News Column

RESPONSE BIOMEDICAL CORP FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits

September 2, 2014

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) Resignation of Director

On August 28, 2014, the Board of Directors (the "Board") of Response Biomedical Corp. (the "Company") accepted the resignation of Peter A. Thompson as chairman of the Board, effective immediately. Dr. Thompson will continue to serve as a member of the Board. His resignation as chairman is not the result of any disagreement with the Company relating to the Company's operations, policies or practices.

(d) Election of Director

On August 28, 2014, the Board appointed Lewis J. Shuster, a current Board member, as chairman of the Board, effective immediately.

Mr. Shuster joined the Board as a director and audit committee chairman in June 2011. Currently, he is the Chief Executive Officer of Shuster Capital. From 2003 to 2007, he served as CEO of Kemia Inc., a drug discovery and development company and had previously held executive positions with Invitrogen, including Chief Operating Officer. From 1994 through to 1999, while at Pharmacopeia, Inc.Mr. Shuster served as the firm's Chief Financial Officer and later as COO of Pharmacopeia Labs. Mr. Shuster also served as EVP, Finance and Operations at Human Genome Sciences from 1992 to 1994. Prior to this, he served as EVP and then CEO of Microbiological Associates, from 1986 until 1992, where he led a successful turnaround of a failing leveraged buyout and built a profitable biological testing service business today known as BioReliance. He presently serves as a board of directors member and Audit Committee Chairman for Cleave Biosciences as well as HTG Molecular Diagnostics. Mr. Shuster also serves as a board of directors member of TissueNetix Inc., Active Motif and Mast Therapeutics, Inc. (NYSE MKT: MSTX).

In addition to the fees he receives for service as a director, Mr. Shuster will be entitled to receive a fee of $70,000 per annum for service as chairman of the Board.

There is no arrangement or understanding between Mr. Shuster and any other persons pursuant to which Mr. Shuster was appointed as chairman.

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press release dated as of August 28, 2014.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Edgar Glimpses

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters