TPC invests $7.3 million in genetic testing technology

Tm Bioscience Corp is directing $7.3 million in new funding from Technology Partnerships Canada (TPC) towards its $25-million genetic testing program. The Toronto-based company has developed a patented micro array technology that allows up to 100 genetic tests to be run simultaneously. Its new research program includes construction of a pilot scale manufacturing facility and development of at least five genetic tests. Under the agreement, TPC will receive royalty revenues and, subject to regulatory approval, $2.5 million worth of five-year common share purchase warrants on December 31/05.