Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Response Biomedical Corp. - Exhibit 4.29

WITHOUT PRIOR WRITTEN APPROVAL OF THE EXCHANGE AND
COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES
REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR
OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR
OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL JULY
31, 2006.

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE JULY 31, 2006.

THIS WARRANT AND THE SECURITIES DELIVERABLE UPON EXERCISE
THEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
AS AMENDED (THE “U.S. SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES. THIS WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S.
PERSON OR PERSON IN THE UNITED STATES UNLESS THIS WARRANT AND SHARES ISSUABLE
UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT
AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM
SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON”
ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.

CERTIFICATE #RBM06-

REPRESENTING ________WARRANTS

TRANSFERABLE SHARE PURCHASE WARRANT

RESPONSE BIOMEDICAL CORP.

(Incorporated under the laws of the Province of British
Columbia)

This is to certify that, for value received, _____________
(the “Warrant Holder”), has the right to purchase from Response
Biomedical Corp. (the “Company”), upon and subject to the terms and
conditions hereinafter referred to, __________ common shares without par
value (the “Shares”) in the capital of the Company. The Shares may be purchased
at the price of C$0.62 per Share (the “Exercise Price”) at any time prior
to 4:30 p.m. (local Vancouver time) on March 30, 2008 (the "Time of
Expiry") subject to the terms and conditions hereinafter set forth.

The right to purchase the Shares may be exercised in whole or
in part, by the Warrant Holder only, at the Exercise Price by 4:30 p.m. on March
30, 2008 by:

	 	(a) 	
      completing and executing the form (the “Subscription
      Form”) attached hereto for the number of the Shares which the Warrant
      Holder wishes to purchase, in the manner therein indicated;

	 	 	 
	 	(b) 	
      surrendering this Warrant Certificate, together with the
      complete Subscription Form, to Computershare Trust Company of Canada, 510
      Burrard Street, Vancouver, BC, V6C 3B9; and

	 	 	 
	 	(c) 	
      paying the appropriate Exercise Price, in Canadian funds,
      for the number of the Shares of the Company subscribed for, either by
      certified cheque or bank draft (drawn on a Canadian Chartered Bank) or
      money order payable to the Company in Vancouver, British
  Columbia.

Upon exercise of the Warrant in accordance with the terms
hereof, the Company shall issue to the Warrant Holder or to such other person or
persons as the Warrant Holder may direct, the number of the 

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Shares subscribed for and will deliver to the Warrant Holder,
at the address set forth on the subscription form, a certificate or certificates
evidencing the number of the Shares subscribed for within a reasonable time, not
exceeding five (5) Trading Days after the rights represented by this Warrant
Certificate shall have been exercised ("Warrant Share Delivery Date"). This
Warrant shall be deemed to have been exercised on the date the Company has
received all of the materials required by the Subscription Form and paragraphs
(a) through (c) above. If the Warrant Holder subscribes for a number of Shares
which is less than the number of Shares permitted by this Warrant, the Company
shall forthwith cause to be delivered to the Warrant Holder a further Warrant
Certificate in respect of the balance of Shares referred to in this Warrant
Certificate not then being subscribed for.

In addition to any other rights available to the Warrant
Holder, if the Company fails to cause its transfer agent to transmit to the
Warrant Holder a certificate or certificates representing the Shares pursuant to
an exercise on or before the Warrant Share Delivery Date, and if after such date
the Warrant Holder is required by its broker to purchase (in an open market
transaction or otherwise) common shares of the Company to deliver in
satisfaction of a sale by the Warrant Holder of the Shares which the Warrant
Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company
shall within three Trading Days after the Warrant Holder's request (1) pay in
cash to the Warrant Holder the amount by which (x) the Warrant Holder’s total
purchase price (including brokerage commissions, if any) for the common shares
so purchased exceeds (y) the amount obtained by multiplying (A) the number of
Shares that the Company was required to deliver to the Warrant Holder in
connection with the exercise at issue times (B) the price at which the sell
order giving rise to such purchase obligation was executed, and (2) at the
option of the Warrant Holder, either reinstate the portion of the Warrant and
equivalent number of Shares for which such exercise was not honored or deliver
to the Warrant Holder the number of common shares that would have been issued
had the Company timely complied with its exercise and delivery obligations
hereunder. For example, if the Warrant Holder purchases common shares having a
total purchase price of $11,000 to cover a Buy-In with respect to an attempted
exercise of common shares with an aggregate sale price giving rise to such
purchase obligation of $10,000, under clause (1) of the immediately preceding
sentence the Company shall be required to pay the Warrant Holder $1,000. The
Warrant Holder shall provide the Company written notice indicating the amounts
payable to the Warrant Holder in respect of the Buy-In, together with applicable
confirmations and other evidence reasonably requested by the Company. Nothing
herein shall limit a Warrant Holder’s right to pursue any other remedies
available to it hereunder, at law or in equity including, without limitation, a
decree of specific performance and/or injunctive relief with respect to the
Company’s failure to timely deliver certificates representing common shares upon
exercise of the Warrant as required pursuant to the terms hereof.

The Company covenants and agrees that all Shares which may be
issued upon the exercise of this Warrant will, upon issuance, be fully paid and
non-assessable and free of all liens, charges and encumbrances. The Company
further covenants and agrees that during the period within which the rights
represented by this Warrant Certificate may be exercised, the Company will at
all times have authorized and reserved a sufficient number of Shares to provide
for the exercise of this Warrant represented by this Warrant Certificate.

No fractional shares or scrip representing fractional shares
shall be issued upon the exercise of this Warrant. As to any fraction of a share
which Warrant Holder would otherwise be entitled to purchase upon such exercise,
the Company shall pay a cash adjustment in respect of such final fraction in an
amount equal to such fraction multiplied by the Exercise Price. Issuance of
certificates for Shares shall be made without charge to the Warrant Holder for
any issue or transfer tax or other incidental expense in respect of the issuance
of such certificate, all of which taxes and expenses shall be paid by the
Company, and such certificates shall be issued in the name of the Warrant Holder
or in such name or names as may be directed by the Warrant Holder;
provided, however, that in the event certificates for Shares are
to be 

– 3 –

issued in a name other than the name of the Warrant Holder,
this Warrant when surrendered for exercise shall be accompanied by the
Assignment Form attached hereto duly executed by the Warrant Holder; and the
Company may require, as a condition thereto, the payment of a sum sufficient to
reimburse it for any transfer tax incidental thereto. Except as required by law,
the Company will not close its stockholder books or records in any manner which
prevents the timely exercise of this Warrant pursuant to the terms hereof.

Anti-Dilution

The Exercise Price and the number of Shares deliverable upon
the exercise of these Warrants will be subject to adjustment in the events and
in the following manner:

	(a) 	 In case of any reclassification of the common
        shares or change of the common shares into other shares, or in case of
        the consolidation, merger, reorganization or amalgamation of the Company
        with or into any other corporation or entity which results in any reclassification
        of the common shares or a change of the common shares into other shares,
        or in case of any transfer, lease or license of the undertaking or assets
        of the Company as an entirety or substantially as an entirety to another
        person (any such event being hereinafter referred to as a “Reclassification
        of Common Shares”), at any time prior to the Time of Expiry, the
        Warrant Holder shall, after the effective date of such Reclassification
        of Common Shares and upon exercise of the right to purchase Shares hereunder,
        be entitled to receive, and shall accept, in lieu of the number of Shares
        to which the Warrant Holder was theretofore entitled upon such exercise,
        the kind and amount of shares and other securities or property which the
        Warrant Holder would have been entitled to receive as a result of such
        Reclassification of Common Shares if, on the effective date thereof, the
        Warrant Holder had been the registered holder of the number of Shares
        to which the Warrant Holder was theretofore entitled upon such exercise.
        If necessary, appropriate adjustments shall be made in the application
        of the provisions set forth in this section with respect to the rights
        and interests thereafter of the Warrant Holder of this Warrant Certificate
        to the end that the provisions set forth in this section shall thereafter
        correspondingly be made applicable as nearly as may be reasonable in relation
        to any shares or other securities or property thereafter deliverable upon
        the exercise of the Warrants evidenced hereby.

