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Tm Bioscience Reports Increased Revenue, Losses for Year 2003

NEW YORK, March 5 (GenomeWeb News) - Tm Bioscience reported increased revenue as well as increased net losses for the year 2003 in its year-end earnings report, released yesterday.

 

Total revenues in the year 2003 were $1.2 million, compared with $25,500 in 2002.

 

R&D expenses for the company rose to $3 million for the full-year 2003, compared with $2.5 million in 2002.

 

Net losses for the year were $7.8 million, or $.06 per share, in 2003. This compares with losses of $5.5 million, or $.05 per share, in 2002.

 

As of Dec. 31, 2003, Tm Bioscience had $2.7 million in cash and cash equivalents.

 

Tm Bioscience did not report revenues by quarter until the third quarter of 2003.

 

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