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Luminex Corp. presents friendly $44M deal to acquire Tm Bioscience
Thu Dec 14, 11:08 PM
TORONTO (CP) - Tm Bioscience Corp. (TMC.TO) has announced a friendly all-stock deal to be taken over by Luminex Corp. of Austin, Texas, for about $44 million.
Luminex is offering 0.06 share for each share of the Toronto-based developer of genetic testing technology. The bid values each of Tm's 47.7 million shares at 79.5 cents US, or 92 cents Canadian at current exchange rates, a 41.5 per cent premium, at Thursday's closing prices on the Nasdaq market and the TSX.
The companies said late Thursday that Tm shareholders will own about nine per cent of Luminex after the transaction, expected to close in early 2007.
"After examining all of the options available to the company, we determined that the acquisition of Tm by Luminex was in the best interest of shareholders," stated Greg Hines, president and chief executive officer of Tm, which had announced a month ago it was exploring strategic alternatives including a merger or sale of the company.
Hines added that the two companies have been working together for six years and the transaction will enable Tm stockholders to share in the growth of the combined business.
Acquiring Tm's suite of DNA-based diagnostics, including tests for infectious diseases and genetic mutations related to cystic fibrosis, sepsis and other disorders, "has the potential to be a transforming event for Luminex," said the Texas company's president and CEO, Patrick Balthrop.
"We are very excited about the opportunity to bring the Tm products, capabilities and resources into our company and enhance our ability to be a leader in the growing molecular diagnostics market."
Tm reported a net loss of $5.6 million on revenue of $2.6 million in its latest quarter, and had a working capital deficiency of $5.7 million at Sept. 30.
Luminex Corporation Announces Agreement to Acquire Tm Bioscience
Thursday December 14, 10:15 pm ET
Opportunity in Molecular Diagnostics
AUSTIN, TX and TORONTO, Dec. 14 /CNW/ - Luminex Corporation (NASDAQ:LMNX - News) and Tm Bioscience Corporation (TSX: TMC - News) today announced a definitive agreement for Luminex to acquire Tm Bioscience Corporation (TSX: TMC - News), a leader in the commercial genetic testing market. Under the terms of the agreement, each Tm Bioscience ("Tm") share will be exchanged for 0.06 shares of Luminex common stock. The per share consideration represents a 41.5 percent premium for Tm shares based on the closing price of a share of Tm common stock and Luminex common stock on December 14, 2006, the last trading day prior to the announcement of the acquisition. Upon completion of this transaction, Tm shareholders will own approximately 9 percent of Luminex outstanding common stock. Completion of the transaction is subject to the approval of Tm shareholders, required regulatory and court approvals, and certain other conditions set forth in the definitive agreement. The transaction is anticipated to close in the first quarter of 2007.
Based in Toronto, Ontario, Canada, Tm is a leading DNA-based diagnostics company developing a suite of molecular diagnostic tests. Tm's products include tests for infectious diseases as well as tests for genetic mutations related to cystic fibrosis, sepsis, personalized medicine and other debilitating genetic disorders. Tm has proprietary technologies that improve the speed, accuracy, flexibility, and cost of DNA-based genetic tests. Tm's cystic fibrosis test is the first multiplexed human disease genotyping test to be cleared by the U.S. Food and Drug Administration (FDA) for diagnostic use in the U.S. For the first nine months of 2006, Tm reported revenue of C$8.6 million, a 62% increase compared with C$5.3 million for the same period a year ago.
Commenting on the announcement, Patrick J. Balthrop, president and chief executive officer of Luminex, stated, "We believe that this transaction has the potential to be a transforming event for Luminex. We are very excited about the opportunity to bring the Tm products, capabilities and resources into our company and enhance our ability to be a leader in the growing molecular diagnostics market.
"As we previously announced, Luminex has been evaluating strategic acquisition candidates to advance our growth strategy. With Tm's cGMP-capable manufacturing, proprietary molecular detection chemistries, assay development expertise and a strong menu of kits and reagents, and the complementary assets and strengths of Luminex's partner-based business model, we intend to work closely with our business partners that have relevant distribution channels or complementary products to leverage this new business to the mutual benefit of Luminex and our partners. As we continue to support our partners in Life Science research and Immunoassay/HLA, molecular diagnostics will be an important growth market for Luminex. We believe this business combination will allow us to accelerate our growth strategy and build shareholder value."
Commenting on the acquisition, Greg Hines, president and chief executive officer of Tm, stated, "After examining all of the options available to the company, we determined that the acquisition of Tm by Luminex was in the best interest of shareholders. During the six years that Luminex and Tm have worked together, we have become convinced that DNA-based diagnostics based on Tm's Universal Array and Luminex's xMAP can establish Luminex as a leader in the fast growing molecular diagnostics market. We believe that Luminex can secure the global reach and scale required to properly exploit Tm's product portfolio. The proposed transaction will enable Tm shareholders to share in the growth of the combined business."
J.P. Morgan Securities Inc. acted as exclusive financial advisor to Luminex in connection with this transaction. The investment banking firm Leerink Swann & Company (Boston, Massachusetts) acted as financial advisor to Tm in connection with the transaction and Westwind Partners (Toronto, Ontario) advised Tm with respect to financing for the transaction.
Management from both companies will host a conference call to discuss this announcement on Friday, December 15, 2006, at 8:00 a.m. Eastern time. The conference call will be webcast live and will be accompanied by a slide presentation, both of which may be accessed at Luminex Corporation's website at http://www.luminexcorp.com or at Tm Bioscience's website at http://www.tmbioscience.com. Simply log on to the web at the address above, go to the Company section and access the Investor Relations link. Please go to the website at least 15 minutes prior to the call to register, download and install any necessary audio/video software. If you are unable to participate during the live webcast, the call and slides will be archived for one year on the website using the 'replay' link.
About Tm Bioscience
Tm Bioscience is a Toronto-based diagnostics company developing a suite of DNA-based tests for genetic disorders, drug metabolism (pharmacogenetics) and infectious diseases. Tm Bioscience has developed and commercialized Analyte Specific Reagents(x) and a series of Tag-It(TM)(xx) tests for a variety of genetic disorders. These tests are based on Tm Bioscience's proprietary Tag-It(TM) Universal Array platform, which utilizes a proprietary universal tag system that allows for easy optimization, product development and expansion. Tm Bioscience's ID-Tag(TM) Respiratory Viral Panel (RVP) is a reliable and cost-effective test designed to play a key role in patient management, infection control and in countering the pandemic threat of respiratory diseases, all with results in less than six hours. The ID-Tag(TM) RVP has received CE mark certification and the company is focused on gaining regulatory clearance from the FDA for the ID-Tag(TM) RVP as an in vitro device (IVD) in the United States. Tm Bioscience's Cystic Fibrosis (CF) test is the first multiplexed human disease genotyping test to be cleared by the FDA as an in vitro device (IVD) for diagnostic use in the U.S. It has also received CE mark certification and Health Canada clearance, allowing the test to be marketed for diagnostic purposes in the European Union and Canada. In addition, the company is developing a companion test for the blood-thinning drug warfarin and a test for patients under treatment for sepsis.