	 	 	 
	(b) 	 If and whenever at any time prior to the Time
        of Expiry the Company shall:

	 	 	 
		
      (i) 
	subdivide its common shares into a greater number of shares;
	 	 	 
		
      (ii) 
	consolidate its common shares into a lesser number of shares; or
	 	 	 
		
      (iii)
	 issue common shares, Participating Shares or Convertible Securities (both
      such terms as defined below in paragraph (f)) to all or substantially all
      of the holders of common shares by way of a stock dividend or other distribution
      on the common shares payable in common shares, Participating Shares or Convertible
      Securities;
	 	 	 
		 (any such event being hereinafter referred
        to as “Capital Reorganization”) and any such event results in
        an adjustment in the Exercise Price hereunder, the number of Shares purchasable
        pursuant to the Warrants evidenced hereby shall be adjusted contemporaneously
        with the adjustment of the Exercise Price by multiplying the number of
        Shares theretofore purchasable on the exercise thereof by a fraction the
        numerator of which shall be the Exercise Price in effect immediately prior
        to such adjustment and the denominator of which shall be the Exercise
        Price resulting from such adjustment.

– 4 –

	(c) 	
      If and whenever at any time prior to the Time of Expiry,
      the Company shall engage in a Capital Reorganization, the Exercise Price
      shall, on the effective date, in the case of a subdivision or
      consolidation, or on the record date, in the case of a stock dividend, be
      adjusted by multiplying the Exercise Price in effect on such effective
      date or record date by a fraction: (A) the numerator of which shall be the
      number of common shares and Participating Shares outstanding before giving
      effect to such Capital Reorganization; and (B) the denominator of which is
      the number of common shares and Participating Shares outstanding after
      giving effect to such Capital Reorganization. The number of common shares
      and Participating Shares outstanding shall include the deemed conversion
      into or exchange for common shares or Participating Shares of any
      Convertible Securities distributed by way of stock dividend or other such
      distribution. Such adjustment shall be made successively whenever any
      event referred to in this paragraph shall occur. Any issue of common
      shares, Participating Shares or Convertible Securities by way of a stock
      dividend or other such distribution shall be deemed to have been made on
      the record date thereof for the purpose of calculating the number of
      outstanding common shares under paragraphs (d) and (e).

	 	 	 
	(d) 	
      If and whenever at any time prior to the Time of Expiry,
      the Company shall fix a record date for the issuance of rights, options or
      warrants (other than the Warrants evidenced hereby) to all or
      substantially all the holders of then outstanding common shares entitling
      them, for a period expiring not more than 45 days after such record date,
      to subscribe for or purchase common shares, Participating Shares or
      Convertible Securities at a price per share (or having a conversion or
      exchange price per share) of less than 95% of the VWAP of the common
      shares on such record date (any such event being hereinafter referred to
      as a “Rights Offering”), the Exercise Price shall be adjusted immediately
      after such record date so that it shall equal the price determined by
      multiplying the Exercise Price in effect on such record date by a
      fraction:

	 	 	 
		(i) 	
      the numerator of which shall be the aggregate of: (A) the
      number of common shares outstanding on such record date; and (B) a number
      determined by dividing whichever of the following is applicable by the
      VWAP of the common shares on the record date: (1) the amount obtained by
      multiplying the number of common shares or Participating Shares which the
      holders of common shares are entitled to subscribe for or purchase by the
      subscription or purchase price; or (2) the amount obtained by multiplying
      the maximum number of common shares or Participating Shares which the
      holders of common shares are entitled to receive on the conversion or
      exchange of the Convertible Securities by the conversion or exchange price
      per share; and

	 	 	 
		(ii) 	
      the denominator of which shall be the aggregate of: (A)
      the number of common shares outstanding on such record date; and (B)
      whichever of the following is applicable: (1) the number of common shares
      or Participating Shares which the holders of common shares are entitled to
      subscribe for or purchase; or (2) the maximum number of common shares or
      Participating Shares which the holders of common shares are entitled to
      receive on the conversion or exchange of the Convertible
  Securities.

	 	 	 
		
      Any common shares owned by or held for the account of the
      Company shall be deemed not to be outstanding for the purpose of any such
      computation. Such adjustment shall be made successively whenever such a
      record date is fixed.

	 	 	 
		
      To the extent that such Rights Offering is not so made or
      any such rights, options or warrants are not exercised prior to the
      expiration thereof, the Exercise Price shall then be readjusted to the
      Exercise Price which would then be in effect if such record date had not
      been fixed or if such expired rights, options or warrants had not been
      issued.

– 5 –

	(e) 	
      If and whenever at any time prior to the Time of Expiry,
      the Company shall fix a record date for the distribution to all or
      substantially all the holders of common shares of:

	 	 	 
		(i) 	
      shares of any class, whether of the Company or any other
      corporation;

	 	 	 
		(ii) 	
      rights, options or warrants;

	 	 	 
		(iii) 	
      evidences of indebtedness; or

	 	 	 
		(iv) 	
      other assets or property;

	 	 	 
		
      and if such distribution does not constitute a Capital
      Reorganization or a Rights Offering or does not consist of rights, options
      or warrants entitling the holders of common shares to subscribe for or
      purchase common shares, Participating Shares or Convertible Securities for
      a period expiring not more than 45 days after such record date and at a
      price per share (or having a conversion or exchange price per share) of at
      least 95% of the VWAP of the common shares on such record date (any such
      non-excluded event being hereinafter referred to as a “Special
      Distribution”) the Exercise Price shall be adjusted immediately after such
      record date so that it shall equal the price determined by multiplying the
      Exercise Price in effect on such record date by a fraction: (I) the
      numerator of which shall be the amount by which (A) the amount obtained by
      multiplying the number of common shares outstanding on such record date by
      the VWAP of the common shares on such record date, exceeds (B) the fair
      market value (as determined by the directors of the Company, which
      determination shall be conclusive) to the holders of such common shares of
      such Special Distribution; and (II) the denominator of which shall be the
      total number of common shares outstanding on such record date multiplied
      by such VWAP.

	 	 	 
		
      Any common shares owned by or held for the account of the
      Company shall be deemed not to be outstanding for the purpose of any such
      computation. Such adjustment shall be made successively whenever such a
      record date is fixed.

	 	 	 
		
      To the extent that such Special Distribution is not so
      made or any such rights, options or warrants are not exercised prior to
      the expiration thereof, the Exercise Price shall then be readjusted to the
      Exercise Price which would then be in effect if such record date had not
      been fixed or if such expired rights, options or warrants had not been
      issued.

	 	 	 
	(f) 	
      For the purpose of these Warrants: (i) “Participating
      Share” means a share (other than a common share) that carries the right to
      participate in earnings to an unlimited degree; and (ii) “Convertible
      Security” means a security convertible into or exchangeable for a common
      share or a Participating Share or both.

