Tm Bioscience Corp fka TMC

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Tm Bioscience Completes Share Consolidation
17:00 EDT Monday, June 21, 2004



TORONTO, June 21 /CNW/ - Tm Bioscience Corporation (TSX: TMC) today announced the completion of the consolidation of its issued and outstanding common shares on the basis of one (1) post-consolidation share for every five (5) pre-consolidation common shares.

"The common share consolidation, which follows our recently announced graduation to the TSX on April 12th, is another significant step forward in our Company's strategic evolution from a junior technology issuer to an established commercial enterprise," said Jim Pelot, Chief Financial Officer of Tm BioScience.

Tm Bioscience shareholders approved the consolidation of shares at the Company's annual and special meeting of shareholders held on June 2, 2004. All materials necessary to effect the share consolidation have been filed with the Toronto Stock Exchange (TSX) and trading of the Company's common shares on a consolidated basis is expected to commence on the TSX on Friday, June 25, 2004. The common shares of the Company will continue to trade under the symbol "TMC".

Letters of transmittal describing the details of the consolidation and the process by which to obtain share certificates representing the consolidated common shares are expected to be mailed out to registered shareholders of the Company on Tuesday, June 22, 2004. Registered shareholders may also obtain copies of the letter of transmittal by contacting their brokers or the Company's transfer agent, CIBC Mellon Trust Company.

Shareholders of Tm Bioscience who hold their shares through their broker or other intermediary and do not have actual share certificates registered in their name will not be required to complete and return a letter of transmittal. Any pre-consolidation common shares owned by such shareholders will automatically be adjusted as a result of the consolidation to reflect the applicable number of post-consolidation common shares owned by them and no further action is required to be taken by such shareholders. If as a result of the consolidation a shareholder becomes entitled to a fractional share, such fractions will be rounded down to the nearest whole number.

About Tm Bioscience

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, drug metabolism and other debilitating genetic disorders. Tm Bioscience is located in Toronto, Ontario. Additional information about Tm Bioscience can be found at www.tmbioscience.com.

Included in this press release are forward-looking statements with respect to the Company. These forward-looking statements by their nature necessarily involve risk and uncertainties that could cause the actual results to differ materially from those contemplated by such statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions readers that these assumptions may ultimately prove to be incorrect due to certain risks and uncertainties including, without limitation, the difficulty of predicting regulatory approvals, market acceptance and demand for new products, the availability of appropriate genetic content, the protection of intellectual property connected with genetic content, the impact of competitive products and any other similar or related risks and uncertainties. If any of these risks or uncertainties were to materialize, or if assumptions underlying the forward-looking statements of management were to prove incorrect, actual results of the Company could vary materially from those that are expressed or implied by these forward-looking statements.

/For further information: INVESTOR RELATIONS CONTACTS: Equicom Group Contact (Canada): James Smith, The Equicom Group, Tel.: [phone], Fax: [phone], Email: jsmith(at)equicomgroup.com; Euro RSCG Life NRP Contact (U.S.): Sharon Weinstein, Account Supervisor, Euro RSCG Life NRP, Tel.: [phone], Fax: [phone], Email: sharon.weinstein(at)eurorscg.com; To request a free copy of this organization's annual report, please go to http://www.newswire.ca and click on reports(at)cnw./