Luminex Corporation And Tm Bioscience Corporation Announce Completion Of Acquisition Of Tm Bioscience By Luminex



    AUSTIN, Texas and TORONTO, Ontario, March 1 /CNW/ -- Luminex Corporation
(Nasdaq:   LMNX) and Tm Bioscience Corporation (TSX: TMC) today announced that
the parties have closed the previously announced definitive agreement for
Luminex Corporation to acquire all of the outstanding common shares of Tm
Bioscience Corporation, a leader in the commercial genetic testing market. 
Pursuant to the terms of the agreement, each Tm common share will be exchanged
for 0.06 shares of Luminex common stock.  As a result of the completion of
this transaction, Tm shareholders will own approximately 9.0 percent of
Luminex outstanding common stock.  The transaction was approved by Tm
shareholders and optionholders at a special meeting of shareholders held
February 23, 2007, and has also met all required regulatory and court
approvals, and certain other conditions set forth in the definitive agreement.
    Commenting on the announcement, Patrick J. Balthrop, president and chief
executive officer of Luminex, said, "We are pleased that the Tm Bioscience
transaction has closed. We believe that this transaction has the potential to
be a transforming event for Luminex.  We are excited to bring the Tm products,
capabilities and resources into our company, which will enhance our ability to
be a leader in the growing molecular diagnostics market."
    "With Tm's cGMP-capable manufacturing, proprietary molecular detection
chemistries, assay development expertise and a strong menu of kits and
reagents, and the complementary assets and strengths of Luminex's partner-
based business model, we intend to work closely with our business partners
that have relevant distribution channels or complementary products to leverage
this new business to the mutual benefit of Luminex and our partners. We
believe that the capabilities of our combined company will allow us to
accelerate our growth strategy and build shareholder value," Balthrop
concluded.
    "By acquiring Tm Bioscience, Luminex has significantly increased its
critical mass and enhanced its competitive strength," said Greg Hines,
president and chief executive officer of Tm Bioscience.  "The combined
companies will realize significant business and technology synergies and
Luminex will bring to bear the global reach and scale required to properly
exploit the enormous potential of Tm's leading franchise in molecular
diagnostics."

    
    About Luminex
    
    Luminex Corporation develops, manufactures and markets proprietary
biological testing technologies with applications throughout the life sciences
industry.  The company's xMAP(R) system is an open-architecture, multi-analyte
technology platform that delivers fast, accurate and cost-effective bioassay
results to markets as diverse as pharmaceutical drug discovery, clinical
diagnostics and biomedical research, including the genomics and proteomics
research markets.  The company's xMAP(R) technology is sold worldwide and is
in use in leading research laboratories as well as major pharmaceutical,
diagnostic and biotechnology companies.  Further information on Luminex
Corporation or xMAP(R) can be obtained on the Internet at
http://www.luminexcorp.com.