	 	 	 
	(g) 	
      In any case in which this Warrant Certificate shall
      require that an adjustment shall become effective immediately after a
      record date for an event referred to herein, the Company may defer, until
      the occurrence of such event, issuing to the Warrant Holder, upon the
      exercise of the Warrants evidenced hereby after such record date and
      before the occurrence of such event, the additional Shares issuable upon
      such exercise by reason of the adjustment required by such event;
      provided, however, that the Company shall deliver to the Warrant Holder an
      appropriate instrument evidencing the Warrant Holder’s right to receive
      such additional Shares upon the occurrence of the event requiring such
      adjustment and the right to receive any distributions made on such
      additional Shares on and after such exercise.

– 6 –

	(h) 	
      The adjustments provided for in this Warrant Certificate
      are cumulative, shall, in the case of adjustments to the Exercise Price,
      be computed to the nearest one-tenth of one cent and shall apply (without
      duplication) to successive Reclassifications of Common Shares, Capital
      Reorganizations, Rights Offerings and Special Distributions; provided
      that, notwithstanding any other provision of this section, no adjustment
      of the Exercise Price shall be required unless such adjustment would
      require an increase or decrease of at least 1% of the Exercise Price then
      in effect (except upon a consolidation of the outstanding common shares)
      (provided, however, that any adjustments which by reason of this paragraph
      are not required to be made shall be carried forward and taken into
      account in any subsequent adjustment).

	 	 
	(i) 	
      In the event of any question arising with respect to the
      adjustments provided in this Warrant Certificate, such question shall
      conclusively be determined by a firm of chartered accountants appointed by
      the Company (who may be the Company’s auditors). The Company shall give
      such accountants access to all necessary records of the Company and such
      determination shall be binding upon the Company and the Warrant
    Holder.

	 	 
	(j) 	
      As a condition precedent to the taking of any action
      which would require an adjustment in the subscription rights pursuant to
      these Warrants, including the Exercise Price and the number of such
      classes of shares or other securities or property which are to be received
      upon the exercise thereof, the Company shall take all corporate action
      which may, in the opinion of counsel, be necessary in order that the
      Company has reserved and there will remain unissued out of its authorized
      capital a sufficient number of Shares for issuance upon the exercise of
      these Warrants, and that the Company may validly and legally issue as
      fully paid and non-assessable all the shares of such classes or other
      securities or may validly and legally distribute the property which the
      Warrant Holder is entitled to receive on the full exercise thereof in
      accordance with the provisions hereof.

	 	 
	(k) 	
      At least 15 days prior to the effective date or record
      date, as the case may be, of any dividend of any kind or any event which
      requires an adjustment in the subscription rights pursuant to this Warrant
      Certificate, including the Exercise Price and the number and classes of
      shares or other securities or property which are to be received upon the
      exercise thereof, the Company shall give notice to the Warrant Holder of
      the particulars of such event and the required adjustment. Upon the
      occurrence of any event which requires any adjustment of the Exercise
      Price or number of Shares, then, and in each such case, the Company shall
      give notice thereof to the holder hereof, which notice shall state the
      Exercise Price resulting from such adjustment and the increase or decrease
      in the number of Shares purchasable at such price upon exercise, setting
      forth in reasonable detail the method of calculation and the facts upon
      which such calculation is based. Such calculation shall be certified by
      the Chief Financial Officer of the Company.

	 	 
	(l) 	
      No adjustment in the number of Shares which may be
      purchased upon exercise of the Warrants evidenced hereby or in the
      Exercise Price shall be made pursuant to this Warrant Certificate if the
      Warrant Holder is entitled to participate in such event on the same terms
      mutatis mutandis as if the Warrant Holder had exercised the Warrants
      evidenced hereby for Shares prior to the effective date or record date of
      such event.

“VWAP” means, for any date, the price determined by the first
of the following clauses that applies: (a) if the common shares are then listed
or quoted on the TSX Venture Exchange, the daily volume weighted average price
of the common shares for such date (or the nearest preceding date) on the TSX
Venture Exchange; (b) if the common shares are not then listed or quoted on the
TSX Venture Exchange and if prices for the common shares are then quoted on the
OTC Bulletin Board, the volume weighted average price of the common shares for
such date (or the nearest preceding date) on the OTC Bulletin Board; (c) if 

– 7 –

the common shares are not then listed or quoted on the OTC
Bulletin Board and if prices for the common shares are then reported in the
“Pink Sheets” published by the Pink Sheets, LLC (or a similar organization or
agency succeeding to its functions of reporting prices), the most recent bid
price per share of the common shares so reported; or (d) in all other cases, the
fair market value of the common shares as determined by an independent appraiser
selected in good faith by the Company. Any sale or bid price reported in United
States dollars shall be converted into Canadian dollars based on the noon buying
rate for Canadian dollars in New York as certified by the New York Federal
Reserve Bank for customs purposes on the date in question, or if there is no
noon buying rate on such date, based on the most recent noon buying rate.

The holding of this Warrant Certificate or the Warrants
represented hereby does not entitle the Warrant Holder to any rights as a
shareholder of the Company.

Nothing contained herein confers any right upon the Warrant
Holder or any other person to subscribe for or purchase any Shares of the
Company at any time subsequent to 4:30 p.m. local time in Vancouver, B.C. on
March 30, 2008 and from and after such time, this Warrant and all rights
hereunder will be void.

Subject to compliance with any applicable securities laws, this
Warrant and all rights hereunder are transferable, in whole or in part, upon
surrender of this Warrant at the principal office of the Company, together with
an Assignment Form in the form attached hereto duly executed by the Warrant
Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in
the name of the assignee or assignees and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a
new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. The acceptance of the new Warrant by the
assignee shall be deemed the acceptance by such assignee of all of the rights
and obligations of a Warrant Holder. This Warrant may be divided or combined
with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations
in which new Warrants are to be issued, signed by the Warrant Holder or its
agent or attorney. The Company shall execute and deliver a new Warrant or
Warrants in exchange for the Warrant or Warrants to be divided or combined in
accordance with such notice. The Company shall register this Warrant, upon
records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Warrant Holder hereof from time to time.
The Company may deem and treat the registered Warrant Holder of this Warrant as
the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Warrant Holder, and for all other purposes, absent actual
notice to the contrary. The Company may require, as a condition of allowing a
transfer of this Warrant, that the Warrant Holder provide to the Company
evidence reasonably satisfactory to the Company to the effect that the transfer
complies with all applicable securities laws.

The Warrants represented by this Warrant Certificate may not be
exercised by or on behalf of a U.S. Person (as defined in Regulation S under the
United States Securities Act of 1933, as amended (the “U.S. Securities Act”)) or
a person in the United States unless an exemption is available from the
registration requirements of the U.S. Securities Act and the securities laws of
all applicable states, and the holder has furnished an opinion of counsel
satisfactory to the Company to such effect.

Any Shares issued pursuant to this Warrant prior to July 31,
2006 will bear the following legends:

“WITHOUT PRIOR WRITTEN APPROVAL
OF THE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE
SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED,
HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE

– 8 –

EXCHANGE OR OTHERWISE IN CANADA
OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL JULY 31,
2006.”

“UNLESS PERMITTED UNDER
SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES SHALL NOT TRADE THE
SECURITIES BEFORE JULY 31, 2006.”

and any Shares issued in the United States or to a U.S. Person
will bear an additional legend restricting the transfer of the Shares absent
registration under the U.S. Securities Act or an available exemption
therefrom.

