Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Response Biomedical Corp. - Exhibit 4.31

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.

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES
ACT") OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH
SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE
UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF
REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE
LOCAL LAWS AND REGULATIONS, OR (C) EITHER (1) PURSUANT TO AN AVAILABLE EXEMPTION
UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, UPON
RECEIPT BY THE COMPANY OF A LEGAL OPINION (IN FORM AND SUBSTANCE SATISFACTORY TO
THE COMPANY) TO SUCH EFFECT, OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE U.S. SECURITIES ACT FOR SUCH SECURITIES. DELIVERY OF THIS
CERTIFICATE MAY NOT CONSTITUTE GOOD DELIVERY IN SETTLEMENT OF TRANSACTIONS ON
STOCK EXCHANGES IN CANADA.”

“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. Except as
set forth herein, defined terms used herein shall have the meanings ascribed to
them in the Securities Purchase Agreement dated as of March 30, 2006 among the
Company and the purchasers identified therein (the “Purchase Agreement”). 

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:

– 2 –

	 	(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

	 	 	 
	 		
      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 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
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 Warrant 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 Warrant 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 Warrant 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 Warrant 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.

– 3 –

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 Warrant 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 Warrant
Shares are to be 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;

– 4 –

	 	(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.

	(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.(d) 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 (e) and (f). 
	  	 
	(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 

– 5 –

	 	(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.

	(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.

– 6 –

	(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.

	 	 
	(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

– 7 –

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.

The holding of this Warrant Certificate or the Warrants
represented hereby does not entitle the Warrant Holder to any rights as
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. If, at the time of the surrender of this Warrant in
connection with any transfer of this Warrant, the transfer of this Warrant shall
not be registered pursuant to an effective registration statement under the
Securities Act and under applicable state securities or blue sky laws, the
Company may require, as a condition of allowing such transfer (i) that the
Warrant Holder or transferee of this Warrant, as the case may be, furnish to the
Company a written opinion of counsel (which opinion shall be in form, substance
and scope customary for opinions of counsel in comparable transactions) to the
effect that such transfer may be made without registration under the Securities
Act and under applicable state securities or blue sky laws, (ii) that the
transferee execute and deliver to the Company an investment letter in form and
substance acceptable to the Company and (iii) that the transferee be an
“accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3) or (a)(7)
promulgated under the Securities Act.

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; provided that a person that
purchased the Warrants in the Company’s United States private placement on its
own behalf and that 

– 8 –

delivered the Accredited Investor Certificate for U.S.
Subscribers attached as Schedule “C”, including Exhibit “1” thereto, to the form
of subscription agreement related to such private placement, will not be
required to deliver an opinion of counsel in connection with its due exercise of
the Warrants on its own behalf at a time when it remains an accredited investor,
as defined in Rule 501 under the U.S. Securities Act.

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
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 certificate 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 Warrant 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 Warrant 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 under the Transaction Documents to
enable the Company to perform its obligations under this Warrant.

All questions concerning the construction, validity,
enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement. All references to “$” or “C$”
mean Canadian dollars, and all references to “US$” mean United States
dollars.

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.

– 9 –

Any notice, request or other document required or permitted to
be given or delivered to in accordance with the notice provisions of the
Purchase Agreement.

No provision hereof, in the absence of any affirmative action
by Warrant Holder to exercise this Warrant or purchase Warrant Shares, and no
enumeration herein of the rights or privileges of Warrant Holder, shall give
rise to any liability of Warrant Holder for the purchase price of any common
shares or as a stockholder 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 Warrant Holders from time to time of this Warrant and shall
be enforceable by any such Warrant Holder.

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 purchased the Share Purchase Warrant from
      the Company in the United States pursuant to a subscription agreement,
      including an Accredited Investor Certificate for U.S. subscribers, on its
      own behalf, it is exercising the Share Purchase Warrant on its own behalf,
      and it is an accredited investor, as defined in Rule 501 under the United
      States Securities Act of 1933, as amended (the “U.S. Securities Act”), on
      the date hereof. 
	  	  	  
	  	  	  
	[ ] 	3. 	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 ______________, 20___.

