Tm Bioscience announces strategic partnership with Drug Discovery Limited
TORONTO, Sept. 17 /CNW/ - VSE - TMC Tm Bioscience, a world leader in the
development of DNA technologies, announced today that it has entered into an
agreement with Drug Discovery Limited (DDL), a British biotechnology company
based in Glasgow, Scotland, to explore the use of specific DNA binding
compounds developed by DDL in Tm's proprietary DNA hybridization control
technologies.
Under the terms of the agreement, DDL will supply Tm with candidate
compounds for evaluation in hybridization control assays. Successful
candidates will be exclusive to Tm for incorporation into their enabling
technologies through either licensing or other strategies.
``We are very excited about both partnering with Tm and venturing into a
new area. Tm is establishing themselves as the leaders in hybridization
control systems which is essential to properly explore and develop emerging
DNA based technologies,' said Dr Alan Harvey, Managing Director of DDL.
The key to success in any DNA-based technology is to control the
hybridization chemistry as this ultimately determines the quality of the
results. This holds true for both diagnostic tests and in the search for new
genes involved in disease. Current methods for hybridization control are
inadequate as new systems, including biochips and other DNA diagnostic tests,
require the simultaneous control of thousands, possibly millions, of
hybridization events. Tm is the first company to develop technology that is
able to address this significant problem.
``Using compounds which bind to DNA, Tm's scientists have developed
completely novel and proprietary methods that can provide the necessary
control of DNA hybridization for many of the new platforms,' said Dr. Steve
Benight, one of Tm's scientific founders and a leader in the physics and
chemistry of DNA hybridization.
``DDL has some of the most novel and interesting DNA binding compounds
discovered in recent years. These molecules are potentially powerful
candidates for use in our proprietary hybridization control systems, which are
currently being tested by several major biochip, and diagnostics companies.
Exclusive access to such compounds would significantly strengthen our
technology base and enhance the value of these systems to our clients,' said
Dr. Richard Janeczko, Vice President of Business Development at Tm.
Drug Discovery Limited (DDL) is a newly formed company, based in the
United Kingdom, that is dedicated to assisting the research-based
pharmaceutical industry improve its chances of finding better lead compounds
for therapeutic development. Drug discovery work is performed on behalf of
partnering companies and on DDL's own selection of therapeutic targets. DDL's
aim it to be the world's leading drug discovery company based on natural
products, providing the pharmaceutical industry with unique small molecule
leads for unmet therapeutic needs. The Company's web site is
www.drugdiscovery.ltd.uk.
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.
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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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www.newswire.ca and click on reports@cnw.
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