If the last or appointed day for the taking of any action or
the expiration of any right required or granted herein shall be a Saturday,
Sunday or a legal holiday, then such action may be taken or such right may be
exercised on the next succeeding day not a Saturday, Sunday or legal
holiday.

The Company shall not by any action, including, without
limitation, amending its articles of incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the
rights of Warrant Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, Company will (a) not increase
the par value of any Shares above the amount payable therefor upon such exercise
immediately prior to such increase in par value, (b) take all such action as may
be necessary in order that the Company may validly and legally issue fully paid
and nonassessable Shares upon the exercise of this Warrant, and (c) use
commercially reasonable efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof as may be
required to enable the Company to perform its obligations under this
Warrant.

If the Company wilfully and knowingly fails to comply with any
provision of this Warrant, which results in any material damages to the Warrant
Holder, the Company shall pay to the Warrant Holder such amounts as shall be
sufficient to cover any costs and expenses including, but not limited to,
reasonable attorneys’ fees, including those of appellate proceedings, incurred
by Warrant Holder in collecting any amounts due pursuant hereto or in otherwise
enforcing any of its rights, powers or remedies hereunder.

No provision hereof, in the absence of any affirmative action
by the Warrant Holder to exercise this Warrant or purchase Warrant Shares, and
no enumeration herein of the rights or privileges of the Warrant Holder, shall
give rise to any liability of the Warrant Holder for the purchase price of any
common shares or as a shareholder of the Company, whether such liability is
asserted by the Company or by creditors of the Company.

In addition to being entitled to exercise all rights granted by
law, including recovery of damages, each of Warrant Holder and the Company will
be entitled to specific performance of its rights under this Warrant. The
parties agree that monetary damages would not be adequate compensation for any
loss incurred by reason of a breach by it of the provisions of this Warrant and
hereby agree to waive the defense in any action for specific performance that a
remedy at law would be adequate. 

Subject to applicable securities laws, this Warrant and the
rights and obligations evidenced hereby shall inure to the benefit of and be
binding upon the successors of the Company and the successors and permitted
assigns of Warrant Holder. The provisions of this Warrant are intended to be for
the benefit of all holders from time to time of this Warrant and shall be
enforceable by any such Warrant Holder.

– 9 –

This Warrant may be modified or amended or the provisions
hereof waived with the written consent of the Company and the Warrant
Holder.

Wherever possible, each provision of this Warrant shall be
interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under
applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

The headings used in this Warrant are for the convenience of
reference only and shall not, for any purpose, be deemed a part of this
Warrant.

Time will be of the essence hereof.

This Warrant Certificate is not valid for any purpose until it
has been signed by the Company.

IN WITNESS WHEREOF, the Company has caused its common seal to
be hereto affixed and this Warrant Certificate to be signed by any one of the
directors of the Company as of the 30th day of March, 2006.

RESPONSE BIOMEDICAL CORP.

Per:

___________________________________
William J. Radvak

SUBSCRIPTION FORM

	To: 	Response Biomedical Corp. (the “Company”)

	And to: 	the directors thereof. 

Pursuant to the Share Purchase Warrant made the 30th day of
March, 2006 the undersigned hereby subscribes for and agrees to take up
_______________ common shares without par value (the “Shares”) in the capital of
the Company, at a price of C$0.62 (Canadian) per Share for the
aggregate sum of C$_______________ (the “Subscription Funds”), and encloses
herewith a certified cheque, bank draft or money order payable to the Company in
full payment of the Shares.

The undersigned (the “Subscriber”) hereby requests that upon
receipt of the Subscription Funds by the Company:

	 	(a) 	
      the Shares be allotted to the person set out under the
      registration directions shown below;

	 	 	 
	 	(b) 	
      the name and address of the person set out under the
      registration directions shown below be entered in the securities register
      of the Company;

	 	 	 
	 	(c) 	
      the Shares be issued to the person set out under the
      registration directions shown as fully paid and non-assessable common
      shares of the Company; and

	 	 	 
	 	(d) 	
      a share certificate representing the Shares be registered
      in accordance with the registration directions shown
  below.

In connection with its exercise of the Share Purchase Warrant,
the Subscriber hereby represents and warrants to the Company that (check
one):

	[   ] 	1. 	It is not exercising the Share Purchase Warrant
      in the United States, nor is it or any person for whose account or benefit
      it is exercising the Share Purchase Warrant a person in the United States
      or a U.S. Person. 
	  	  	  
	[   ] 	2. 	It is enclosing with this Subscription Form a
      written opinion of counsel (which it acknowledges must be satisfactory to
      the Company) to the effect that its exercise of the Share Purchase Warrant
      and the issuance of the Shares are exempt from the registration
      requirements of the U.S. Securities Act and all applicable state
      securities laws. 

The terms “United States” and “U.S. Person” are as defined in
Regulation S under the U.S. Securities Act.

Dated this _______day of ______________, 200___.

DIRECTION AS TO REGISTRATION:

(Name and address exactly as you wish
them to appear on the share certificate representing the Shares and in the
securities register.)

Full Name(1):
__________________________________________________________________________

Full Address:
__________________________________________________________________

                          __________________________________________________________________

                         __________________________________________________________________

Signature of Subscriber(1):
__________________________________________________________________

	(1) If the name above differs from the
      name of the Subscriber, then please complete the following guarantee: 	Signature of Subscriber guaranteed
      by: 

_________________________________________
Authorized
      Signature Number 

NOTE: The signature to this Subscription Form must
correspond with the name as recorded on the Warrant Certificate accompanying
this Subscription Form in every particular without alteration or enlargement or
any change whatever. If not, the signature of the holder on this Subscription
Form must be guaranteed by a Canadian Schedule 1 chartered bank, a major trust
company in Canada, a member of the Securities Transfer Association Medallion
Program (STAMP), a member of the Stock Exchange Medallion Program (SEMP) or a
member of the New York Stock Exchange Inc. Medallion Signature Program
(MSP).

ASSIGNMENT FORM

	To: 	Response Biomedical Corp. (the “Company”)

	And to: 	the directors thereof. 

          For
  value received, the undersigned (the “Warrant Holder”) hereby sells,
  transfers and assigns unto _______________________________ (the “Transferee”),
  ________________________ Share Purchase Warrants represented by the within Share
  Purchase Warrant certificate.

DIRECTION AS TO REGISTRATION:

(Name and address exactly as they
should appear on the certificate representing the Share Purchase Warrants and in
the securities register.)

Full Name of Transferee:
______________________________________________________________

Transferee’s Address: __________________________________________________________________

                                         __________________________________________________________________

                                        __________________________________________________________________

Dated this _______ day of ______________, 200___.

Signature of Warrant Holder(1):
______________________________________________________________

	(1) If the name above differs from the name of
      the Warrant Holder, then please complete the following guarantee: 	Signature of Warrant Holder guaranteed by:
      

____________________________________________________
Authorized
      Signature Number 

NOTE: The Warrant Holder’s signature to this Assignment
Form must correspond with the name as recorded on the Share Purchase Warrant
Certificate accompanying this Assignment Form in every particular without
alteration or enlargement or any change whatever. If not, the signature of the
Warrant Holder on this Assignment Form must be guaranteed by a Canadian Schedule
1 chartered bank, a major trust company in Canada, a member of the Securities
Transfer Association Medallion Program (STAMP), a member of the Stock Exchange
Medallion Program (SEMP) or a member of the New York Stock Exchange.Filed by Automated Filing Services Inc. (604) 609-0244 - Response Biomedical Corp. - Exhibit 4.30

WITHOUT PRIOR WRITTEN APPROVAL OF THE EXCHANGE AND
COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES
REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR
OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR
OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL JULY
31, 2006.

