Despite a modest rise in quarterly revenue, Vancouver-based Response Biomedical Corp. (TSX:RBM) posted a 65% increase in its net loss for the six-month period ending June 30, 2007.
Net loss for the diagnostic equipment developer rose to $6.7 million from $4.1 million in the same period in 2006. Response cited a 57% increase in research and development costs, which jumped to $3.9 million from $2.5 million, as the main reason for the increased loss.
Revenue rose to $2.1 million from $1.9 million in the same six-month period ending June 30, 2006.
The company has since closed a $12 million private placement with Haywood Securities Inc. Response said the additional capital will be used to develop a congestive heart failure monitoring device.
Response's share price range during the past week: between $0.91 and $1.08; 52-week high: $1.35; 52-week low: $0.49.