The company has now met all its milestones for this year, now all we can do wait for 3M and Roche to begin sales, finacing is imminent; hope the share price recovers a bit first.

~~ dimar

From:

http://www.responsebio.com/pdf/2008%...

OVERVIEW
Response Biomedical develops, manufactures and sells diagnostic tests for use with its proprietary RAMP® System, a fluorescent immunoassay-based on-site diagnostic testing platform. The RAMP technology utilizes a unique method to account for sources of error inherent in conventional lateral flow immunoassay technologies, thereby providing the ability to quickly and accurately detect and quantify an analyte present in a liquid sample. Consequently, an end user on-site or in a point-of-care setting can rapidly obtain important diagnostic information. Response Biomedical currently has twelve tests available for clinical and environmental testing applications and the Company has plans to commercialize additional tests.

The Company has invested significantly to increase its automated manufacturing capacity in advance of expected growth in demand for its products. In April 2008, the Company received US Food and Drug Administration (FDA) clearance to market its new high throughput instrument and rapid Influenza A+B test. In July 2008, the Company received FDA clearance to market its rapid NT-proBNP test for the detection and diagnosis of congestive heart failure. The Company currently has sales and marketing partnerships with Shionogi & Co. Ltd. of Japan for its BNP test and 3M Company for its infectious disease products. In addition, on June 26, 2008, the Company announced a partnership with Roche Diagnostics to exclusively market its line of cardiovascular tests worldwide outside of Japan. While the agreement with Roche was pending, existing distributors limited their investment in selling the Company's products in this market. As a result, sales in 2007 and the first half of 2008 remained relatively flat with declining gross margins, which are expected to increase again as sales volumes rise.

The Company's revenues by product and service market segment were as follows: Clinical products revenue for the three month period ended June 30, 2008 decreased 15% to $380,931 compared to $449,804 for the same period in 2007. Clinical products revenue for the six month period ended June 30, 2008 increased 9% to $1,150,076 compared to $1,057,380 for the same period in 2007. Vector products (West Nile Virus) revenue for the three and six month periods ended June 30, 2008 increased 186% and 118% to $371,977 and $503,642, respectively compared to $130,265 and $230,670 for the same periods in 2007. Biodefense products revenue for the three and six month periods ended June 30, 2008 decreased 14% and 40% to $93,015 and $289,690, respectively compared to $107,920 and $480,403 for the same periods in 2007.

Contract service fees and revenue from collaborative research agreements for the three and six month periods ended June 30, 2008 decreased 51% and 27% to $151,592 and $227,228, respectively compared to $311,547 and $311,547 for the same periods in 2007.

As at June 30, 2008, the Company had $3,515,140 in cash, cash equivalents and short-term investments, a decrease of $4,689,507 compared to $8,204,647 as at December 31, 2007. As at June 30, 2008, the Company had a working capital balance of $4,315,299, a decrease of $3,855,998 compared to $8,171,297 as at December 31, 2007. During the three and six month periods ending June 30, 2008, the Company received cash from the exercise of outstanding stock options in the amount of $31,530 and $37,321, respectively and received cash from the exercise of outstanding share purchase warrants in the amount of $3,676,748 and $3,896,848, respectively.

Key operational milestones during the six month period ended June 30, 2008 included:

On June 26, 2008, the Company entered into an agreement granting exclusive rights to
Roche Diagnostics to market the Company's line of cardiovascular point-of-care tests
worldwide outside of Japan.

On April 17, 2008, the Company announced receipt of US FDA 510(k) clearance to market
a rapid Influenza A+B test (Flu A+B test) and a new version of the RAMP® Reader, the
RAMP® 200. The test manufactured by Response Biomedical runs on the new RAMP®
200 Reader and will be marketed and sold worldwide exclusively by 3M Health Care as
the 3MTM Rapid Detection Flu A+B Test.

The Company moved to its new state-of-the-art global headquarters in Vancouver, British
Columbia on March 31, 2008. The 46,000 square foot single-occupant specialized use
facility was specifically designed and constructed for development and GMP
manufacturing and distribution of point-of-care medical diagnostic test kits.

Subsequent to the end of the quarter, on July 22, 2008, the Company announced receipt of US
FDA 510(k) clearance to market a rapid NT-proBNP test as an aid to the rapid diagnosis of heart
failure. The test, manufactured by Response Biomedical, will be marketed and sold worldwide
outside of Japan by Roche Diagnostics.