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE JULY 31, 2006.

THIS WARRANT AND THE SECURITIES DELIVERABLE UPON EXERCISE
THEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
AS AMENDED (THE “U.S. SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES. THIS WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S.
PERSON OR PERSON IN THE UNITED STATES UNLESS THIS WARRANT AND SHARES ISSUABLE
UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT
AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM
SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON”
ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.

CERTIFICATE #RBM06-

REPRESENTING ________WARRANTS

TRANSFERABLE SHARE PURCHASE WARRANT

RESPONSE BIOMEDICAL CORP.

(Incorporated under the laws of the Province of British
Columbia)

This is to certify that, for value received, _____________
(the “Warrant Holder”), has the right to purchase from Response
Biomedical Corp. (the “Company”), upon and subject to the terms and
conditions hereinafter referred to, __________ common shares without par
value (the “Shares”) in the capital of the Company. The Shares may be purchased
at the price of C$0.62 per Share (the “Exercise Price”) at any time prior
to 4:30 p.m. (local Vancouver time) on March 30, 2008 (the "Time of
Expiry") subject to the terms and conditions hereinafter set forth.

The right to purchase the Shares may be exercised in whole or
in part, by the Warrant Holder only, at the Exercise Price by 4:30 p.m. on March
30, 2008 by:

	 	(a) 	
      completing and executing the form (the “Subscription
      Form”) attached hereto for the number of the Shares which the Warrant
      Holder wishes to purchase, in the manner therein indicated;

	 	 	 
	 	(b) 	
      surrendering this Warrant Certificate, together with the
      complete Subscription Form, to Computershare Trust Company of Canada, 510
      Burrard Street, Vancouver, BC, V6C 3B9; and

	 	 	 
	 	(c) 	
      paying the appropriate Exercise Price, in Canadian funds,
      for the number of the Shares of the Company subscribed for, either by
      certified cheque or bank draft (drawn on a Canadian Chartered Bank) or
      money order payable to the Company in Vancouver, British
  Columbia.

Upon exercise of the Warrant in accordance with the terms
hereof, the Company shall issue to the Warrant Holder or to such other person or
persons as the Warrant Holder may direct, the number of the 

– 2 –

Shares subscribed for and will deliver to the Warrant Holder,
at the address set forth on the subscription form, a certificate or certificates
evidencing the number of the Shares subscribed for within a reasonable time, not
exceeding five (5) Trading Days after the rights represented by this Warrant
Certificate shall have been exercised ("Warrant Share Delivery Date"). This
Warrant shall be deemed to have been exercised on the date the Company has
received all of the materials required by the Subscription Form and paragraphs
(a) through (c) above. If the Warrant Holder subscribes for a number of Shares
which is less than the number of Shares permitted by this Warrant, the Company
shall forthwith cause to be delivered to the Warrant Holder a further Warrant
Certificate in respect of the balance of Shares referred to in this Warrant
Certificate not then being subscribed for.

In addition to any other rights available to the Warrant
Holder, if the Company fails to cause its transfer agent to transmit to the
Warrant Holder a certificate or certificates representing the Shares pursuant to
an exercise on or before the Warrant Share Delivery Date, and if after such date
the Warrant Holder is required by its broker to purchase (in an open market
transaction or otherwise) common shares of the Company to deliver in
satisfaction of a sale by the Warrant Holder of the Shares which the Warrant
Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company
shall within three Trading Days after the Warrant Holder's request (1) pay in
cash to the Warrant Holder the amount by which (x) the Warrant Holder’s total
purchase price (including brokerage commissions, if any) for the common shares
so purchased exceeds (y) the amount obtained by multiplying (A) the number of
Shares that the Company was required to deliver to the Warrant Holder in
connection with the exercise at issue times (B) the price at which the sell
order giving rise to such purchase obligation was executed, and (2) at the
option of the Warrant Holder, either reinstate the portion of the Warrant and
equivalent number of Shares for which such exercise was not honored or deliver
to the Warrant Holder the number of common shares that would have been issued
had the Company timely complied with its exercise and delivery obligations
hereunder. For example, if the Warrant Holder purchases common shares having a
total purchase price of $11,000 to cover a Buy-In with respect to an attempted
exercise of common shares with an aggregate sale price giving rise to such
purchase obligation of $10,000, under clause (1) of the immediately preceding
sentence the Company shall be required to pay the Warrant Holder $1,000. The
Warrant Holder shall provide the Company written notice indicating the amounts
payable to the Warrant Holder in respect of the Buy-In, together with applicable
confirmations and other evidence reasonably requested by the Company. Nothing
herein shall limit a Warrant Holder’s right to pursue any other remedies
available to it hereunder, at law or in equity including, without limitation, a
decree of specific performance and/or injunctive relief with respect to the
Company’s failure to timely deliver certificates representing common shares upon
exercise of the Warrant as required pursuant to the terms hereof.

The Company covenants and agrees that all Shares which may be
issued upon the exercise of this Warrant will, upon issuance, be fully paid and
non-assessable and free of all liens, charges and encumbrances. The Company
further covenants and agrees that during the period within which the rights
represented by this Warrant Certificate may be exercised, the Company will at
all times have authorized and reserved a sufficient number of Shares to provide
for the exercise of this Warrant represented by this Warrant Certificate.

No fractional shares or scrip representing fractional shares
shall be issued upon the exercise of this Warrant. As to any fraction of a share
which Warrant Holder would otherwise be entitled to purchase upon such exercise,
the Company shall pay a cash adjustment in respect of such final fraction in an
amount equal to such fraction multiplied by the Exercise Price. Issuance of
certificates for Shares shall be made without charge to the Warrant Holder for
any issue or transfer tax or other incidental expense in respect of the issuance
of such certificate, all of which taxes and expenses shall be paid by the
Company, and such certificates shall be issued in the name of the Warrant Holder
or in such name or names as may be directed by the Warrant Holder;
provided, however, that in the event certificates for Shares are
to be 

– 3 –

issued in a name other than the name of the Warrant Holder,
this Warrant when surrendered for exercise shall be accompanied by the
Assignment Form attached hereto duly executed by the Warrant Holder; and the
Company may require, as a condition thereto, the payment of a sum sufficient to
reimburse it for any transfer tax incidental thereto. Except as required by law,
the Company will not close its stockholder books or records in any manner which
prevents the timely exercise of this Warrant pursuant to the terms hereof.

Anti-Dilution

The Exercise Price and the number of Shares deliverable upon
the exercise of these Warrants will be subject to adjustment in the events and
in the following manner:

	(a) 	
      In case of any reclassification of the common shares or
      change of the common shares into other shares, or in case of the
      consolidation, merger, reorganization or amalgamation of the Company with
      or into any other corporation or entity which results in any
      reclassification of the common shares or a change of the common shares
      into other shares, or in case of any transfer, lease or license of the
      undertaking or assets of the Company as an entirety or substantially as an
      entirety to another person (any such event being hereinafter referred to
      as a “Reclassification of Common Shares”), at any time prior to the Time
      of Expiry, the Warrant Holder shall, after the effective date of such
      Reclassification of Common Shares and upon exercise of the right to
      purchase Shares hereunder, be entitled to receive, and shall accept, in
      lieu of the number of Shares to which the Warrant Holder was theretofore
      entitled upon such exercise, the kind and amount of shares and other
      securities or property which the Warrant Holder would have been entitled
      to receive as a result of such Reclassification of Common Shares if, on
      the effective date thereof, the Warrant Holder had been the registered
      holder of the number of Shares to which the Warrant Holder was theretofore
      entitled upon such exercise. If necessary, appropriate adjustments shall
      be made in the application of the provisions set forth in this section
      with respect to the rights and interests thereafter of the Warrant Holder
      of this Warrant Certificate to the end that the provisions set forth in
      this section shall thereafter correspondingly be made applicable as nearly
      as may be reasonable in relation to any shares or other securities or
      property thereafter deliverable upon the exercise of the Warrants
      evidenced hereby.