About Luminex
Luminex Corporation develops, manufactures and markets proprietary biological testing technologies with applications throughout the life sciences industry. The company's xMAP(R) system is an open-architecture, multi-analyte technology platform that delivers fast, accurate and cost-effective bioassay results to markets as diverse as pharmaceutical drug discovery, clinical diagnostics and biomedical research, including the genomics and proteomics research markets. The company's xMAP(R) technology is sold worldwide and is in use in leading research laboratories as well as major pharmaceutical, diagnostic and biotechnology companies. Further information on Luminex Corporation or xMAP(R) can be obtained on the Internet at http://www.luminexcorp.com.
Statements made in this release that express Luminex's or management's intentions, plans, beliefs, expectations or predictions of future events are forward-looking statements. The words "believe," "expect," "intend," "estimate," "anticipate," "will," "could," "should" and similar expressions are intended to further identify such forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. It is important to note that the company's actual results or performance could differ materially from those anticipated or projected in such forward-looking statements. Factors that could cause Luminex's actual results or performance to differ materially include risks and uncertainties relating to, among others, market demand and acceptance of Luminex's products, the company's dependence on strategic partners for development, commercialization and distribution of products, concentration of the company's revenue in a limited number of strategic partners, fluctuations in quarterly results due to a lengthy and unpredictable sales cycle and bulk purchases of consumables, Luminex's ability to scale manufacturing operations and manage operating expenses, gross margins and inventory levels, potential shortages of components, competition, the timing of regulatory approvals, the implementation, including any modification, of the company's strategic operating plans, risks and uncertainties associated with implementing our acquisition strategy, including, in particular, the proposed acquisition addressed in this release; and the ability to integrate acquired companies or selected assets into our consolidated business operations, as well as the risks discussed under the heading "Risk Factors" in Luminex's Reports on Forms 10-K and 10-Q, as filed with the Securities and Exchange Commission. The forward-looking statements contained herein represent the judgment of Luminex as of the date of this press release, and Luminex expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward- looking statements to reflect any change in Luminex's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
This press release contains information that is forward-looking information with respect to Tm Bioscience within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or the negative of theses terms or other similar expressions concerning matters that are not historical facts. In particular, statements about the proposed acquisition of Tm Bioscience by Luminex are or involve forward-looking information.
Forward-looking information is based on certain factors and assumptions. While the company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking information, by its nature necessarily involves risks and uncertainties including, without limitation, the difficulty of predicting regulatory approvals, the timing and conditions precedent to obtaining any regulatory approval, market acceptance and demand for new products, the availability of appropriate genetic content and other materials required for the company's products, the company's ability to manufacture its products on a large scale, the protection of intellectual property connected with genetic content, the impact of competitive products, currency fluctuations, risks associated with the company's manufacturing facility, the risk that the company's current process to explore strategic alternatives will result in a transaction and any other similar or related risks and uncertainties. Additional risks and uncertainties affecting the company can be found in the company's 2005 Annual Report, available on SEDAR at www.sedar.com and in the company's Form 20-F, as amended, filed with the U.S. Securities and Exchange Commission and available at www.sec.gov; and as may be set out in the company's management proxy circular in respect of the proposed transaction to be made available, once filed, on SEDAR at www.sedar.com. If any of these risks or uncertainties were to materialize, or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Tm Bioscience obtains US$4 million secured operating credit facility
Tuesday November 28, 10:13 am ET
- Tm also converts US$1.1 million of payments of a previously issued security into shares -
TSX: TMC
TORONTO, Nov. 28 /CNW/ - Tm Bioscience Corporation (TSX: TMC - News), a leader in the commercial genetic testing market, today announced that it has negotiated a US$4 million (CDN$4.5 million) operating credit facility (the "Facility") with Laurus Master Fund, Ltd. ("Laurus"). The Facility is evidenced by a secured convertible term note and is secured by a first general charge over the Company's assets and carries a standby interest rate of 7%, payable in common shares of the Company at a price of CDN$0.71 per share. The interest rate will decrease in relation to increases in the Company's share price over the term of the Facility to a minimum interest rate of 0%. The Facility matures on August 31, 2007. Under certain conditions, Laurus can convert principal drawn under the Facility into common shares at an exercise price of CDN$0.71 per share. Net funds available to the Company under the Facility after transaction costs are approximately US$3.84 million.
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The Company intends to use the funds as required for general operating purposes while the Board of Directors of the Company completes the process of exploring strategic alternatives to enhance shareholder value, including, but not limited to, the sale or merger of the Company. The Company's uses of the funds made available under the Facility are subject to Laurus' approval.
As additional consideration for the Facility, Laurus has been issued a common stock purchase warrant exercisable for 632,727 common shares of the Company at a price of CAD$0.71 per share and expiring five years from the date of closing. The Facility is subject to customary regulatory approvals.
In addition, the Company announced today that it has amended the US$9 million Secured Convertible Term Note issued to Laurus on November 22, 2005 (the "2005 Note") to change the conversion price under the Note in respect of the aggregate payments of principal due on November 1, 2006, December 1, 2006, January 1, 2007 and February 1, 2007 to CAD$0.71. The conversion of such payments of principal, plus a 10% premium on such payments of principal as consideration for the repricing, was completed today by the issuance of 1,957,499 common shares of the Company to Laurus. All other terms of the original Note remain in effect unchanged.
About Tm Bioscience - Putting the Human Genome to Work(TM)
Tm Bioscience (TSX: TMC - News) is a Toronto-based diagnostics company developing a suite of DNA-based tests for genetic disorders, drug metabolism (pharmacogenetics) and infectious diseases.
Tm Bioscience has developed and commercialized Analyte Specific Reagents(x) and a series of Tag-It(TM)(xx) tests for a variety of genetic disorders. These tests are based on Tm Bioscience's proprietary Tag-It(TM) Universal Array platform, which utilizes a proprietary universal tag system that allows for easy optimization, product development and expansion.
Tm Bioscience's ID-Tag(TM) Respiratory Viral Panel (RVP) is a reliable and cost-effective test designed to play a key role in patient management, infection control and in countering the pandemic threat of respiratory diseases, all with results in less than six hours. The ID-Tag(TM) RVP has received CE mark certification and the Company is focused on gaining regulatory clearance from the FDA for the ID-Tag(TM) RVP as an in vitro device (IVD) in the United States.
Tm Bioscience's Cystic Fibrosis (CF) test is the first multiplexed human disease genotyping test to be cleared by the FDA as an in vitro device (IVD) for diagnostic use in the U.S. It has also received CE mark certification and Health Canada clearance, allowing the test to be marketed for diagnostic purposes in the European Union and Canada. In addition, the Company is developing a companion test for the blood-thinning drug warfarin and a test for patients under treatment for sepsis.