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. In connection therewith, the Warrant Holder represents,
  warrants, covenants and agrees to and with the Company that:

	 	(a) 	
      the offer and sale of the Share Purchase Warrants
      contemplated hereby is being made in compliance with Section 4(1) of the
      United States Securities Act of 1933, as amended (the “U.S. Securities
      Act”) or another valid exemption from the registration requirements of
      Section 5 of the U.S. Securities Act and in compliance with all applicable
      securities laws of the states of the United States;

	 	 	 
	 	(b) 	
      the Warrant Holder has not offered to sell the Share
      Purchase Warrants by any form of general solicitation or general
      advertising, including, but not limited to, any advertisement, article,
      notice or other communication published in any newspaper, magazine or
      similar media or broadcast over television or radio, and any seminar or
      meeting whose attendees have been invited by any general solicitation or
      general advertising;

	 	 	 
	 	(c) 	
      the Warrant Holder has read the Transferee’s investment
      letter included herewith, and to the best of its knowledge, the statements
      made therein are true and correct; and

	 	 	 
	 	(d) 	
      the Warrant Holder understands that the Company may
      condition the transfer of the Share Purchase Warrants contemplated hereby
      upon the delivery to the Company by the Warrant Holder or the Transferee,
      as the case may be, of a written opinion of counsel (which opinion shall
      be in form, substance and scope customary for opinions of counsel in
      comparable transactions) to the effect that such transfer may be made
      without registration under the U.S. Securities Act and under applicable
      securities laws of the states of the United
States.

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.

NOTE: This Assignment Form must be accompanied by a
Transferee’s Investment Letter in the form attached to the Share Purchase
Warrant Certificate. 

TRANSFEREE’S INVESTMENT LETTER

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

	And to: 	the directors thereof. 

	          The
      undersigned (the “Transferee”) has read the Assignment Form pursuant
      to which (the “Warrant Holder”) proposes to transfer Share Purchase
      Warrants to the Transferee, and the within Share Purchase Warrant Certificate.
      In connection with the proposed transfer, the Transferee represents, warrants,
      covenants and agrees to and with Company that: 

	 	(a) 	
      the Transferee is purchasing the Share Purchase Warrants
      for its own account, for investment purposes only and not with a view to
      any resale, distribution or other disposition of the Share Purchase
      Warrants or the securities issuable upon exercise thereof (collectively,
      the “Securities”) to the public in violation of applicable securities
      laws;

	 	 	 
	 	(b) 	
      the Transferee is an “accredited investor” as such term
      is defined in Rule 501(a) of Regulation D promulgated under the United
      States Securities Act of 1933, as amended (the “U.S. Securities Act”),
      that satisfies the criteria set forth in Rule 501(a)(1), (2), (3) or
      (7);

	 	 	 
	 	(c) 	
      the Transferee is a resident of the jurisdiction set
      forth below as the “Transferee’s Address” , and the Transferee received
      and accepted the offer to purchase the Share Purchase Warrants and
      received and executed this letter and all other materials relating to the
      Transferee’s purchase of the Share Purchase Warrants in such
      jurisdiction;

	 	 	 
	 	(d) 	
      the Transferee has had access to adequate information
      concerning the Company, its business, financial condition, results of
      operations and prospects, sufficient to make an informed decision
      concerning the purchase of the Securities, and has been provided with
      answers to its satisfaction to all of its questions concerning the
      Company;

	 	 	 
	 	(e) 	
      the Transferee has such knowledge and experience in
      financial and business matters as to be capable of evaluating the merits
      and risks of the purchase of the Securities and is able to bear the
      economic risks of such investment;

	 	 	 
	 	(f) 	
      the Transferee realizes that an investment in the
      Securities involves a high degree of risk and will be a highly speculative
      investment, and the Transferee is able, without impairing its financial
      condition, to hold the Securities for an indefinite period of
  time;

	 	 	 
	 	(g) 	
      the Transferee is not purchasing the Share Purchase
      Warrants as a result of any general solicitation or general advertising,
      including, but not limited to, any advertisement, article, notice or other
      communication published in any newspaper, magazine or similar media or
      broadcast over television or radio, and any seminar or meeting whose
      attendees have been invited by any general solicitation or general
      advertising;