	 	 	 
	(b) 	
      If and whenever at any time prior to the Time of Expiry
      the Company shall:

	 	 	 
		
      (i) 
	subdivide its common shares into a greater number of
      shares;
	 	 	 
		
      (ii) 
	consolidate its common shares into a lesser number of
      shares; or
	 	 	 
		
      (iii) 
	issue common shares, Participating Shares or Convertible
      Securities (both such terms as defined below in paragraph (f)) to all or
      substantially all of the holders of common shares by way of a stock
      dividend or other distribution on the common shares payable in common
      shares, Participating Shares or Convertible Securities;
	 	 	 
		
      (any such event being hereinafter referred to as “Capital
      Reorganization”) and any such event results in an adjustment in the
      Exercise Price hereunder, the number of Shares purchasable pursuant to the
      Warrants evidenced hereby shall be adjusted contemporaneously with the
      adjustment of the Exercise Price by multiplying the number of Shares
      theretofore purchasable on the exercise thereof by a fraction the
      numerator of which shall be the Exercise Price in effect immediately prior
      to such adjustment and the denominator of which shall be the Exercise
      Price resulting from such adjustment.

– 4 –

	(c) 	
      If and whenever at any time prior to the Time of Expiry,
      the Company shall engage in a Capital Reorganization, the Exercise Price
      shall, on the effective date, in the case of a subdivision or
      consolidation, or on the record date, in the case of a stock dividend, be
      adjusted by multiplying the Exercise Price in effect on such effective
      date or record date by a fraction: (A) the numerator of which shall be the
      number of common shares and Participating Shares outstanding before giving
      effect to such Capital Reorganization; and (B) the denominator of which is
      the number of common shares and Participating Shares outstanding after
      giving effect to such Capital Reorganization. The number of common shares
      and Participating Shares outstanding shall include the deemed conversion
      into or exchange for common shares or Participating Shares of any
      Convertible Securities distributed by way of stock dividend or other such
      distribution. Such adjustment shall be made successively whenever any
      event referred to in this paragraph shall occur. Any issue of common
      shares, Participating Shares or Convertible Securities by way of a stock
      dividend or other such distribution shall be deemed to have been made on
      the record date thereof for the purpose of calculating the number of
      outstanding common shares under paragraphs (d) and (e).

	 	 	 
	(d) 	
      If and whenever at any time prior to the Time of Expiry,
      the Company shall fix a record date for the issuance of rights, options or
      warrants (other than the Warrants evidenced hereby) to all or
      substantially all the holders of then outstanding common shares entitling
      them, for a period expiring not more than 45 days after such record date,
      to subscribe for or purchase common shares, Participating Shares or
      Convertible Securities at a price per share (or having a conversion or
      exchange price per share) of less than 95% of the VWAP of the common
      shares on such record date (any such event being hereinafter referred to
      as a “Rights Offering”), the Exercise Price shall be adjusted immediately
      after such record date so that it shall equal the price determined by
      multiplying the Exercise Price in effect on such record date by a
      fraction:

	 	 	 
		(i) 	
      the numerator of which shall be the aggregate of: (A) the
      number of common shares outstanding on such record date; and (B) a number
      determined by dividing whichever of the following is applicable by the
      VWAP of the common shares on the record date: (1) the amount obtained by
      multiplying the number of common shares or Participating Shares which the
      holders of common shares are entitled to subscribe for or purchase by the
      subscription or purchase price; or (2) the amount obtained by multiplying
      the maximum number of common shares or Participating Shares which the
      holders of common shares are entitled to receive on the conversion or
      exchange of the Convertible Securities by the conversion or exchange price
      per share; and

	 	 	 
		(ii) 	
      the denominator of which shall be the aggregate of: (A)
      the number of common shares outstanding on such record date; and (B)
      whichever of the following is applicable: (1) the number of common shares
      or Participating Shares which the holders of common shares are entitled to
      subscribe for or purchase; or (2) the maximum number of common shares or
      Participating Shares which the holders of common shares are entitled to
      receive on the conversion or exchange of the Convertible
  Securities.

	 	 	 
		
      Any common shares owned by or held for the account of the
      Company shall be deemed not to be outstanding for the purpose of any such
      computation. Such adjustment shall be made successively whenever such a
      record date is fixed.

	 	 	 
		
      To the extent that such Rights Offering is not so made or
      any such rights, options or warrants are not exercised prior to the
      expiration thereof, the Exercise Price shall then be readjusted to the
      Exercise Price which would then be in effect if such record date had not
      been fixed or if such expired rights, options or warrants had not been
      issued.

– 5 –

	(e) 	
      If and whenever at any time prior to the Time of Expiry,
      the Company shall fix a record date for the distribution to all or
      substantially all the holders of common shares of:

	 	 	 
		(i) 	
      shares of any class, whether of the Company or any other
      corporation;

	 	 	 
		(ii) 	
      rights, options or warrants;

	 	 	 
		(iii) 	
      evidences of indebtedness; or

	 	 	 
		(iv) 	
      other assets or property;

	 	 	 
		
      and if such distribution does not constitute a Capital
      Reorganization or a Rights Offering or does not consist of rights, options
      or warrants entitling the holders of common shares to subscribe for or
      purchase common shares, Participating Shares or Convertible Securities for
      a period expiring not more than 45 days after such record date and at a
      price per share (or having a conversion or exchange price per share) of at
      least 95% of the VWAP of the common shares on such record date (any such
      non-excluded event being hereinafter referred to as a “Special
      Distribution”) the Exercise Price shall be adjusted immediately after such
      record date so that it shall equal the price determined by multiplying the
      Exercise Price in effect on such record date by a fraction: (I) the
      numerator of which shall be the amount by which (A) the amount obtained by
      multiplying the number of common shares outstanding on such record date by
      the VWAP of the common shares on such record date, exceeds (B) the fair
      market value (as determined by the directors of the Company, which
      determination shall be conclusive) to the holders of such common shares of
      such Special Distribution; and (II) the denominator of which shall be the
      total number of common shares outstanding on such record date multiplied
      by such VWAP.

	 	 	 
		
      Any common shares owned by or held for the account of the
      Company shall be deemed not to be outstanding for the purpose of any such
      computation. Such adjustment shall be made successively whenever such a
      record date is fixed.

	 	 	 
		
      To the extent that such Special Distribution is not so
      made or any such rights, options or warrants are not exercised prior to
      the expiration thereof, the Exercise Price shall then be readjusted to the
      Exercise Price which would then be in effect if such record date had not
      been fixed or if such expired rights, options or warrants had not been
      issued.

	 	 	 
	(f) 	
      For the purpose of these Warrants: (i) “Participating
      Share” means a share (other than a common share) that carries the right to
      participate in earnings to an unlimited degree; and (ii) “Convertible
      Security” means a security convertible into or exchangeable for a common
      share or a Participating Share or both.

