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

To: Ken Adian who wrote (79)	8/10/1998 2:34:00 PM
From: Rhys Roberts	Read Replies (1) \| Respond to of 137

Tm Bioscience Corporation - 2nd Quarter Results TORONTO--(BUSINESS WIRE)--Aug. 10, 1998--Tm Bioscience Corpor(VSE:TMC. - news) 07 August 98 close $0.77 Mr. Dave Wales reports: Net loss for the period was $2,572,718 ($0.05 per share), compared to a net loss of $970,762 ($0.02 per share) for the first six months of 1997. Operating expenses of Tm in the first six months of 1998 were $2,636,705, 166 percent higher than operating expenses of $992,836 in the first six months of 1997. Revenue consisted solely of interest earned on investments as the Company continues to refine applications in each of its technology platforms. In the first half of 1998, emphasis was placed upon product development within the biochip, diagnostic and genomic analysis platforms. The increase in operating expenses over the corresponding period in 1997 is primarily a result of the Company's continued growth. Expenses associated with the preparation and filing of patents increased by 520 percent to $197,827 versus $31,900 in the first six months of 1997, reflecting the Company's aggressive strategy towards protecting its intellectual property. Cash flow improved from a net increase of $1,320,180 in the first half of 1997 to $4,127,097 in the first half of 1998. The most significant factor in the increase was the issuance of special warrants in June 1998 which resulted in a net inflow (after financing expenses) of $13,843,610. On March 12, Tm announced it had signed a collaboration agreement with a manufacturer of biochips and expected to complete the initial proof of concept stage in 90 days. Due to delays in delivery of needed equipment and biochips by the biochip manufacturer, Tm was unable to commence work on the proof of concept until the second week of July. 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. -------------------------------------------------------------------------------- Contact: Tm Bioscience Corporation Dave Wales, 416/593-4323 dwales@tmbioscience.com --------------------------------------------------------------------------------