For more information, visit http://www.tmbioscience.com.
(x) Analyte Specific Reagent. Analytical and performance characteristics
are not established.
(xx) For Investigational Use Only. The performance characteristics of
these products have not been established.
Forward-Looking Statements
This press release contains information that is forward-looking information within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or the negative of theses terms or other similar expressions concerning matters that are not historical facts.
The Company has initiated a process to explore strategic alternatives to enhance shareholder value, including, but not limited to, the sale or merger of the Company with another entity offering strategic opportunities. Tm Bioscience provides no assurance that the initiation of this process will result in a transaction. The Company does not currently intend to disclose developments with respect to the exploration of strategic alternatives unless and until its Board of Directors has approved a specific transaction.
Forward-looking information, by its nature necessarily involves risks and uncertainties including, without limitation, the difficulty of predicting regulatory approvals, the timing and conditions precedent to obtaining any regulatory approval, market acceptance and demand for new products, the availability of appropriate genetic content and other materials required for the Company's products, the Company's ability to manufacture its products on a large scale, the protection of intellectual property connected with genetic content, the impact of competitive products, currency fluctuations, risks associated with the Company's manufacturing facility, the risk that the Company's current process to explore strategic alternatives will result in a transaction and any other similar or related risks and uncertainties. Additional risks and uncertainties affecting the Company can be found in the Company's 2005 Annual Report, available on SEDAR at www.sedar.com and in the Company's Form 20-F, as amended, filed with the U.S. Securities and Exchange Commission and available at www.sec.gov If any of these risks or uncertainties were to materialize, or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Tm Bioscience Receives FDA Clearance For Cystic Fibrosis DNA Test
Tm Bioscience Corporation has recently announced that its Tag-It™ Cystic Fibrosis (CF) Kit is the first multiplexed human disease genotyping test to be cleared by the U.S. FDA as an in vitro device (IVD) for diagnostic use in the United States.
This DNA based test is used to simultaneously detect and identify mutations and variants in the cystic fibrosis transmembrane conductance regulator (CFTR) gene in human blood specimens in order to determine CF carrier status in adults, as an aid in newborn screening, and in confirmatory diagnostic testing in newborns and children. Performance testing has established that the Tag-It™ CF Kit operates with 100% accuracy, greater than 99.9% reproducibility and precision.
"Clearance by the FDA of a genetic assay for cystic fibrosis provides a highly standardized product for laboratories that offers tremendous benefits to the genetic testing industry, physicians and to patients." said Dr. Michael Watson, Executive Director, American College of Medical Genetics.
Cystic Fibrosis (CF) is the most common autosomal recessive disorder in the Caucasian population, with an incidence of approximately 1 in 3,200 live births. The Tag-It™ Cystic Fibrosis Kit simultaneously screens for the 23 cystic fibrosis transmembrane conductance regulator (CFTR) gene mutations and 4 variants (polymorphisms), as recommended by the American College of Medical Genetics (ACMG) and the American College of Obstetricians and Gynecologists (ACOG) in 2004. In addition, the kit screens for 16 additional mutations prevalent in North America or the world.
Pharmaceutical Processing
Reed Business Information
Tm Bioscience Appoints Cytogenetics Expert
- Company Augments Scientific Advisory Board to Target Broader Markets -
TSX: TMC
TORONTO, Dec. 14 /CNW/ - Tm Bioscience Corporation (Toronto, Ontario;
TSX: TMC), an emerging leader in the commercial genetic testing market, today
announced the appointment of Dr. Daynna Wolff, Director of the Cytogenetics
and Molecular Pathology Laboratories at the University of South Carolina, to
the Company's Scientific Advisory Board (SAB). Dr. Wolff will be a key advisor
supporting the Company's efforts to develop and commercialize diagnostic tests
for cytogenetic disease states, caused by numerical and structural chromosome
abnormalities.
"We have identified several opportunities where our Universal Array
technology could result in products which more rapidly and cost effectively
identify and characterize cytogenetic disease states in a clinical setting,
leading to improved treatment responses. Dr. Wolff is a leading expert in
cytogenetics and will be invaluable as we select our first products to develop
for this large, underserved market," said Greg Hines, President and CEO of
Tm Bioscience. "She will also be the second member of our SAB to hold a
position with the American College of Medical Genetics, which develops
guidelines for genetic testing in the US."
"Currently, virtually all routine clinical cytogenetic analysis involves
procedures that are highly complex and labour intensive, requiring trained
staff to make visual examinations of patient samples via microscopy," said
Dr. Wolff. "The technologies Tm has developed provide the unprecedented
opportunity to create accurate, high throughput and largely automated
diagnostic tools to evaluate chromosomes."
Dr. Daynna Wolff is an Associate Professor of Pathology and Laboratory
Medicine at the University of South Carolina where she is the Director of the
Cytogenetics and Molecular Pathology laboratories. She received her
certification in Clinical Cytogenetics and Clinical Molecular Genetics by the
American Board of Medical Genetics in 1996. Dr. Wolff is a member of the Board
of Directors for the American College of Medical Genetics, is the
Hematopathology representative to the Clinical Practice Committee of the
Association of Molecular Pathology, is a member of the Cytogenetic Resource
Committee of the College of American Pathologists, is a member of the Center
for Disease Control's Resource Committee for Developing Quality Control
Materials for Genetic Testing and serves on several local and departmental
committees and advisory boards.
Dr. Wolff earned her B.A. from the College of Notre Dame of Maryland,
Baltimore in 1985 and a Ph.D. from the Division of Human Genetics, University
of Maryland at Baltimore in 1991. She subsequently completed a post-doctoral
Fellowship in the Department of Genetics at Stanford University and was a
Clinical Cytogenetics and Clinical Molecular Genetics Fellow at the Center for
Human Genetics in Cleveland, Ohio from 1993-1995.
About Tag-It(TM) genetic tests
Tm Bioscience's product menu is focused in the fields of human genetic
disorders, pharmacogenetics and infectious disease. The Company has already
commercialized a series of Tag-It(TM) tests for coagulation genes (Factor V,
Factor II, MTHFR)(*), Cystic Fibrosis gene (CFTR 40+4(*) and ASR(xx) format),
and drug metabolism genes (Tag-It(TM) P450-2D6, P450-2C9, P450-2C19)(*). All
genetic tests from Tm Bioscience are based on the Tag-It(TM) Universal Array
platform, which utilizes a proprietary universal tag system that allows for
easy optimization, product development and expansion. Assays from Tm operate
on the Luminex xMAP(R) system, a well established bead based instrument.
Combined, the Universal Array and Luminex instrument enable the rapid
production of flexible, highly accurate, high-throughput, low-cost DNA-based
tests.
(*) For Research Use Only. Not for use in diagnostic procedures.
(xx)Analyte Specific Reagent. Analytical and performance characteristics
are not established.
