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Gold/Mining/Energy : TM Bioscience Corp. tmc.v -- Ignore unavailable to you. Want to Upgrade?

To: Norm Gardner who wrote (60)	5/21/1998 10:08:00 AM
From: Norm Gardner	Read Replies (1) \| Respond to of 137

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: TM BIOSCIENCE CORPORATION Shares issued: 44,048,656 20 May 98 close $0.97 VSE SYMBOL: TMC MAY 20, 1998 Tm Bioscience Corporation - First Quarter Results and Warrants Exercised TORONTO, ONTARIO-- Mr. Dave Wales reports: For the three months ended March 31, 1998, Tm's revenues were $32,786, an increase of 280 percent over revenues of $11,706 for the three months ended March 31, 1997. Net loss for the period was $1,210,250 ($0.03 per share), compared to a net loss of $486,716 ($0.01 per share) for the first three months of 1997. Operating expenses of Tm in the first three months of 1998 were $1,243,036, 262 percent higher than operating expenses of $474,557 in the first three months of 1997. Revenue consisted solely of interest earned on investments as the Company continues to focus efforts on the development of products utilizing its proprietary knowledge of DNA reactivity - "The Second Genetic Code". Evidence of the Company's progress towards commercialization of its technologies is illustrated by the collaboration agreement signed in March 1998 involving the Company's normalization of hybridization product. The increase in operating expenses over the corresponding period in 1997 reflects the Company's growth over the past year. The Company continues to expand its scientific research capacity, develop infrastructure and increase sales and marketing activities. In subsequent events, the Company advises that pursuant to financing arrangements negotiated in January 1997, outstanding share purchase warrants were exercised in April and May 1998 resulting in equity proceeds to the Company in excess of CDN $1.7 million. Upon share issuance for these exercised warrants, Tm Bioscience Corporation will have 54,138,656 shares outstanding. 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. -30-