TO ALL:
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: TM BIOSCIENCE CORPORATION
12 March 98 close $1.10 Shares issued: 43,788,656
VSE SYMBOL: TMC
MARCH 12, 1998
Tm Bioscience has Signed a Collaboration Agreement with a
Manufacturer of Biochips
TORONTO, ONTARIO--
Mr. Don MacAdam reports:
Tm Bioscience has signed a collaboration agreement with a
manufacturer of biochips. The agreement covers application of Tm's
normalization of hybridization technology to biochips.
Under the terms of the agreement, during an initial proof of
concept stage expected to last up to 90 days, Tm must demonstrate
the efficacy of its normalization technology to the satisfaction
of the biochip manufacturer. Following proof of concept, the
agreement provides for payment to Tm of fees and milestones up to
$1 million (US) and for payment of royalties. The agreement is
exclusive, except the biochip manufacturer may at any time cap the
annual royalties payable to Tm at $5 million (US) in which case
the agreement becomes non-exclusive. The agreement provides for
sharing of third-party licensing revenue.
Tm Bioscience Corporation has developed five proprietary DNA
product platforms - biochips, therapeutics, diagnostics, gene
expression and genomics analysis - based on its discovery of a
second encoding in DNA which governs DNA interactions with itself
and with other molecules. Applied to biochips, the company's
normalization technology provides that all sequences of DNA,
independent of "GC" content, hybridize to a probe array with equal
efficacy, thereby improving the quality of the biochip output
data.
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