Response Biomed Corp RPBIF

AGM - Notes

[noleafclover]

As promised, here are a few notes from this morning's AGM. Wayne Kaye was really upbeat, more than usual it seemed. All the board members were in attendance. 
-RSV FDA approval expected by fall for an Oct/NOv launch with 3M
-Kay spoke about how Response went to their partners last fall (3M and Roche) and got them to agree to begin pre-funding development (this was a big change since prior to-the agreements required Response to lay out a bunch of cash for product development). Now when they and all future partners want a new product they have to prefund the development and follow the same plan
-Kay was pleased that they had Roche and 3M agree to labelling all their products with the "RAMP Technology" logo and compared that model to Intel stating their usage of the pentium computer chips. Gives larger exposure to the RAMP technology and gives credit where credit is due
-Has big hopes for the RSV test marketing my 3M, the next complementary test alongside the Flu A/B test (RSV symptoms sometimes get confused with flu symptoms)
-On his slideshow he pointed out that they have an expected cartridge production by 2010 upwards of 15 million tests per year, they have the capacity to increase that (not sure if he was blowing hot air on this and didn't get a chance to question afterwards whether this projection corresponded with 3M and Roche's 12 month projected product expectations.)   He then stated that based on a production/sales of 15 million cartridges this would equate to approximately $100 million in revenue.
-One strong point that Wayne made, and everyone on this board will surely appreciate is he stated "this is the last financing"  - (believe it or not, hopefully he's right)
-He bragged about the superiority of the RAMP technology and the quantitative capability over the competition.
-The last financing extends their cash runway to 4Q10
-Outstanding warrants have potential of $16 million over next 2 1/2 years
-Last year they had 120 employees, cost cutting eliminated 20 staff, they will rehire on an as-needed basis.
-1.3 million burn to $625,000 (per month)
-2009 goals: CLIA waiver clinical trials underway, submission to FDA to follow
                        Next gen Tropinin product from Roche, $1.2 million in funding provided
                       (there were other stated goals and I missed jotting them down)
-254 million shares fully diluted
-$1 million from the last financing alloted to scale up in manufacturing based on 3M and Roche's projections.

That's all I remember folks, let me know if you have any q's and that might trigger some more memories!

-noleafclover