	 	 	 
	(g) 	
      In any case in which this Warrant Certificate shall
      require that an adjustment shall become effective immediately after a
      record date for an event referred to herein, the Company may defer, until
      the occurrence of such event, issuing to the Warrant Holder, upon the
      exercise of the Warrants evidenced hereby after such record date and
      before the occurrence of such event, the additional Shares issuable upon
      such exercise by reason of the adjustment required by such event;
      provided, however, that the Company shall deliver to the Warrant Holder an
      appropriate instrument evidencing the Warrant Holder’s right to receive
      such additional Shares upon the occurrence of the event requiring such
      adjustment and the right to receive any distributions made on such
      additional Shares on and after such exercise.

– 6 –

	(h) 	
      The adjustments provided for in this Warrant Certificate
      are cumulative, shall, in the case of adjustments to the Exercise Price,
      be computed to the nearest one-tenth of one cent and shall apply (without
      duplication) to successive Reclassifications of Common Shares, Capital
      Reorganizations, Rights Offerings and Special Distributions; provided
      that, notwithstanding any other provision of this section, no adjustment
      of the Exercise Price shall be required unless such adjustment would
      require an increase or decrease of at least 1% of the Exercise Price then
      in effect (except upon a consolidation of the outstanding common shares)
      (provided, however, that any adjustments which by reason of this paragraph
      are not required to be made shall be carried forward and taken into
      account in any subsequent adjustment).

	 	 
	(i) 	
      In the event of any question arising with respect to the
      adjustments provided in this Warrant Certificate, such question shall
      conclusively be determined by a firm of chartered accountants appointed by
      the Company (who may be the Company’s auditors). The Company shall give
      such accountants access to all necessary records of the Company and such
      determination shall be binding upon the Company and the Warrant
    Holder.

	 	 
	(j) 	
      As a condition precedent to the taking of any action
      which would require an adjustment in the subscription rights pursuant to
      these Warrants, including the Exercise Price and the number of such
      classes of shares or other securities or property which are to be received
      upon the exercise thereof, the Company shall take all corporate action
      which may, in the opinion of counsel, be necessary in order that the
      Company has reserved and there will remain unissued out of its authorized
      capital a sufficient number of Shares for issuance upon the exercise of
      these Warrants, and that the Company may validly and legally issue as
      fully paid and non-assessable all the shares of such classes or other
      securities or may validly and legally distribute the property which the
      Warrant Holder is entitled to receive on the full exercise thereof in
      accordance with the provisions hereof.

	 	 
	(k) 	
      At least 15 days prior to the effective date or record
      date, as the case may be, of any dividend of any kind or any event which
      requires an adjustment in the subscription rights pursuant to this Warrant
      Certificate, including the Exercise Price and the number and classes of
      shares or other securities or property which are to be received upon the
      exercise thereof, the Company shall give notice to the Warrant Holder of
      the particulars of such event and the required adjustment. Upon the
      occurrence of any event which requires any adjustment of the Exercise
      Price or number of Shares, then, and in each such case, the Company shall
      give notice thereof to the holder hereof, which notice shall state the
      Exercise Price resulting from such adjustment and the increase or decrease
      in the number of Shares purchasable at such price upon exercise, setting
      forth in reasonable detail the method of calculation and the facts upon
      which such calculation is based. Such calculation shall be certified by
      the Chief Financial Officer of the Company.

	 	 
	(l) 	
      No adjustment in the number of Shares which may be
      purchased upon exercise of the Warrants evidenced hereby or in the
      Exercise Price shall be made pursuant to this Warrant Certificate if the
      Warrant Holder is entitled to participate in such event on the same terms
      mutatis mutandis as if the Warrant Holder had exercised the Warrants
      evidenced hereby for Shares prior to the effective date or record date of
      such event.

“VWAP” means, for any date, the price determined by the first
of the following clauses that applies: (a) if the common shares are then listed
or quoted on the TSX Venture Exchange, the daily volume weighted average price
of the common shares for such date (or the nearest preceding date) on the TSX
Venture Exchange; (b) if the common shares are not then listed or quoted on the
TSX Venture Exchange and if prices for the common shares are then quoted on the
OTC Bulletin Board, the volume weighted average price of the common shares for
such date (or the nearest preceding date) on the OTC Bulletin Board; (c) if 

– 7 –

the common shares are not then listed or quoted on the OTC
Bulletin Board and if prices for the common shares are then reported in the
“Pink Sheets” published by the Pink Sheets, LLC (or a similar organization or
agency succeeding to its functions of reporting prices), the most recent bid
price per share of the common shares so reported; or (d) in all other cases, the
fair market value of the common shares as determined by an independent appraiser
selected in good faith by the Company. Any sale or bid price reported in United
States dollars shall be converted into Canadian dollars based on the noon buying
rate for Canadian dollars in New York as certified by the New York Federal
Reserve Bank for customs purposes on the date in question, or if there is no
noon buying rate on such date, based on the most recent noon buying rate.

The holding of this Warrant Certificate or the Warrants
represented hereby does not entitle the Warrant Holder to any rights as a
shareholder of the Company.

Nothing contained herein confers any right upon the Warrant
Holder or any other person to subscribe for or purchase any Shares of the
Company at any time subsequent to 4:30 p.m. local time in Vancouver, B.C. on
March 30, 2008 and from and after such time, this Warrant and all rights
hereunder will be void.

Subject to compliance with any applicable securities laws, this
Warrant and all rights hereunder are transferable, in whole or in part, upon
surrender of this Warrant at the principal office of the Company, together with
an Assignment Form in the form attached hereto duly executed by the Warrant
Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in
the name of the assignee or assignees and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a
new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. The acceptance of the new Warrant by the
assignee shall be deemed the acceptance by such assignee of all of the rights
and obligations of a Warrant Holder. This Warrant may be divided or combined
with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations
in which new Warrants are to be issued, signed by the Warrant Holder or its
agent or attorney. The Company shall execute and deliver a new Warrant or
Warrants in exchange for the Warrant or Warrants to be divided or combined in
accordance with such notice. The Company shall register this Warrant, upon
records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Warrant Holder hereof from time to time.
The Company may deem and treat the registered Warrant Holder of this Warrant as
the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Warrant Holder, and for all other purposes, absent actual
notice to the contrary. The Company may require, as a condition of allowing a
transfer of this Warrant, that the Warrant Holder provide to the Company
evidence reasonably satisfactory to the Company to the effect that the transfer
complies with all applicable securities laws.

The Warrants represented by this Warrant Certificate may not be
exercised by or on behalf of a U.S. Person (as defined in Regulation S under the
United States Securities Act of 1933, as amended (the “U.S. Securities Act”)) or
a person in the United States unless an exemption is available from the
registration requirements of the U.S. Securities Act and the securities laws of
all applicable states, and the holder has furnished an opinion of counsel
satisfactory to the Company to such effect.

Any Shares issued pursuant to this Warrant prior to July 31,
2006 will bear the following legends:

“WITHOUT PRIOR WRITTEN APPROVAL
OF THE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE
SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED,
HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE

– 8 –

EXCHANGE OR OTHERWISE IN CANADA
OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL JULY 31,
2006.”

“UNLESS PERMITTED UNDER
SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES SHALL NOT TRADE THE
SECURITIES BEFORE JULY 31, 2006.”

and any Shares issued in the United States or to a U.S. Person
will bear an additional legend restricting the transfer of the Shares absent
registration under the U.S. Securities Act or an available exemption
therefrom.