    
    About Tm Bioscience
    
    Tm Bioscience is a Toronto-based diagnostics company developing a suite
of DNA-based tests for genetic disorders, drug metabolism (pharmacogenetics)
and infectious diseases.  Tm Bioscience has developed and commercialized
Analyte Specific Reagents(*) and a series of Tag-It(TM)(*)(*) tests for a variety of
genetic disorders. These tests are based on Tm Bioscience's proprietary
Tag-It(TM) Universal Array platform, which utilizes a proprietary universal
tag system that allows for easy optimization, product development and
expansion.  Tm Bioscience's ID-Tag(TM) Respiratory Viral Panel (RVP) is a
reliable and cost- effective test designed to play a key role in patient
management, infection control and in countering the pandemic threat of
respiratory diseases, all with results in less than six hours.  The ID-Tag(TM)
RVP has received CE mark certification and the company is focused on gaining
regulatory clearance from the FDA for the ID-Tag(TM) RVP as an in vitro device
(IVD) in the United States.  Tm Bioscience's Cystic Fibrosis (CF) test is the
first multiplexed human disease genotyping test to be cleared by the FDA as an
in vitro device (IVD) for diagnostic use in the U.S.  It has also received CE
mark certification and Health Canada clearance, allowing the test to be
marketed for diagnostic purposes in the European Union and Canada. In
addition, the company is developing a companion test for the blood-thinning
drug warfarin and a test for patients under treatment for sepsis.
    Statements made in this release that express Luminex's or management's
intentions, plans, beliefs, expectations or predictions of future events are
forward-looking statements. The words "believe," "expect," "intend,"
"estimate," "anticipate," "will," "could," "should" and similar expressions
are intended to further identify such forward-looking statements for purposes
of the Private Securities Litigation Reform Act of 1995. It is important to
note that the company's actual results or performance could differ materially
from those anticipated or projected in such forward-looking statements.
Factors that could cause Luminex's actual results or performance to differ
materially include risks and uncertainties relating to, among others, market
demand and acceptance of Luminex's products, the company's dependence on
strategic partners for development, commercialization and distribution of
products, concentration of the company's revenue in a limited number of
strategic partners, fluctuations in quarterly results due to a lengthy and
unpredictable sales cycle and bulk purchases of consumables, Luminex's ability
to scale manufacturing operations and manage operating expenses, gross margins
and inventory levels, potential shortages of components, competition, the
timing of regulatory approvals, the implementation, including any
modification, of the company's strategic operating plans, risks and
uncertainties associated with implementing our acquisition strategy,
including, in particular, the acquisition addressed in this release; and the
ability to integrate acquired companies or selected assets into our
consolidated business operations, including the ability to recognize the
benefits of Luminex's acquisitions as well as the risks discussed under the
heading "Risk Factors" in Luminex's Reports on Forms 10-K and 10-Q, as filed
with the Securities and Exchange Commission. The forward-looking statements
contained herein represent the judgment of Luminex as of the date of this
press release, and Luminex expressly disclaims any intent, obligation or
undertaking to release publicly any updates or revisions to any forward-
looking statements to reflect any change in Luminex's expectations with regard
thereto or any change in events, conditions or circumstances on which any such
statements are based.
    This press release contains information that is forward-looking
information with respect to Tm Bioscience within the meaning of applicable
securities laws.  In some cases, forward-looking information can be identified
by the use of terms such as "may", "will", "should", "expect", "plan",
"anticipate", "believe", "intend", "estimate", "predict", "potential",
"continue" or the negative of theses terms or other similar expressions
concerning matters that are not historical facts.
    Forward-looking information is based on certain factors and assumptions.
While Tm considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect.

    Forward-looking information by its nature necessarily involves risks and
uncertainties including, without limitation, the difficulty of predicting
regulatory approvals, the timing and conditions precedent to obtaining any
regulatory approval, market acceptance and demand for new products, the
availability of appropriate genetic content and other materials required for
Tm's products, Tm's ability to manufacture its products on a large scale, the
protection of intellectual property connected with genetic content, the impact
of competitive products, currency fluctuations, risks associated with Tm's
manufacturing facility, the risk that Tm's current process to explore
strategic alternatives will result in a transaction and any other similar or
related risks and uncertainties. Additional risks and uncertainties affecting
Tm can be found in the company's 2005 Annual Report, available on SEDAR at
www.sedar.com and in the company's Form 20-F, as amended, filed with the U.S.
Securities and Exchange Commission and available at www.sec.gov; and as may be
set out in Tm's management proxy circular in respect of the  transaction filed
on SEDAR at www.sedar.com.  If any of these risks or uncertainties were to
materialize, or if the factors and assumptions underlying the forward-looking
information were to prove incorrect, actual results could vary materially from
those that are expressed or implied by the forward-looking information
contained herein.  Tm disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.





For further information:

For further information: Harriss T. Currie, Vice President, Finance and 
Chief Financial Officer, +1-512-219-8020, or hcurrie@luminexcorp.com, or Greg 
Hines, President and CEO, +1-416-593-4323, or ghines@tmbioscience.com, both 
of Luminex Corporation Web Site: http://www.luminexcorp.com

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