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

To: Rhys Roberts who wrote (88)	1/5/1999 6:22:00 PM
From: Rhys Roberts	Read Replies (1) \| Respond to of 137

TM Bioscience Announces Update of Escrow Agreement TORONTO, ONTARIO--Tm Bioscience today announced that the Company has not achieved a revenue milestone by a December 31, 1998 deadline. As this revenue milestone is a condition of a recent financing, $5.2 million of escrowed funds may be rescinded in January. The $5.2 million was part of a $14.7 million equity financing that the company completed on June 24th, 1998. "The missed revenue milestone is a timing issue related to delays in commencing certain collaborations. We have sufficient funds to continue development and marketing of our DNA based technologies. Tm's business plan will remain unaffected by this timing issue", said Don MacAdadm, President and CEO of TM Bioscience. The Company is also working with an increasing number of biochip and diagnostic companies to license Tm's technology. Recently, TM Bioscience consolidated its Woburn, Massachusetts operation to the Company's laboratory and corporate headquarters in Toronto, Ontario. This move will result in increased efficiencies and focus as the Company unifies its effort to capitalize on the burgeioning genomics industry. The Company also announced it is withdrawing its TSE listing application that was filed in September, 1998. Tm will resubmit an application to the TSE when it fulfills listing agreements. 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 improve existing technologies and develop novel nucleic acid-based technologies for medical and research applications. Tm Bioscience trades on the Vancouver Stock Exchange under the symbol TMC and has approximately 69 million shares outstanding.