About Tm Bioscience - Putting the Human Genome to Work(TM)
Tm Bioscience is a DNA-based diagnostics company developing a suite of
genetic tests. Tm Bioscience's product pipeline includes tests for genetic
disorders, drug metabolism, and infectious diseases. Tm Bioscience is located
in Toronto, Ontario. Additional information about Tm Bioscience can be found
at www.tmbioscience.com.
The TSX Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
MiraiBio Launches MasterPlex(TM) CT Software for the Luminex(R)100 Platform
Monday December 6, 8:08 am ET
WASHINGTON, Dec. 6 /PRNewswire/ -- At the American Society of Cell Biology Conference, MiraiBio, Inc. today previewed MasterPlex(TM) CT control and data collection software for the Luminex®100 multiplex assay detection system. MiraiBio is an authorized software partner of Luminex Corporation. MasterPlex CT software will be commercially available on Dec 29th of this year.
MasterPlex CT provides researchers with integrated control of the Luminex®100 platform. Using predefined Kit Manager and Kit Preference Files, key features of the MasterPlex CT software, assay preparation is significantly reduced, results immediately analyzed, and data seamlessly exported to MiraiBio MasterPlex QT and MasterPlex GT software packages. MasterPlex QT and MasterPlex GT software provides statistical and genotype analyses for data generated on the Luminex system.
Additional MasterPlex CT functionality includes Network Monitor and Action List automation with newly designed dedicated MTP (MasterPlex) Plate. MasterPlex CT's Network Monitor feature tracks the data acquisition status of multiple Luminex100 systems, including current well reading and error status, with graphical presentations. Action List allows customized design of start up and shut down procedures and automated batch process using dedicated MTP plate. All results can be monitored remotely with Network Monitor client software.
"As an authorized software partner of Luminex Corporation, MiraiBio has developed robust, flexible and intuitive software for the Luminex®100 system. By working closely with multiple assay kit manufactures, including LINCO Research and BioSource International Inc. (Nasdaq: BIOI - News), we have been able to reduce assay preparation time and speed data analysis," commented Masakazu Kuji, Chief Executive Officer at MiraiBio. "The Kit Preference Files for LINCO and BioSource assay kits are available now and we expect our MasterPlex CT software to support additional commercial assay kits, including those manufactured by Marligen Bioscience and GenoSpectra, in the near future."
Preference Files for MasterPlex CT can be downloaded from MiraiBio's website at http://www.miraibio.com.
About MiraiBio
MiraiBio, a Hitachi Software Engineering company, brings a wealth of experience and dedication to scientific research and the application of instrumentation and software technology to discovery. Providing innovatively integrated system solutions, MiraiBio enables Genomic and Proteomic research in drug discovery, basic research, and forensics. Closely working with life science researchers and technicians, the company's core mission is to deliver solutions that do far more than follow technology trends; that put tomorrow's research tools into the laboratory today. More information about MiraiBio and their products can be found at the company's web site at: www.miraibio.com.
For additional information regarding this announcement, please contact:
Tateo Nagai
Director of Bioinformatics
MiraiBio Inc.
Phone: 510-337-2000
Email: tnagai@miraibio.com
TSX: TMC
TORONTO, Nov. 29 /PRNewswire-FirstCall/ -- Tm Bioscience Corporation (Toronto, Ontario; TSX: TMC), an emerging leader in the commercial genetic testing market, today announced that it has signed a distribution agreement with Gamidor Diagnostics (Petach Tikva, Israel), a leading distributor of clinical diagnostics in Israel. Under the agreement, Gamidor will have exclusive rights to distribute the Tag-It(TM) menu of genetic tests in Israel for a minimum three-year term that can be extended annually. As Tm launches new products, they can be rolled in to the agreement upon approval of both parties.
"Gamidor, like Tm, is committed to providing its customers with the most advanced and accurate diagnostic technology available," said Greg Hines, President and CEO of Tm Bioscience. "They are the ideal partners to enable Tm to penetrate a major market for our products beyond North America."
Gamidor distributes products in Israel for the world's largest suppliers of clinical diagnostics, including Perkin Elmer Life Sciences and Dade Behring.
"The market for genetic tests is well established in Israel and we anticipate tests from Tm, in particular their Cystic Fibrosis gene test and Ashkenazi Jewish Panel, will be well received," said Yacob Ofer, CEO of Gamidor Diagnostics. "These will be important products to showcase Gamidor's leadership role as a provider of cutting edge diagnostic products."
About Gamidor Diagnostics
The mission of Gamidor Diagnostics is to provide systems, chemicals, reagents and services to clinical and research laboratories in Israel. Gamidor Diagnostics is marketing and customer orientated. It employs a highly motivated and dedicated group of people (30), who understand the customer needs and have the qualifications and experience required to service them.
About Tag-It(TM) genetic tests
Tm Bioscience's product menu is focused in the fields of human genetic disorders, pharmacogenetics and infectious disease. The Company has already commercialized a series of Tag-It(TM) tests for coagulation genes (Factor V, Factor II, MTHFR)(x), Cystic Fibrosis gene (CFTR 40+4 and ASR format)(xx), and drug metabolism genes (Tag-It(TM) P450-2D6, P450-2C9, P450-2C19)(x). All genetic tests from Tm Bioscience are based on the Tag-It(TM) Universal Array platform, which utilizes a proprietary universal tag system that allows for easy optimization, product development and expansion. Assays from Tm operate on the Luminex xMAP(R) system, a well established bead based instrument. Combined, the Universal Array and Luminex instrument enable the rapid production of flexible, highly accurate, high-throughput, low-cost DNA-based tests.
(x) For Research Use Only. Not for use in diagnostic procedures.
(xx) Analyte Specific Reagent. Analytical and performance characteristics
are not established.
About Tm Bioscience - Putting the Human Genome to Work(TM)
Tm Bioscience is a DNA-based diagnostics company developing a suite of genetic tests. Tm Bioscience's product pipeline includes tests for genetic disorders, drug metabolism, and infectious diseases. Tm Bioscience is located in Toronto, Ontario. Additional information about Tm Bioscience can be found at www.tmbioscience.com.
The TSX Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Quelle: TM Bioscience
Leaders join U of T at Scarborough Great Minds
(Gregory Hines TM Bioscience Class of 1972)
http://www.cnw.ca/fr/releases/archive/October2004/19/c2096.html
TORONTO, Oct. 19 /CNW/ - Twenty-five leading Canadians were honoured
Saturday night at the University of Toronto at Scarborough (UTSC). During an
awards ceremony that ended a day of celebration marking the campus's 40th
anniversary, the 25 alumni were recognized for their considerable success in
the fields of business, medicine, rights advocacy, literature, arts, sports
and journalism among others.
40th Anniversary Alumni Award recipients will join the UTSC graduates
already recognized through the Great Minds program. Recipients were nominated
by alumni and other members of the university community.
