Response Biomedical, based in Vancouver, British Columbia, recently announced plans to implement a consolidation of the issued and outstanding common shares. The board of directors has decided to proceed with the Consolidation, with every twenty Common Shares being consolidated into one Common Share. The Toronto Stock Exchange has conditionally approved the decision, with the anticipated consolidation to be effective on September 24, 2012; post-consolidation shares will trade on September 26, 2012.
The consolidation will affect all outstanding common shares, stock options, and warrants as of the effective date. The company’s stock symbol will not change but the post-Consolidation common shares will be represented by a new CUSIP. All registered shareholders will be required to send their share certificates representing pre-Consolidation Common Shares, along with a properly executed letter of transmittal, to the company’s registrar and transfer agent and will receive in exchange new certificates representing their post-Consolidation Common Shares. No fractional Common Shares will be issued pursuant to the Consolidation and shareholders will not receive cash in lieu of fractional Common Shares resulting from the Consolidation.
Response Biomedical manufactures and markets rapid on-site diagnostic tests for use with its RAMP® platform for clinical and environmental applications. RAMP® is a portable scanning fluorescence quantitative analysis platform for near patient testing that provides rapid and robust results. RAMP® clinical tests are commercially available for the early detection of heart attack and congestive heart failure through commercial partners and distributors. Non-clinical tests include detection of West Nile Virus, as well as Biodefense applications including the rapid on-site detection of anthrax, smallpox, ricin, and botulinum toxin.
For further information, visit the company’s Web site at www.responsebio.com
Let us hear your thoughts below: