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Tm Bioscience Posts Higher Q3 Revenues, Net Loss

NEW YORK, Nov. 7 (GenomeWeb News) - Tm Bioscience reported today a doubling of its third-quarter revenues, despite a slight increase in its net loss, as research and development spending dropped about 43 percent.


For the third quarter, Tm's revenues jumped to $2.2 million from $1.1 million in the year-ago period.


The company's net loss for the quarter inched up to $3.1 million, or $.07 per share, from $3 million, or $.09 per share, a year earlier.


Tm's R&S costs in the third quarter dropped to $661,963 from about $1.2 million in the same quarter last year, although total expenses rose to roughly $4.5 million from about $4 million as the company added employees in the marketing and business development, finance and administration, technical support, and medical and regulatory areas.


As of Sept. 30, Tm had cash and cash equivalents totaling $537,768.  


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