If the last or appointed day for the taking of any action or
the expiration of any right required or granted herein shall be a Saturday,
Sunday or a legal holiday, then such action may be taken or such right may be
exercised on the next succeeding day not a Saturday, Sunday or legal
holiday.

The Company shall not by any action, including, without
limitation, amending its articles of incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the
rights of Warrant Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, Company will (a) not increase
the par value of any Shares above the amount payable therefor upon such exercise
immediately prior to such increase in par value, (b) take all such action as may
be necessary in order that the Company may validly and legally issue fully paid
and nonassessable Shares upon the exercise of this Warrant, and (c) use
commercially reasonable efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof as may be
required to enable the Company to perform its obligations under this
Warrant.

If the Company wilfully and knowingly fails to comply with any
provision of this Warrant, which results in any material damages to the Warrant
Holder, the Company shall pay to the Warrant Holder such amounts as shall be
sufficient to cover any costs and expenses including, but not limited to,
reasonable attorneys’ fees, including those of appellate proceedings, incurred
by Warrant Holder in collecting any amounts due pursuant hereto or in otherwise
enforcing any of its rights, powers or remedies hereunder.

No provision hereof, in the absence of any affirmative action
by the Warrant Holder to exercise this Warrant or purchase Warrant Shares, and
no enumeration herein of the rights or privileges of the Warrant Holder, shall
give rise to any liability of the Warrant Holder for the purchase price of any
common shares or as a shareholder of the Company, whether such liability is
asserted by the Company or by creditors of the Company.

In addition to being entitled to exercise all rights granted by
law, including recovery of damages, each of Warrant Holder and the Company will
be entitled to specific performance of its rights under this Warrant. The
parties agree that monetary damages would not be adequate compensation for any
loss incurred by reason of a breach by it of the provisions of this Warrant and
hereby agree to waive the defense in any action for specific performance that a
remedy at law would be adequate. 

Subject to applicable securities laws, this Warrant and the
rights and obligations evidenced hereby shall inure to the benefit of and be
binding upon the successors of the Company and the successors and permitted
assigns of Warrant Holder. The provisions of this Warrant are intended to be for
the benefit of all holders from time to time of this Warrant and shall be
enforceable by any such Warrant Holder.

– 9 –

This Warrant may be modified or amended or the provisions
hereof waived with the written consent of the Company and the Warrant
Holder.

Wherever possible, each provision of this Warrant shall be
interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under
applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

The headings used in this Warrant are for the convenience of
reference only and shall not, for any purpose, be deemed a part of this
Warrant.

Time will be of the essence hereof.

This Warrant Certificate is not valid for any purpose until it
has been signed by the Company.

IN WITNESS WHEREOF, the Company has caused its common seal to
be hereto affixed and this Warrant Certificate to be signed by any one of the
directors of the Company as of the 30th day of March, 2006.

RESPONSE BIOMEDICAL CORP.

Per:

_____________________________________________
William J.
Radvak

SUBSCRIPTION FORM

	To: 	Response Biomedical Corp. (the “Company”)

	And to: 	the directors thereof. 

	Pursuant to the Share Purchase Warrant made the
      30th day of March, 2006 the undersigned hereby subscribes for and agrees
      to take up common shares without par value (the “Shares”) in the capital
      of the Company, at a price of C$0.62 (Canadian) per Share
      for the aggregate sum of C$_______________ (the “Subscription Funds”), and
      encloses herewith a certified cheque, bank draft or money order payable to
      the Company in full payment of the Shares. 

The undersigned (the
      “Subscriber”) hereby requests that upon receipt of the Subscription Funds
      by the Company: 

	 	(a) 	
      the Shares be allotted to the person set out under the
      registration directions shown below;

	 	 	 
	 	(b) 	
      the name and address of the person set out under the
      registration directions shown below be entered in the securities register
      of the Company;

	 	 	 
	 	(c) 	
      the Shares be issued to the person set out under the
      registration directions shown as fully paid and non-assessable common
      shares of the Company; and

	 	 	 
	 	(d) 	
      a share certificate representing the Shares be registered
      in accordance with the registration directions shown
  below.

In connection with its exercise of the Share Purchase Warrant,
the Subscriber hereby represents and warrants to the Company that (check
one):

	[ ] 	1. 	It is not exercising the Share Purchase Warrant
      in the United States, nor is it or any person for whose account or benefit
      it is exercising the Share Purchase Warrant a person in the United States
      or a U.S. Person. 
	  	  	  
	[ ] 	2. 	It is enclosing with this Subscription Form a
      written opinion of counsel (which it acknowledges must be satisfactory to
      the Company) to the effect that its exercise of the Share Purchase Warrant
      and the issuance of the Shares are exempt from the registration
      requirements of the U.S. Securities Act and all applicable state
      securities laws. 

The terms “United States” and “U.S. Person” are as defined in
Regulation S under the U.S. Securities Act.

Dated this _______day of ______________, 200___.

DIRECTION AS TO REGISTRATION:

(Name and address exactly as you wish
them to appear on the share certificate representing the Shares and in the
securities register.)

Full Name(1):
_______________________________________________________________________________________

Full Address:
________________________________________________________________

                         ________________________________________________________________

                         ________________________________________________________________

Signature of Subscriber(1):
________________________________________________________________

	(1) If the name above differs from the name of
      the Subscriber, then please complete the following guarantee: 	Signature of Subscriber guaranteed by:
      

_____________________________________________________________
Authorized
      Signature Number 

NOTE: The signature to this Subscription Form must
correspond with the name as recorded on the Warrant Certificate accompanying
this Subscription Form in every particular without alteration or enlargement or
any change whatever. If not, the signature of the holder on this Subscription
Form must be guaranteed by a Canadian Schedule 1 chartered bank, a major trust
company in Canada, a member of the Securities Transfer Association Medallion
Program (STAMP), a member of the Stock Exchange Medallion Program (SEMP) or a
member of the New York Stock Exchange Inc. Medallion Signature Program
(MSP).

ASSIGNMENT FORM

	To: 	Response Biomedical Corp. (the “Company”)

	And to: 	the directors thereof. 

For value received, the undersigned (the “Warrant Holder”)
hereby sells, transfers and assigns unto _______________________________ (the
“Transferee”), ________________________ Share Purchase Warrants represented by
the within Share Purchase Warrant certificate.

DIRECTION AS TO REGISTRATION:

(Name and address exactly as they
should appear on the certificate representing the Share Purchase Warrants and in
the securities register.)

Full Name of Transferee:
______________________________________________________________________

Transferee’s Address:
_______________________________________________________________________

                                        _______________________________________________________________________

                                        _______________________________________________________________________

Dated this _______day of ______________, 200___.

Signature of Warrant Holder(1):
_______________________________________________________________________

	(1) If the name above differs from the name of
      the Warrant Holder, then please complete the following guarantee: 	Signature of Warrant Holder guaranteed by:
      

_________________________________________________
Authorized
      Signature Number 

NOTE: The Warrant Holder’s signature to this Assignment
Form must correspond with the name as recorded on the Share Purchase Warrant
Certificate accompanying this Assignment Form in every particular without
alteration or enlargement or any change whatever. If not, the signature of the
Warrant Holder on this Assignment Form must be guaranteed by a Canadian Schedule
1 chartered bank, a major trust company in Canada, a member of the Securities
Transfer Association Medallion Program (STAMP), a member of the Stock Exchange
Medallion Program (SEMP) or a member of the New York Stock Exchange.

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