Tm Bioscience reports first quarter results
TORONTO, May 14 /CNW/ - VSE - TMC Tm Bioscience, a world leader in the
development of DNA technologies, today announced a net loss for the quarter
ended March 31, 1999 of $666,098 ($0.01 per share), compared to a net loss of
$1,210,250 ($0.03 per share) for the three month period ended March 31, 1998.
The Company's cash and short term investments totaled $3,527,672 at March 31,
1999.
Net cash outflow for the quarter ended March 31, 1998 was $829,000,
$509,279 less than the net outflow of $1,338,279 in the first quarter of 1998.
This reduction in cash outflow and operating expenses is a direct result of
the company's decision to close its facility in Woburn Massachusetts in the
fourth quarter of 1998. As a result of this decision, and the resulting
centralization of operations in Toronto, Tm has significantly reduced its
ongoing operating costs and has increased its focus on the commercialization
of its existing DNA technologies.
''The rapid evolution of our scientific platforms will now enable Tm to
move technology from development to commercialization,'' said Don MacAdam,
President and CEO. ''We are continuing to make real progress in establishing
Tm as a world leader in DNA hybridization technologies.''
In keeping with the Company's strategy to promote its technologies, in
March Tm presented at BioAsia in Tokyo, Japan. Tm Bioscience was one of a few
select North American and European companies invited to present to Japanese
pharmaceutical companies.
During the first quarter, Tm held a successful meeting of its Scientific
Advisory Board (SAB) in Toronto. The SAB consists of Tm's Scientific Program
Director and prominent scientists from a variety of disciplines who advise the
company on potential commercial opportunities and provide strategic input
regarding the company's research projects.
Subsequent to the end of the quarter, Tm Bioscience founder Dr. Albert S.
Benight was nominated to the Board of Directors, to replace Dr. Michael Lane
who resigned from the Board in April.
The Company's Annual General Meeting will be held in Toronto, Ontario on
Tuesday June 1, 1999 at 4:00pm at the Toronto Board of Trade.
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
-0- 05/14/1999
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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