	 	 	 
	 	(h) 	
      the Transferee understands that the Securities have not
      been registered under the U.S. Securities Act or the securities laws of
      any state of the United States, that the Securities are “restricted
      securities” within the meaning of Rule 144 under the U.S. Securities Act
      and that, accordingly, the Warrants are subject to restrictions on
      exercise as set forth in the Share Purchase Warrant Certificate and the
      Securities are subject to restrictions on transfer as set forth in the
      Share Purchase Warrant Certificate;

	 	 	 
	 	(i) 	
      the Transferee agrees to exercise the Warrants, and
      transfer the Securities, only in compliance with the registration
      provisions of the U.S. Securities Act and the securities laws of all
      applicable states of the United States or exemptions therefrom, and
    in

	 		
      compliance with the terms and conditions set forth in the
      Share Purchase Warrant Certificate; and

	 	 	 
	 	(j) 	
      the Transferee understands that the Company may condition
      the transfer of the Share Purchase Warrants contemplated hereby upon the
      delivery to the Company by the Warrant Holder or the Transferee, as the
      case may be, of a written opinion of counsel (which opinion shall be in
      form, substance and scope customary for opinions of counsel in comparable
      transactions) to the effect that such transfer may be made without
      registration under the U.S. Securities Act and under applicable securities
      laws of the states of the United States.

Dated this _______day of ______________, 20___.

DIRECTION AS TO REGISTRATION:

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

Full Name of Transferee:
_________________________________________________________________

Transferee’s Address:
_________________________________________________________________

                                         _________________________________________________________________

                                         _________________________________________________________________

Signature of Transferee:
_________________________________________________________________Filed by Automated Filing Services Inc. (604) 609-0244 - Response Biomedical Corp. - Exhibit 4.33

IRREVOCABLE GUARANTEE AGREEMENT

THIS AGREEMENT IS ENTERED INTO OCTOBER 31, 2005 AND IS EFFECTIVE
  AS OF THE 30TH DAY OF DECEMBER 2005 (the "Effective Date").

BETWEEN:

RESPONSE BIOMEDICAL
CORP., a company incorporated under the laws of British Columbia having
its head office at 100 - 8900 Glenlyon Parkway, Burnaby, B.C. V5J 5J8,
Canada,

(the "Company")

AND:

MR. HANS E. MOPPERT, a
business man residing at Falknerstrasse 3 P.O. Box 176, CH-4001 Basel,
Switzerland. 

(the "Guarantor")

WHEREAS:

A. the Company is entering into a line of credit agreement with
The Toronto-Dominion Bank (“the “Creditor”), evidenced by the materials attached
as Schedule "A" for a total of US$1,000,000 and referred to herein
as the "Credit Line ", contingent upon the issuance of a suitable standby letter
of credit (“LC”) to the Creditor by a bank to be designated by the
Guarantor;

B. the Guarantor has agreed to guarantee the LC by providing an
unconditional and irrevocable guarantee for the amount of
US$1,000,000 (the “Guarantee”) to a bank to be designated by the
Guarantor expiring at the office the Creditor on the close of business June 30,
2006;

C. the Guarantor has agreed to accept common share purchase
warrants (the “Warrants”) providing the Guarantor the right to purchase
449,250 common shares without par value (the "Shares") in
the capital stock of the Company as consideration for providing the Guarantee,
such Warrants to be exercisable at a price of Cdn $0.42 per
Share;

D. the Guarantor is a person to whom the Company may issue
securities pursuant to the exemption (the "Exemptions") provided by National
Instrument 45-106 Prospectus and Registration Exemptions.; and

E. the Warrants will be issued pursuant to the Exemptions and
that the Company is relying on the Exemptions from the requirements to provide
the purchaser with a prospectus and to sell securities through a person
registered to sell securities under the B.C. Securities Act and, as a
consequence of acquiring securities pursuant to the Exemptions, certain
protections, rights and remedies provided by the B.C. Securities Act,
including statutory rights of rescission or damages, will not be available to
the purchaser.

          NOW
  THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration of the mutual covenants
  and agreements herein contained, the receipt and sufficiency of which is hereby
  acknowledged, the parties covenant and agree with each other (the "Agreement")
  as follows:

- 2 -

	1. 	
      On the basis of the representations and warranties of the
      Guarantor contained in this Agreement and subject to the terms of this
      Agreement, the Company agrees to issue the Warrants to or at the direction
      of the Guarantor as full consideration for providing the
  Guarantee.

