NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: TM BIOSCIENCE CORPORATION
Shares issued: 68,588,947 23 Friday 98 close $0.50
VSE SYMBOL: TMC
OCTOBER 23, 1998
Tm Bioscience Corporation - 3rd Quarter Results
TORONTO, ONTARIO--
Mr. Dave Wales reports:
Net loss for the nine-month period ending September 30, 1998 was
$3,874,030 ($0.08 per share), compared to a net loss of $1,625,261
($0.04 per share) for the first nine months of 1997. Operating
expenses of Tm in the first nine months of 1998 were $4,017,295,
143 percent higher than operating expenses of $1,654,236 in the
first nine months of 1997.
The increase in operating expenses over 1997 reflects Tm's
company's continued growth. The construction of laboratory
facilities at Tm's Toronto location was completed in September and
the lab is currently operational. It is expected that these
operations will significantly enhance Tm's ability to
commercialize products related to its DNA technologies.
Cash flow for the nine-month period improved from a net increase
of $650,780 in 1997 to a net increase of $2,310,255 in 1998. In
September, Tm filed with the relevant securities commissions a
final prospectus relating to the $14.8 million special warrant
financing which closed in June of this year.
Throughout the third quarter, Tm has been involved in discussions
with potential clients and strategic partners about Tm's recently
issued patent on Nucleic Acid Capture Moieties (the "hairpin
capture"). These discussions, with several major biotech and
pharmaceutical companies in the USA and Europe, have focused on
the issuance of non-exclusive license arrangements for application
in a variety of DNA biochip and microarray formats.
Dr. Richard Janeczko, VP Business Development of Tm says: "We
believe that the Tm hairpin capture solves significant technical
problems presently encountered in the biochip field. In
combination with our other proprietary technologies for signal
amplification and ligand controlled hybridization, we feel that Tm
has created the fundamental components necessary for optimal
biochip performance."
Tm Bioscience Corporation is a biotechnology Company based in
Toronto, Ontario, with a subsidiary Tm Technologies Inc. in
Woburn, Massachusetts. The Company has developed five platform
technologies - biochips, therapeutics, gene expression,
diagnostics and genomic analysis - each of which underlies
multiple commercial products.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Tm Bioscience Corporation
Dave Wales
Controller
(416) 593-4323
dwales@tmbioscience.com
The Vancouver Stock Exchange has neither approved nor disapproved
of the information contained herein.
INDUSTRY: DRG
SUBJECT: ERN |
