Vancouver, B.C.-based Response Biomedical is cutting its workforce by 25 percent in order to reduce expenses. The "cost-cutting initiative" was driven in part by 3M's decision not to proceed with development of a next generation flu product. The two companies have collaborated since 2006 and came out with their initial test for influenza A and B in 2008, the Canadian Press reports.
Response says it will now concentrate its efforts on the growth of the cardiovascular business through its partnership with Roche Diagnostics and through international distributorships in China, Japan, Europe and the Middle East. The company develops, manufactures and markets rapid on-site diagnostic tests for use with its RAMP platform. RAMP tests are available for the early detection of heart attack, congestive heart failure, influenza and RSV through commercial partners Roche and 3M, as well as corporate distributors.
"We are determined to take advantage of the opportunity to accelerate sales growth and shorten the timeline to profitability by leveraging our emerging leadership in cardiovascular POCT," says CEO S. Wayne Kay.
- see the Response Biomedical statement
- get more from the Canadian Press