Tm Bioscience reports six month financial results
- Announces Agreement with PE Biosystems -
TORONTO, Aug. 13 /CNW/ - VSE - TMC Tm Bioscience, a world leader in the
development of DNA technologies, today announced a net loss for the six month
period ended June 30, 1999 of $1,417,527 ($0.02 per share), compared tot
loss of $2,572,718 ($0.05 per share) for the same period ended June 30, 1998.
Net cash outflow for the six months ended June 30, 1999 was $1,852,600,
$905,186 less than the net outflow of $2,757,786 for the six months ended June
30, 1998. Tm has significantly reduced its ongoing operating costs and has
increased its focus on the commercialization of its existing DNA technologies.
The Company's cash and short term investments totaled $2,500,411 at June 30,
1999.
``We are continuing to focus the Company towards commercialization of our
core products and these efforts are beginning to pay off' said Don MacAdam,
President and CEO. ``Compared to last year, our level of expenses has been
significantly reduced, but due to a product oriented focus and increased
operational efficiencies, we are now a more effective organization. This was
further emphasized through the agreement with PE Biosystems, which we feel
will validate one of our core technologies.'
Subsequent to the end of the quarter, the company entered into a research
agreement with PE Biosystems, a division of PE Corporation. Under the terms of
the agreement, Tm will collaborate with PE Biosystems in the evaluation of
various genetic analysis technologies currently under development. Complete
details of the relationship and agreement have not been disclosed.
During the second quarter, Tm strengthened its technological leadership
with the receipt of an additional US patent for the Company's signal
amplification system. The patent covers the Company's universal signal
amplification system that improves the detection sensitivity of DNA-based and
other medical diagnostic tests.
In June, the Company strengthened its management team with the addition
of Roman L. Zastawny, PhD, as Director of Product Development. Dr. Zastawny,
who previously held the position of Senior Research Scientist and Project
Leader at Allelix Biopharmaceuticals, brings with him strong relationships and
a wealth of experience from the biotech and pharmaceutical industries.
Finally, during the quarter Tm Bioscience announced the appointments of
Mark L. Pearson, Ph.D., Vice-President MDS Inc. and Neil M. Reid, Ph.D.,
Senior Vice-President of MDS Sciex to the Company's Board of Directors.
Tm Bioscience is an emerging Canadian biotechnology company developing
and commercializing proprietary DNA based technologies for application in
biochips, diagnostics and genomic analysis. The Company offers pharmaceutical
and biotechnology companies the ability to develop novel nucleic acid-based
products for medical and research applications. Additional information about
Tm Bioscience can be found at www.tmbioscience.com.
Tm Bioscience trades on the Vancouver Stock Exchange under the symbol TMC
and has approximately 69 million shares outstanding.
THE VANCOUVER STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY AND ACCURACY OF THIS NEWS RELEASE
%SEDAR: 00005375E
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For further information: Don MacAdam, President & CEO, (416) 593-4323, (416) 593-1066 fax, dmacadam@tmbioscience.com; Jay Hussey, Investor and Media Inquiries, (416) 815-0700 ext. 225, (416) 815-0080 fax, jhussey@equicomgroup.com
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