U of T at Scarborough is a leader in the U of T tri-campus community
offering innovative programs and research opportunities within a closely-knit
and dynamic community. Since its opening in 1964, UTSC has seen its more than
25,000 graduates go on to make significant contributions in their chosen
career fields and communities. The campus held a series of special events and
activities Oct. 14 to 16 to celebrate those great achievements and inspire
current students who will become the business, arts, science, and community
leaders of tomorrow.
40th anniversary award recipients include:
Dr. Justine Blainey-Broker
--------------------------
(Class of 1995)
In 1981, Justine Blainey-Broker wanted nothing else but to play hockey.
She had won a coveted spot to play in the Metro Toronto Hockey League but her
dreams were waylaid when an Ontario Human Rights Code specifically denied the
participation of women players. Blainey-Broker fought the law and finally had
her day in Supreme Court where her appeal was upheld, striking the portion of
the Ontario Code that allowed for sexual discrimination in sports. Blainey-
Broker's perseverance despite cruelty, threats and social pressure opened the
door for women to compete with men in Ontario. Her determined efforts also
helped save the Women's Hockey Team at the University of Toronto and resulted
in equal funding for women's and men's intercollegiate sports. Today, despite
operating a busy chiropractic practice, Blainey-Broker is frequently engaged
to speak about her experience and inspire others to fight for equality.
Dr. Tony Cruz
-------------
(Class of 1974)
Dr. Tony Cruz is a solid example of a modern Renaissance man whose
learning in science is matched only by his business acumen. He is a molecular
biologist that specializes in cell signaling and drug screening systems, but
also has a strong entrepreneurial streak that served to co-found several
biotech companies. Currently a senior scientist at Samuel Lunenfeld Research
Institute and a professor in the Department of Medicine and Pathobiology at
the University of Toronto, Dr. Cruz's work involves studying the pathways that
antagonize or enhance inflammatory responses. He is also the CEO of Transition
Therapeutics Inc., a biopharmaceutical company that is concerned with the
treatment of multiple sclerosis, diabetes and restenosis. A founding member of
the Canadian Arthritis Network, the first National Centre of Excellence to
receive a disease-specific grant, Dr. Cruz's scientific and business
endeavours tell the tale of a truly remarkable career.
Charles Cutts
-------------
(Class of 1969)
Charlie Cutts must have a little showbiz in his blood. How else could a
Scarborough Campus English Literature graduate with 11 years experience as a
chartered accountant become the CEO of The Corporation of Roy Thomson and
Massey Hall? As head of these concert halls, Cutts employs an annual budget of
$18 million to stage some 400 concerts a year. For eight of the past 10 years,
Cuts has helped the halls earn profits without operating subsidies from any
level of government. With experience as CEO of the O'Keefe Centre for the
Performing Arts, now known as the Hummingbird Centre, and many years of
directorship and volunteer officer positions, Cutts is known and respected
throughout the national performing arts community. He is a past chairman of
the board of the Family Services Association of Toronto, and is founding
director and officer of both the Toronto Entertainment District Association
and Canada's Walk of Fame. Cutts has also proven to be a true friend of UTSC
through his good counsel and his support of the arts management program.
Dr. Jon Dellandrea
------------------
(Class of 1973)
Jon Dellandrea has had a long association with UTSC. In 1971 he earned a
B.A. in English Literature from Scarborough and later a doctoral degree in
higher education from the St. George campus. But it was during his
undergraduate years, when Dellandrea played on the Varsity Blues football
team, that he honed the competitive skills that would serve him well in the
intervening years as he advanced the cause of the university. Dellandrea
worked in Scarborough's Athletics Department before becoming Principal Ralph
Campbell's executive assistant. He then moved to the University of Waterloo to
become its chief development officer. He eventually returned to Toronto to a
post with Mount Sinai Hospital, and in 1994, he was recruited back to U of T
where he has played an essential role in the university's fundraising
campaign. So much so, that the campaign reached its $1 billion milestone one
year ahead of schedule. Dellandrea was also instrumental in developing the
first co-op program at UTSC.
Mary di Michele
---------------
(Class of 1972)
Since graduating from UTSC with B.A. in English, Mary di Michele has
become a well-established Canadian writer and is, without a doubt,
Scarborough's most distinguished figure in Canadian letters. A celebrated
poet, author and educator, di Michele's work explores issues of family,
heritage, politics and literary tradition. While she published her first book
of poetry in 1978, it was in 1981 that she became a major voice among the
growing number of Italian-Canadian writers and women poets. di Michele is the
author of nine highly praised books of poetry, including "Debriefing the
Rose", a volume of selected poems. Her second novel, "Tenor of Love" is
scheduled for international publication by Penguin in January 2005 Teaching
creative writing at Concordia, where she also serves as chair of the
department, di Michele inspires and educates as much through her teaching as
through her writing.
Marilyn Sue Emery
-----------------
(Class of 1975)
Marilyn Sue Emery never holds back when it comes to educating her
students. Teaching children with disabilities at Bloorview School can be a
challenge with some students confined to stretcher beds and restricted to
breathing through trachea tubes. But Emery understood the value of educating
her charges in more than just the Ontario curriculum, so she organized outings
to local attractions, craft shows and even pub nights for her older students.
Savouring the extra time she spent teaching life skills, Emery could be found
at a nearby restaurant feeding her young adult students pizza and treating
them to beer through a straw, bringing everyday experiences into the lives of
these special individuals. Emery also works tirelessly as president of the
Ontario District Physical and Health Disabilities Association. What's more,
Emery does all of this from her own wheelchair from which she has embraced the
world since she was a child.
Thomas Enright
--------------
(Class of 1976)
As the president and CEO of Canada NewsWire, the country's number one
resource for time-critical information, Thomas Enright knows a thing or two
about news. Established in 1960, Canada NewsWire is recognized in all major
newsrooms and financial institutions as a key element in the dissemination and
receipt of timely information. Enright's posting at the top of this venerable
organization is the result of a long history of success. He is the former
director of the Toronto Stock Exchange, a former general manager of the
Financial Post and the governor of the Canadian Journalism Foundation. Despite
his busy schedule, Enright also manages to head UTSC's Mentorship Program. He
has mentored several students over the years, and is always willing to speak
to student groups about his professional experiences. Enright also acts as an
advisor to UTSC's principal and is an avid supporter of the Alumni and Friends
Golf Tournament.
Sylvie Fortin
-------------
(Class of 1986)
To say that Sylvie Fortin has an interest in art is perhaps an
understatement. Her recent appointment as editor-in-chief of Atlanta-based Art
Papers, one of the world's top art publications, shows her not only as a
highly qualified art historian and critic but also as an enthusiastic
visionary. As she takes the helm of this renowned publication, the magazine is
also receiving a substantial two-year grant from the Andy Warhol Foundation
and the Utne Independent Press Award for Best Arts Coverage. All of which
means Fortin's role will continue to grow. Having to satisfy more than 25,000
readers in 25 countries, Fortin draws on her skills as a contemporary art
curator, art historian, critic and writer to examine local and international
contemporary art and culture.
