Shares of Response Biomedical (TSX:RBM) are continuing their torrid run today; the Canadian biotech has more than doubled in January alone.
On January 3rd, shares of Response leapt after announcing it had entered into a distribution agreement with Kentucky-based hospital supplier Laboratory Supply Company Inc. (Labsco) to distribute its cardiovascular portfolio of RAMP products in the United States to small hospitals.
Today, Response has tacked on another double-digit gain with the second agreement entered into through its newly formed wholly owned U.S. subsidiary, Response Point of Care Inc.
Tim Shannon, senior vice-president of worldwide sales and marketing for Response Biomedical said today’s announcement was a milestone.
“This is a key strategic agreement for Response as we continue our investment into the U.S. marketplace for POC testing. The knowledge and experience of Fisher HealthCare in this market is a vital part of our strategy to substantially increase our penetration into this highly competitive region. Our recent activity and focus within the U.S. market has set an excellent foundation for growth, highlighted by these significant partnerships with well-established and well-respected companies,” he said. “As widely reported in the media, this year’s influenza season is severe, which makes this agreement timely.”
Formed in 1995, Vancouver-based Response Biomedical develops rapid on-site diagnostic tests. The company’s RAMP (Rapid Analyte Measurement Platform) technology is a novel lateral flow immunoassay platform that provides lab quality results without long wait times. Response says RAMP can be adapted to accurately measure virtually any immunologically active substance. The company says the markets RAMP can be applied to -testing for influenza, Ricin, Botulinum Toxin, Small Pox, and West Nile Virus – are huge. The U.S. point-of-care testing market, is says, is projected to be approximately $3.1-billion in 2013, and is expected to continue to grow at 7%t per year for the next several years
At press time, shares of Response Biomedical were up 14.2% to $2.49.