looking statement, including the factors detailed in our filings with the Securities and Exchange Commission and Canadian securities regulatory authorities, including but not limited to our annual report on Form 10-K, our quarterly reports on Form 10-Q, our Current Reports on Form 8-K, our Annual Information Form and other filings with the Securities and Exchange Commission and Canadian securities regulatory authorities.
The forward-looking statements contained in this news release are current as of the date hereof and are qualified in their entirety by this cautionary statement. Except as expressly required by applicable securities laws, we do not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Response Biomedical Corp.
W.J. (Bill) Adams
Chief Financial Officer
604 456 6010
ir@responsebio.com
www.responsebio.com