George Goldsmith
----------------
(Class of 1970)
George Goldsmith graduated more than thirty years ago, but his
involvement with Scarborough has done nothing but grow. For one, this
president of a successful financial services company has been an important
supporter of the renovations that have returned the historic Miller Lash House
in the Highland Creek Valley to its former glory. Goldsmith has also proven to
be an invaluable part of alumni life at UTSC. He served as a professional
advisor to UTSC principal Paul Thompson, showed an unflagging willingness to
support the campus in any way he could and has actively participated in the
many events surrounding UTSC's current growth. Earlier this year, Goldsmith
worked tirelessly to organize a reunion event for UTSC graduates from the 60s,
70s and early 80s, bringing together almost 100 alumni and friends.
Sue Graham-Nutter
-----------------
(Class of 1981)
Sue Graham-Nutter puts on a celebration that draws one million people
each year. As the executive director, founder and chief organizer of Taste of
the Danforth, Graham-Nutter is at the head of one of Canada's largest
festivals. What began as a small gathering of a few thousand people has grown
into an event that brings in more than a million attendees and pours millions
of dollars into the GTA. In addition, the festival has raised $700,000 for the
Toronto East General Hospital. Beyond the tremendous impact of this once-
modest festival, Graham-Nutter has distinguished herself as a successful
businesswoman, founding her own marketing firm specializing in tourism
promotion. Drawing on her valuable experience as executive assistant to the
deputy minister of Culture and Communications, and as director of Revenue
Development for TVOntario, Graham-Nutter has proven herself a marketing force
to be reckoned with.
Dr. Lorne Greenspan
-------------------
(Class of 1973)
Dr. Lorne Greenspan believes that medicine must not only cure but also
respect and empower the individual. As a senior medical consultant at the
Medcan Clinic, a leading Canadian health management company, he has held
clinical leadership roles that contribute to a high caliber of medical care
using new modalities and innovative risk management strategies. As a member of
Medcan's team of health professionals Greenspan is committed to minimizing the
incidence and duration of illness and injury. His work is part of an
integrated health management approach designed to address escalating health
and disability costs for a variety of North America's premier employers,
financial and government organizations. Prior to Medcan, Greenspan was deputy
clinical director of emergency medicine at the Toronto General Hospital and
remains an assistant professor at the University of Toronto. He has also
shared his expertise consulting for national and international medical
organizations, government and private enterprises.
Gregory Hines
-------------
(Class of 1972)
In the world of genetic testing, Gregory Hines is something of a
revolutionary. As president and CEO of Tm Bioscience, Hines and his team are
advancing the way in which genetic testing for cystic fibrosis and other
debilitating genetic disorders is conducted. They are creating advanced
proprietary technologies that markedly improve the speed, accuracy,
flexibility and cost of DNA-based genetic tests. However, being at the head of
a biotech company is nothing new for Hines. A former consultant with MDS
Capital, Hines also served as president of Spectrum Pharma, a Canadian company
that he founded in 1999. He was also president of Leo Pharma, another company
he founded in 1981. From 1993 to 1999, Hines was a member of the Board of
Pharmaceutical Manufacturers Association of Canada and served as Chairman in
1997 and 1998. While a student at UTSC, Hines founded the campus sailing
school. Today, he continues his involvement with Scarborough Campus as an
advisor and friend.
Rodney Hurd
-----------
(Class of 1970)
For Rodney Hurd, the world is a marvel that everyone should see. It may
come as little surprise that this former student council president at
Scarborough has risen to head TravelCuts, one of the best-recognized travel
organizations in North America. Specializing in discount airfares and budget
travel, Hurd's company has grown into one of the most respected tour companies
in Canada for students and non-students alike. Every year, TravelCuts helps
tens of thousands of young travelers realize their dreams of studying, touring
and living in countries around the world. As president of this organization,
Hurd plays an instrumental role in creating world-class citizens whose
exposure to different cultures helps to close the gap between nations, forging
an ever-tightening bond between the generations that shape tomorrow's global
reality.
Francis Jeffers
---------------
(Class of 1978)
Francis Jeffers knows that scientific innovation comes from one's
community. As founder and president of Visions of Science, Jeffers maintains
close ties to the black community in an ongoing effort to promote science and
technology to African and Caribbean communities. His organization has had a
significant impact on the lives of countless young people, particularly
through its annual forum, showing thousands of minority students that science
is a viable career for them. Jeffers is president and co-founder of the
African Relief Committee in Canada, and he and his wife have recently acquired
The International Black Inventions Museum, a mobile museum that teaches about
the contributions Africans have made to civilization. Widely recognized as a
leader in science and community involvement, Jeffers is a model for the young
people he inspires and the colleagues whose accomplishments he helps
celebrate.
Ali D. Kanji
------------
(Class of 2001)
When he graduated in 2001, Ali D. Kanji made a life-changing decision to
found a non-profit organization to fight the spread of AIDS. Since 60 per cent
of the global HIV population falls into the age group of 15-24, Kanji created
an organization that would employ students to speak to this high-risk group.
Today, as executive director of Aiding Youth for Life, Kanji has enlisted the
help of some 700 young people to provide AIDS awareness to youth around the
world. His efforts, concentrated mostly in Africa, have established eight
chapters worldwide and include plans to open a chapter in India by 2005.
Leading this organization with passion and integrity, Kanji has founded
partnerships with long established aid organizations in Canada to create a
synergistic effort that is fighting this modern plague with a powerful, peer-
led approach.
Alek Krstajic
-------------
(Class of 1989)
Alek Krstajic found his calling in telecommunications. This economics
graduate is currently the chief marketing officer of Consumer Marketing at
Bell Canada. In this role, Krstajic oversees the revenue side of all the
businesses under the Consumer banner. In effect, he's responsible for more
than $8 billion of business. Prior to joining Bell, Krstajic was a senior
executive at Rogers Cable. He is a director on a number of boards for both
public and private companies and has worked tirelessly to identify and connect
with UTSC supporters. A testament to his business skills, Krstajic was named
one of Canada's Top 40 Under 40 in 2002 and recognized as one of the most
influential young leaders in the country. A high performer in the world of
communications, Krstajic is also a world-class sailor and has competed in the
Canada's Cup. A strong UTSC supporter himself, Krstajic has helped Scarborough
Campus navigate its current course of success.
Will Kwan
---------
(Class of 2002)
Will Kwan is an artist with a sense of humour. For one of his most
popular pieces, Don't Toe the Line, Or Toe Your Own Line, he painted a
hopscotch court in the middle of a busy downtown intersection, then stood back
and videotaped pedestrians' reactions. A graduate of the Visual and Performing
Arts Program in 2002, Kwan currently lives and works in New York City where he
recently completed his MFA at Columbia University. Recognized in 2003 by
Maclean's magazine as one of Canada's top ten artists "worth keeping an eye
on", Kwan doesn't disappoint. An outstanding and prolific member of the
Toronto art scene, he is fast fostering an international reputation. He was
the only Canadian invited to create a work in a four-week artist-in-residence
program last year at the 50th Venice Biennale event, and his piece "Pass It
On" was recently presented at the Prague Biennale.
