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Gold/Mining/Energy : TM Bioscience Corp. tmc.v
TMC 6.155+0.4%Dec 31 3:59 PM EST
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To: Phil Cressman who wrote (96)1/11/1999 11:04:00 PM
From: Rhys Roberts  Read Replies (1) of 137
 
You obviously don't realize the importance of this deal.

Yes TMC did shell out some of their own money for the proof of concept. Do you the buyer pay for the gas when you test drive a car? No, why? cause you wanna see if the car is anygood. Same with Affymetrix. There was a hook, however!!!! You haven't read the original announcement concerning this deal (March 12, 1998) Heres an excerpt of the important stuff:

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 theannual 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.
Full Text at: Message 3695180

Now Today TMC said:

TMC Tm Bioscience announced today that the collaboration steering committee unanimously agreed that Tm Bioscience has achieved proof of concept in their collaboration with Affymetrix. The proof of concept involved incorporation of Tm's normalization technology in Affymetrix GeneChips® for p53-cancer and HIV.

Whala!! Done deal (Proof of Concept c'est fini). They later said And here's the important stuff:

As provided in the collaboration agreement announced March 12, 1998, the companies are revising the original milestones based on findings made during the proof of concept phase. Work on the collaboration will be carried out at Tm's research and development facility in Toronto, Ontario.

Just because a release doesn't hit the market with a lightening bolt doesn't mean the release isn't important! The share price isn't the issue, You buy knowing something others haven't realized yet (Like TM) Then when they get their act together and try and buy some shares you make them pay through the nose for it!

Now you have some luck you know NOW that TMC will get revenue from this deal (How and when you don't). Then when everyone else figures it out you sell. People who sold today probably thought the same as you that it and I quote "It appears pretty lame that they'd spend their own money to prove a concept without some hook if they came up smoking". And they would be right....but we know better.

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