Response Biomedical Leases New Long-Term Facility
Response Biomedical Corporation announced that it has entered into a long-term agreement with an affiliate of Alexandria Real Estate Equities, Inc. to lease a single-tenant, 46,000 square foot facility in Vancouver, British Columbia. The facility is expected to house all of the Company's operations beginning in early 2008. Initial capital modifications to the facility, which will begin immediately, are to be financed by the landlord and managed by the Company.
Duane Morris, Response Biomedical's Chief Operating Officer, added "As we scale up manufacturing to meet the anticipated needs of our current partners, Shionogi and 3M Medical, it is extremely important that we have a long-term facility with the capacity to meet projected demand. Further, we expect to require additional production capacity for our very promising cardiovascular platform, particularly with the US approval and launch of the RAMP NT-proBNP test expected later this year. This facility will be custom designed and we believe will meet our demands for years to come. We are truly fortunate, in this very tight commercial real estate environment, to find such a tremendous fit and to be working with such a stellar company as Alexandria."
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