October 21, 2010 15:45 ET

OrbiMed Acquires Further Stake in Response Biomedical Corporation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 21, 2010) - OrbiMed, a leading investment management firm focused on the healthcare, announces that it has acquired, through a series of acquisitions through the facilities of the Toronto Stock Exchange (the "Transactions"), an additional 793,167 common shares (the "Shares") of Response Biomedical Corporation ("Response Biomedical") as at October 20, 2010. Response Biomedical is a Vancouver based company which develops, manufactures and markets rapid on-site diagnostic tests for use with its RAMP® Platform for clinical and environmental applications.

Upon completion of the Transactions, OrbiMed entities Caduceus Asia Partners, LP, Caduceus Private Investments III, LP and OrbiMed Associates III, LP, held in the aggregate 14,126,500 Shares representing an aggregate total of 36.41% of the issued and outstanding common shares of Response Biomedical.

The Shares were acquired for investment purposes, and the OrbiMed entities may acquire further common shares, or dispose of their holdings of common shares, both as investment conditions warrant.

OrbiMed has its head office at 767 Third Avenue, 30th Floor, New York, NY 10017. For further information, including a copy of the early warning report, please contact Alex Cooper at (212) 739-6400.

Contact Information

  • OrbiMed
    Alex Cooper
    (212) 739-6400