Tm BIOSCIENCE ANNOUNCES FINANCING OF APPROXIMATELY $4.7 MILLION CAD ($3.0 MILLION
USD)
- Company advances to Tier 1 Status on the TSX Venture Exchange -
TORONTO, ON, September 17, 2002 — Tm Bioscience Corporation (TSX Venture: TMC) has entered into a
commitment letter with MDS Capital (“MDSC”), on behalf of its managed fund, Canadian Medical Discoveries Fund
Inc. (“CMDF”), for debt financing in the principal amount of approximately CAD $4.7 Million (U.S. $3.0 Million). The
deal is expected to close early in the fourth quarter of 2002. Tm Bioscience and the TSX Venture Exchange expect to
announce the promotion of Tm Bioscience to Tier 1 status effective Thursday, September 19, 2002 in the Research and
Development category.
“This minimally dilutive financing ensures that we are funded to complete the development, manufacturing and
commercialization of a suite of genetic tests for Coagulation, P450, Cystic Fibrosis, Melanoma and others.” said Greg
Hines, President and CEO of Tm Bioscience. “Prior to this funding we were confident we could develop and
commercialize at least two of these test products. The commercialization of a suite of tests will entrench our leadership
in the growing, untapped, genetic testing arena.” CMDF will receive, in connection with the financing, that number of common share purchase warrants (the
“Warrants”) equal to the sum of U.S. $600,000 divided by the exercise price, whic h exercise price shall be equal to the
weighted average of the closing price of the common shares on the TSX Venture Exchange during the 5 days prior to
the closing. The Warrants will be exercisable by CMDF at any time prior to the fifth anniversary date of the closing,
subject to rights of the Corporation to force an early exercise of the Warrants by CMDF upon specified increases in the
stock price any time after 20 months from the closing.
The closing of the financing is expected to be completed early in the fourth quarter of 2002 and is subject to finalization
of definitive loan and security documentation and receipt of approval of the TSX Venture Exchange.
In addition to the financing, Tm Bioscience expects to be promoted to Tier 1 status on the TSX Venture Exchange. The
promotion allows the Company to elect to be governed by the regulatory framework of a TSX listed company.
“Our track record of meeting our milestones and enhancing the fundamentals of the Company over the past two years
has enabled us to meet the requirements for Tier 1 status.” added Mr. Hines. “We look forward to the increased
credibility and profile this new status will provide.”
About the Canadian Medical Discoveries Fund
The Canadian Medical Discoveries Fund is Canada's most mature health science labour-sponsored venture capital fund,
with more than $310 million in managed assets. Established in 1994 and available across Canada, CMDF has venture
capital investments in approximately 40 companies involved in health sciences, biotechnology,
diagnostics, medical devices, drug discovery and development, health care delivery services and e-health. CMDF is managed by MDS
Capital.
INVESTOR RELATIONS CONTACT:
James Smith
The Equicom Group Inc.
416-815-0700 ext.229
jsmith@equicomgroup.com
www.tmbioscience.com www.equicomgroup.com
About MDS Capital
With more than $900 million under management, MDS Capital is focused exclusively on providing financial support and
other services to support the building of emerging life science companies. MDS Capital operates in a strategic
relationship with MDS Inc. (TSX:MDS, NYSE:MDZ), a global health and life sciences company with revenues of $1.6
billion. With over 10,000 employees operating in 23 countries around the world, MDS is focused on diagnostic services,
drug discovery and delivery technology, and radioisotopes for sterilization and cancer treatment.
About Tm Bioscience – Putting the Human Genome to Work™
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, toxicology and other debilitating
genetic disorders. The lead product from Tm Bioscience is the Tm100 Universal Array, a microarray “operating
system” capable of combining any set of 100 single DNA tests and performing them simultaneously in a single reaction.
The Tm100 universal microarray is accurate, fast, flexible, economical and suitable as an industry standard. Tm
Bioscience is located in Toronto, Ontario. Additional information about Tm Bioscience can be found at
www.tmbioscience.com.
CONTACT:
Alan Coley James Smith Eric Fredrickson
Vice President, Investor Relations Investor and Media Inquiries Director, Investor Relations
416-593-4323 ext.237 416-815-0700 ext.229 MDS Capital
416-593-1066 fax 416-815-0080 fax 416-213-4660
acoley@tmbioscience.com jsmith@equicomgroup.com
416-213-4232
efredrickson@mdsintl.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
