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Tm Bioscience Announces $CA25 Million R&D Project with $CA7.3 Million Government Funding

NEW YORK, Dec. 3 (GenomeWeb News) - Tm Bioscience has announced a $CA25 million ($19.2 million) R&D project to develop genetic tests, which will be supported by a $CA7.3 million investment from an arm of the Canadian government, Technology Partnerships Canada.

 

The project, according to Tm, will include construction of a pilot manufacturing facility and development of five genetic tests that will meet regulatory standards, by a target date oin 2006.

 

Under the deal, Tm of Toronto said it will pay TPC a royalty on revenue from the products, and will issue TPC $CA2.5 million in five-year common share purchase warrants on Dec. 31, 2005, subject to regulatory approval.

 

Tm currently markets a P450-2D6 test and a CFTR40 test based on its Tag-It 100 analyte microarray technology. The company also says it is developing drug metabolism gene tests for the P450-2C9 and P450-2C19 genes, and a test panel for common hereditary disease genes.

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