Response's proposal to creditors approved:
This article was originally published in Clinica
Response Biomedical has learnt that the British Columbia Supreme Court has approved the company's proposal to its creditors. The approval will trigger the second tranche of a bridge financing, which totals $500,000. The balance of the loan will be paid once the company receives FDA clearance for its RAMP reader and myoglobin assay test. The company went into bankruptcy in September after the FDA rejected its product (see Clinica No 976, p 13). It is believed the rejection prompted some of the Vancouver, British Columbia company's creditors to demand repayment.