	 	 
	2. 	
      For the term of the Guarantee, the Company agrees to
      inform the Guarantor of the Credit Line balance by e-mail or fax on the
      last business day of each calendar month.

	 	 
	3. 	
      This Agreement is subject to all necessary approvals of
      the TSX Venture Exchange (the "Exchange") and the B.C. Securities
      Commission (the "Regulators").

	 	 
	4. 	
      Subject to the Creditor having first accepted a LC from
      Bank Sarasin and the Creditor and the Company executing the Credit Line,
      the Company shall deliver a warrant certificate representing the Warrants
      to the Guarantor at his address shown on the first page of this Agreement
      within ten days of receiving written notice of the last of the approvals
      of the Regulators.

	 	 
	5. 	
      The Guarantor acknowledges that the Shares will be
      subject to a four (4) month hold period from the date of the
      issuance of the Warrants imposed by the Exchange and by the operation of
      applicable securities rules or by applicable securities regulatory bodies,
      and that a share certificate issued within four months of issuing the
      Warrants, as a result of exercising the Warrants, will bear legends to
      that effect.

	 	 
	6. 	
      The Guarantor acknowledges that this Agreement is not
      being entered into and the Warrants are not being acquired by the
      Guarantor as a result of any material information about the Company's
      affairs that has not been publicly disclosed.

	 	 
	7. 	
      In the event of any subdivision, consolidation or other
      change in the share capital of the Company prior to the issuance of the
      Warrants, the number of Warrants issued pursuant to this Agreement shall
      be adjusted in accordance with such subdivision, consolidation or other
      change in the share capital of the Company.

	 	 
	8. 	
      Time shall be of the essence in this Agreement.

	 	 
	9. 	
      This Agreement is subject to, governed by and construed
      in accordance with the laws of the Province of British Columbia.

	 	 
	10. 	
      All references to funds in this Agreement are in Canadian
      funds unless otherwise noted.

	 	 
	11. 	
      This Agreement shall enure to the benefit of and be
      binding upon the parties hereto and their respective heirs, executors,
      administrators, successors and assigns.

	 	 
	12. 	
      The parties hereto agree to execute and deliver all such
      further documents and other writings of any kind whatsoever and all such
      further acts and things as are reasonably required to carry out the full
      intent and meaning of this Agreement.

	 	 
	13. 	
      Whenever the singular or masculine is used in this
      Agreement the same shall be deemed to include the plural or the feminine
      or the body corporate as the context may require.

	 	 
	14. 	
      This Agreement constitutes the entire agreement between
      the parties and there are no representations, warranties, covenants or
      agreements collateral hereto other than as contained
  herein.

- 3 -

	15. 	
      This Agreement may be signed in as many counterparts as
      may be deemed necessary, each of which so signed shall be deemed to be an
      original, and all such counterparts together shall constitute one and the
      same instrument.

IN WITNESS WHEREOF the parties have executed this written
Agreement effective as of the Effective Date.

SIGNED, SEALED AND DELIVERED BY 
RESPONSE BIOMEDICAL
CORP. per: 

/s/ William Radvak

  Authorized Signatory 

Name of Signatory: William Radvak

Title of Signatory:  CEO               

	SIGNED, SEALED & DELIVERED 	) 	 
	by MR. HANS E. MOPPERT 	) 	 
	in the presence of: 	) 	 
	  	) 	 
	/s/ Eva Schmidlin
      	) 	Mr. Hans E. Moppert 
	Signature of Witness 	) 	 
	  	) 	 
	Name: Eva M. Schmidlin	) 	Per: 
	  	) 	 
	Address: Kurzelangeway 25, CH-4123 Allscwhil	) 	 
	  	) 	/s/ Hans E. Moppert
      
	Occupation: Secretary	) 	Duly Authorized Signatory of the Guarantor 

- 4 -

SCHEDULE A

	1. 	
      Standby Letter of Credit issued by Guarantor’s Bank to
      The Toronto-Dominion Bank

	 	 
	2. 	
      Line of Credit Agreement between the Company and The
      Toronto-Dominion Bank

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