David Lucatch
-------------
(Class of 1985)
David Lucatch is one of those rare entrepreneurs who mixes his keen sense
of business with a penchant for charity. A successful businessman who has
started several ventures since graduating in 1985, Lucatch's endeavours have
included printing, web marketing as well as person-to-person marketing.
Despite this range of business operations, one thing has remained constant:
his dedication to fundraising. In fact, Lucatch has helped raise millions of
dollars for charitable organizations in both Canada and the United States. He
is equally generous with his time, serving as a UTSC mentor and speaking to
student groups on campus. An active member of the Principal's Advisory
Committee, Lucatch has a strong personal interest in supporting the
Scarborough campus, now and well into the future.
Kim McLean
----------
(Class of 1985)
Kim McLean isn't afraid of being first. Like many UTSC, she was the first
in her family to go to university. But that was just the start of many firsts
to come for this aspiring leader. McLean was part of one of the first classes
to graduate from UTSC with a degree in co-op management in 1985. She went on
to finish her MBA at the Rotman School of Business and has since held a series
of progressively senior roles at the U of T. Working in the Planning Office at
the St. George campus, McLean eventually became the director of budget
analysis and planning. Today, she is the chief administrative officer and
assistant principal at UTSC where she oversees a $50 million budget. McLean
sits on Business Board and the Audit Committee for U of T, and represents the
campus on a variety of Search Committees including recent competitions for
UTSC's principal and the provost of U of T.
Cindy Nicholas
--------------
(Class of 1979)
When Cindy Nicholas set out to swim across Lake Ontario, she hadn't
intended to change anyone's life but her own. Decades later, however, her
record-breaking feats continue to inspire generations of swimmers. In 1975,
she set the women's record for the fastest crossing of the English Channel,
and two years later she set a record for the fastest two-way crossing of the
Channel. A member of the Marathon Swimming Hall of Fame, the Canadian Sports
Hall of Fame and a recipient of the Order of Canada, Nicholas provides advice
and encouragement to aspiring distance swimmers. Today, Nicholas is a
successful lawyer and stands as a shining example of the impact a single
person's determination can make to inspire a legion of others.
David Ossip
-----------
(Class of 1988)
David Ossip's company has it right. Workbrain, a scheduling software
company, has designed a solution that enables companies to have the right
people with the right skills do the right jobs at the right time - and all for
a low cost. In December 2003, Workbrain became the first technology company in
three years to go public through an IPO on the Toronto Stock Exchange. Under
Ossip's leadership Workbrain was selected as a 2003 winner of Canada's 50 Best
Managed Companies and recognized by Profit Magazine as the second fastest-
growing company in Canada. In April 2004, Ossip himself was selected to
Canada's Top 40 Under 40 - a program that honours the country's business and
academic elite. He is a member of the Young President's Organization, holds a
MBA from Harvard and demonstrates inspiring success in the tempestuous world
of high technology.
Kevin Thistle
-------------
(Class of 1985)
When Kevin Thistle stands on the first tee block of the Angus Glen Golf
Club, he's at work. As vice-president and general manager of one of Canada's
best public golf courses, Thistle takes his greens seriously - and it has paid
off. Under his direction, Angus Glen brought in $5 million in sales last year,
a figure five times the industry average. In 2002, the course was selected to
host the Canadian Open, an honour only bestowed upon the best-tended, best-
managed courses in the country. Perhaps even more impressive is Thistle's role
as a driving force behind the creation of Angus Glen North, a course that, two
years after opening, was awarded the prestigious 2007 Canadian Open. Thistle
was selected Markham's Business Leader of the Year in 2003 and continues to
inspire students by working as a UTSC mentor. Whether he is volunteering his
time refereeing hockey or organizing UTSC's Alumni and Friends Golf
Tournament, Thistle is a great ambassador for his profession and for the
Scarborough campus.
Dr. Paul Thompson
-----------------
(Class of 1972)
Paul Thompson has seen UTSC as a student, professor, researcher and, for
14 years, as its principal. Not surprisingly, he has seen and effected
considerable change at Scarborough. As a professor of philosophy, he
introduced a Social Issues course that applied theories and tools of ethics
and morality to practical issues like abortion. His class was the first
philosophy class at UTSC to have more than 200 students. Thompson later served
as chair of humanities, and in 1989 became UTSC principal and dean. His tenure
as principal and dean saw a decade of change with the expansion of the co-op
program, the new bachelor of business administration degree and the
strengthening of environmental science programs at the campus. These renowned
programs drove an 86 per cent surge in UTSC enrollment by 2002. Having
completed his term at UTSC, Thompson is now the director for the Institute for
History and Philosophy of Science and Technology at U of T's Victoria College.
Chris Waddell
-------------
(Class of 1974)
As far as Chris Waddell is concerned, business news is where the real
stories can be found. As the first occupant of the Carty Chair in Business and
Financial Journalism at Carleton University, Waddell has developed a business
and financial journalism curriculum that will provide journalists with a solid
grounding in business and economic issues. Teaching newsmakers to understand
financial statements, learn how stock markets operate as well as how the
economy works is essential to developing accurate and insightful coverage of
the business world. With an extensive journalism background that includes work
as a CBC parliamentary bureau chief, a senior editor at the Financial Post, a
reporter with the Globe and Mail and, currently, a political commentator for
CBC's News Online, Waddell has spent a career telling the stories that shape
the world around us.
John Wright
-----------
(Class of 1980)
John Wright pays particular attention to numbers. As the senior vice
president of Public Affairs for Ipsos-Reid, one of North America's most
prestigious public opinion research companies, he knows a lot about the
numbers that affect us every day. Rarely a week goes by without hearing this
Scarborough graduate's enthusiastic voice on national radio or television
expressing with fascination the interesting statistics that shape Canadian
lives. In fact, his enthusiasm for knowledge and learning trace back to his
undergraduate years at UTSC. Wright's efforts as student union president
helped bring about the construction of the desperately needed Bladen Library.
Wright continues to contribute to UTSC campus life speaking to student groups
and advising UTSC on marketing and communications issues. Even in his current
high-profile post, he reminds us all that determination and attention to
details can bring about tremendous change.
