December 12, 2003

News Release: Tm Bioscience announces $10 million equity financing

Tm Bioscience Corporation (TSX-V; TMC) announced today that it has entered into an agreement to issue approximately 31.3 million units at a price of $0.32 per unit for total gross proceeds to the Company of approximately $10 million. Each unit will consist of one common share and one-half of one common share purchase warrant of the Company. Each full common share purchase warrant will entitle the holder to purchase one common share of the Company at an exercise price of $0.40 at any time on or prior to a date that is 18 months from the date of the closing date of the private placement financing, currently expected for December 19, 2003. The units will be offered for sale to accredited investors on a best efforts basis by Loewen, Ondaatje, McCutcheon Limited acting as lead placement agent, supported by Dlouhy Merchant Group Inc. and Vengate Capital Partners Limited. The Company has granted the agents an option to increase the size of the private placement to up to $12 million. Closing of the private placement financing is subject to certain customary conditions, including the execution of a definitive agency agreement and receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

'These funds are primarily for working capital purposes and to finance further development of new products,'said Greg Hines, President and CEO of Tm Bioscience. 'The monies raised through this placement will see the Company through to break-even, expected in the fourth quarter of 2004 or first quarter of 2005. We are very excited about our prospects in 2004 as we tap into the explosive growth in the genetic diagnostic sector, and the Company's business continues to progress in accordance with the plan set out in our 2002 Annual Report.'

Over the last two quarters, the Company has launched two more products, secured purchase agreements with two of the seven largest U.S. diagnostic laboratories, including one of the pre-eminent medical organizations in the world, the Mayo Clinic, and recorded its first product revenues. In addition, the Company's manufacturing facility received certification to U.S., European and Canadian regulatory standards.

About Tm Bioscience - Putting the Human Genome to Work(TM)

Tm Bioscience is a DNA-based diagnostics company commercializing a menu of tests for the rapidly growing genetic testing market. Tm Bioscience's product pipeline includes tests for genetic mutations related to hematology, cystic fibrosis, toxicology and other debilitating genetic disorders. Tm Bioscience is located in Toronto, Ontario. Additional information about Tm Bioscience can be found at www.tmbioscience.com.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

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For further information: CONTACT: James Smith, Investor and MediaInquiries, (416) 815-0700 ext.229, 416-815-0080 fax,jsmith(at)equicomgroup.com

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