Summary of RESPONSE BIOMEDICAL CORP

Item 1.02.Termination of a Material Definitive Agreement

On October 2, 2012, Response Biomedical Corp., (the "Company"), announced by press release the termination of three agreements by and between the Company and 3M Company and 3M Innovative Properties Company ("3M"): (i) the Amended and Restated Joint Development Agreement, dated December 7, 2006, as subsequently amended to include Exhibit A-3 (as amended, the "Development Agreement"); (ii) the Master Manufacturing and Supply Agreement, dated November 30, 2006, as subsequently amended (as amended, the "Supply Agreement"); and (iii) the Distribution Agreement dated March 9, 2010 (the "Distribution Agreement," and together with the Development Agreement and Supply Agreement, the "Response Product Agreements"). In connection with the termination of the Response Product Agreements, the Company agreed to acquire 3M's entire remaining inventory of readers and peripheral devices, 3M's list of customers, books and records containing traceability information, all marketing materials used by 3M, and assignment of 3M's distribution network.

Under the Development Agreement, 3M funded the development of rapid, point-of-care microbiology tests in the area of hospital-acquired or community-acquired infections based on the Company's RAMP® technology. Under the Supply Agreement, 3M and its affiliates exclusively purchased from the Company its infectious disease immunoassay test kits and related components including the 3M™ Rapid Detect Reader and the Company exclusively supplied the above products to 3M and its affiliates. Under the Distribution Agreement, the Company obtained the rights to sell immunoassay tests for Flu A+B and RSV to a select territory under the Company's brand name. In consideration for these rights, the Company was to pay 3M a royalty based on a percentage of sales of those products.