Photos of award recipients are available upon request.
www.utsc.utoronto.ca
TM BIOSCIENCE Launches New Multiplex Tag-It(TM) Mutation Detection Kit - Ashkenazi Jewish Panel
Monday October 18, 8:05 am ET
http://biz.yahoo.com/prnews/041018/to049_1.html
- The Tag-It(TM) Ashkenazi Jewish Panel(x), consolidating eight genetic tests into one, demonstrates the power of multiplexing -
TSX: TMC
TORONTO, Oct. 18 /PRNewswire-FirstCall/ - Tm Bioscience Corporation (Toronto, Ontario; TSX: TMC), an emerging leader in the commercial genetic testing market, today announced the launch of its newest Tag-It(TM) Mutation Detection Kit - the Ashkenazi Jewish Panel (AJP), a single genetic test that combines mutation detection for eight disease states into one assay.
"It's great to see our existing customer base demanding this product. These types of combined tests have the power to revolutionize the genetic testing industry," said Greg Hines, President and CEO of Tm Bioscience. "Our single eight-disease mutation detection test will allow commercial laboratories to consolidate eight different testing benches, greatly reducing costs and labour, providing capacity to run other companion Tag-It(TM) assays like our Cystic Fibrosis Mutation detection test. This product showcases the flexibility of our platform, which we are leveraging to drive the development of a broad range of innovative tests for both established and emerging opportunities in the fast growing genetic testing arena."
The Tag-It(TM) Mutation Detection Kit - Ashkenazi Jewish Panel provides simultaneous detection of 30 different mutations associated with eight diseases in a multiplex format. These diseases include: Tay-Sachs disease, Canavan Disease, Familial Dysautonomia, Gaucher Disease, Bloom Syndrome, Fanconi Anemia, Neimann-Pick, and Mucolipidosis Type IV. Powerful software provides the results of detecting mutations in one, several, or all eight genes associated with these diseases in an easy to read report.
The American College of Obstetricians and Gynecologists currently recommend carrier screening for Tay-Sachs disease, Canavan disease and familial dysautonomia in the Ashkenazi Jewish population. Tay-Sachs disease mutations are also found in higher frequencies among populations of Irish descent (an estimated 35 million persons in the US), who can also be tested by the same kit.
"Unlike two dimensional gene chips," explained Dr. Richard Janeczko, Chief Scientific Officer, "the Tag-It(TM) platform's bead based format provides multiplex testing without sacrificing performance. The science behind the AJP assay is just another example of the flexibility and potential of this platform, which is generating a lot of excitement in the industry."
About Tag-It(TM) genetic tests
Tm Bioscience's product menu is focused in the fields of human genetic disorders, pharmacogenetics and infectious disease. The Company has already commercialized a series of Tag-It(TM) tests for coagulation genes (Factor V, Factor II, MTHFR)(x), Cystic Fibrosis gene (CFTR 40+4 and ASR format)(xx), and drug metabolism genes (Tag-It(TM) P450-2D6, P450-2C9, P450-2C19)(x). All genetic tests from Tm Bioscience are based on the Tag-It(TM) Universal Array platform, which utilizes a proprietary universal tag system that allows for easy optimization, product development and expansion. Assays from Tm operate on the Luminex xMAP® system, a well established bead based instrument. Combined, the Universal Array and Luminex instrument enable the rapid production of flexible, highly accurate, high-throughput, low-cost DNA-based tests.
(x) For Research Use Only. Not for use in diagnostic procedures.
(xx) Analyte Specific Reagent. Analytical and performance characteristics
are not established.
About Tm Bioscience - Putting the Human Genome to Work(TM)
Tm Bioscience is a DNA-based diagnostics company developing a suite of genetic tests. Tm Bioscience's product pipeline includes tests for genetic disorders, drug metabolism, and infectious diseases. Tm Bioscience is located in Toronto, Ontario. Additional information about Tm Bioscience can be found at www.tmbioscience.com.
Tm Bioscience Completes Share Consolidation
17:00 EDT Monday, June 21, 2004
TORONTO, June 21 /CNW/ - Tm Bioscience Corporation (TSX: TMC) today announced the completion of the consolidation of its issued and outstanding common shares on the basis of one (1) post-consolidation share for every five (5) pre-consolidation common shares.
"The common share consolidation, which follows our recently announced graduation to the TSX on April 12th, is another significant step forward in our Company's strategic evolution from a junior technology issuer to an established commercial enterprise," said Jim Pelot, Chief Financial Officer of Tm BioScience.
Tm Bioscience shareholders approved the consolidation of shares at the Company's annual and special meeting of shareholders held on June 2, 2004. All materials necessary to effect the share consolidation have been filed with the Toronto Stock Exchange (TSX) and trading of the Company's common shares on a consolidated basis is expected to commence on the TSX on Friday, June 25, 2004. The common shares of the Company will continue to trade under the symbol "TMC".
Letters of transmittal describing the details of the consolidation and the process by which to obtain share certificates representing the consolidated common shares are expected to be mailed out to registered shareholders of the Company on Tuesday, June 22, 2004. Registered shareholders may also obtain copies of the letter of transmittal by contacting their brokers or the Company's transfer agent, CIBC Mellon Trust Company.
Shareholders of Tm Bioscience who hold their shares through their broker or other intermediary and do not have actual share certificates registered in their name will not be required to complete and return a letter of transmittal. Any pre-consolidation common shares owned by such shareholders will automatically be adjusted as a result of the consolidation to reflect the applicable number of post-consolidation common shares owned by them and no further action is required to be taken by such shareholders. If as a result of the consolidation a shareholder becomes entitled to a fractional share, such fractions will be rounded down to the nearest whole number.
About Tm Bioscience
Tm Bioscience is a DNA-based diagnostics company developing a suite of genetic tests. Tm Bioscience's product pipeline includes tests for genetic mutations related to hematology, cystic fibrosis, drug metabolism and other debilitating genetic disorders. Tm Bioscience is located in Toronto, Ontario. Additional information about Tm Bioscience can be found at www.tmbioscience.com.
Included in this press release are forward-looking statements with respect to the Company. These forward-looking statements by their nature necessarily involve risk and uncertainties that could cause the actual results to differ materially from those contemplated by such statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions readers that these assumptions may ultimately prove to be incorrect due to certain risks and uncertainties including, without limitation, the difficulty of predicting regulatory approvals, market acceptance and demand for new products, the availability of appropriate genetic content, the protection of intellectual property connected with genetic content, the impact of competitive products and any other similar or related risks and uncertainties. If any of these risks or uncertainties were to materialize, or if assumptions underlying the forward-looking statements of management were to prove incorrect, actual results of the Company could vary materially from those that are expressed or implied by these forward-looking statements.
/For further information: INVESTOR RELATIONS CONTACTS: Equicom Group Contact (Canada): James Smith, The Equicom Group, Tel.: (416) 815-0700, Fax: (416) 815-0080, Email: jsmith(at)equicomgroup.com; Euro RSCG Life NRP Contact (U.S.): Sharon Weinstein, Account Supervisor, Euro RSCG Life NRP, Tel.: (212) 845-4271, Fax: (212) 845-4260, Email: sharon.weinstein(at)eurorscg.com; To request a free copy of this organization's annual report, please go to http://www.newswire.ca and click on reports(at)cnw./
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