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YM BioSciences Reports Operational and Financial Results for the First Quarter of Fiscal 2013

November 9, 2012

MISSISSAUGA, ON, Nov. 9, 2012 /PRNewswire/ - YM BioSciences Inc. (NYSE MKT: YMI, TSX: YM), a drug development company advancing hematology and cancer related
products, today reported operational and financial results for the
first quarter of fiscal 2013, ended September 30, 2012.

“During the quarter we prepared for pivotal trials with CYT387 while
continuing to explore potential opportunities to further develop and/or
commercialize our drug with other companies,” said Dr. Nick Glover,
President and CEO of YM BioSciences. “We look forward to reporting
final results from the 166 patient Phase I/II study of CYT387 in
myelofibrosis, which have been selected for presentation in an Oral
Session at the 2012 Annual Meeting of the American Society of
Hematology.”

Summary Financial Results (CDN dollars)
The interim consolidated financial statements and comparative
information for fiscal 2013 have been prepared in accordance with
International Financial Reporting Standards (“IFRS”).

Revenue, generated from out-licensing remained constant for the first
quarter of fiscal 2013 ending September 30, 2012 at $0.3 million
compared with $0.3 million for the first quarter of fiscal 2012 ending
September 30, 2011.

Net finance income was $0.4 million for the first quarter of fiscal 2013
compared to net finance income of $7.5 million for the first quarter of
fiscal 2012. The changes in net finance income are primarily
attributable to changes in the fair value adjustment for USD warrants.
Under IFRS, warrants denominated in a different currency than the
Company’s functional currency must be classified as a financial
liability and measured at fair value, with changes reflected in profit
or loss. For the first quarter of fiscal 2013, the Company realized a
gain of $1.7 million on the revaluation of warrants, compared to a gain
of $5.4 million for the first quarter of fiscal 2012.

Licensing and product development expenses were $7.2 million for the
first quarter of fiscal 2013 compared with $6.5 million for the first
quarter of fiscal 2012. Development expenses for CYT387 increased due
to preparations for the Phase III program in myelofibrosis, the
extension of the Phase I/II clinical trial in myelofibrosis, ongoing
costs associated with the BID study, pre-clinical development
activities, and manufacturing of drug for these programs.

General and administrative expenses were $2.0 million for the first
quarter of fiscal 2013 compared to $2.2 million for the first quarter
of fiscal 2012, primarily due to lower non-cash share-based
compensation expense.

Net loss for the first quarter of fiscal 2013 was $8.5 million ($0.05
per share) compared to $0.9 million ($0.01 per share) for the same
period last year.

As at September 30, 2012 the Company had cash and short-term deposits
totaling $125.5 million and accounts payable and accrued liabilities
totaling $5.0 million compared to $132.5 million and $3.1 million
respectively as at June 30, 2012.

As at September 30, 2012 the Company had 157,546,793 common shares and
7,366,418 warrants outstanding.

Notice of Meeting:
YM’s Annual Meeting of Shareholders will be held on November 20, 2012,
at 4:00 p.m. ET at the offices of Norton Rose Canada LLP, Boardrooms A
& B, 38th Floor, 200 Bay Street, Royal Bank Plaza South Tower, Toronto,
Ontario. The management proxy circular documents and annual financial
documents were mailed to shareholders on October 8, 2012, and are
available online at www.ymbiosciences.com, www.edgar.com and www.sedar.com.

About YM BioSciences
YM BioSciences Inc. is a drug development company primarily focused on
advancing CYT387, an orally administered inhibitor of both the JAK1 and
JAK2 kinases, which have been implicated in a number of hematological
and immune cell disorders including myeloproliferative neoplasms and
inflammatory diseases as well as certain cancers. Positive interim
results have been reported from a Phase I/II trial of CYT387 in 166
patients with myelofibrosis. YM’s portfolio also includes nimotuzumab,
a humanized monoclonal antibody targeting EGFR with an enhanced
side-effect profile over currently marketed EGFR-targeting antibodies.
Nimotuzumab is being evaluated in numerous Phase II and III trials
worldwide. In addition, YM has several preclinical programs underway
with candidates from its library of novel compounds identified through
internal research conducted at YM BioSciences Australia.

This press release may contain forward-looking statements, which reflect
the Company’s current expectation regarding future events. These
forward-looking statements involve risks and uncertainties that may
cause actual results, events or developments to be materially different
from any future results, events or developments expressed or implied by
such forward-looking statements. Such factors include, but are not
limited to, changing market conditions, the successful and timely
completion of clinical studies, the establishment of corporate
alliances, the impact of competitive products and pricing, new product
development, uncertainties related to the regulatory approval process
or the ability to obtain drug product in sufficient quantity or at
standards acceptable to health regulatory authorities to complete
clinical trials or to meet commercial demand; and other risks detailed
from time to time in the Company’s ongoing quarterly and annual
reporting. Certain of the assumptions made in preparing forward-looking
statements include but are not limited to the following: that CYT387
and nimotuzumab will generate positive efficacy and safety data in
ongoing and future clinical trials, and that YM as well as CIMYM’s
various licensees will complete their respective clinical trials and
disclose data within the timelines communicated in this release. Except
as required by applicable securities laws, we undertake no obligation
to publicly update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise.

YM BIOSCIENCES INC.
Condensed Consolidated Interim Statements of Financial Position
(Expressed in Canadian dollars, unless otherwise noted)
(Unaudited)


                                      September 30,        June 30,

                                               2012           2012 

    Assets

    Current assets:

      Cash and cash equivalents     $    82,612,892 $    87,140,020

      Short-term deposits                42,933,445      45,310,288

      Accounts receivable                   259,492         252,884

      Prepaid expenses                      168,989         257,780

      Total current assets              125,974,818     132,960,972

    Non-current assets:

      Property and equipment                 65,387          62,118

      Intangible assets                   1,502,678       2,629,682

      Total non-current assets            1,568,065       2,691,800

    Total assets                    $   127,542,883 $   135,652,772

    Liabilities and Equity

    Current liabilities:

      Accounts payable              $     1,321,253 $       803,421

      Accrued liabilities                 3,661,511       2,262,972

      Share purchase warrants             5,567,344       7,221,040

      Deferred revenue                      381,270         381,270

      Total current liabilities          10,931,378      10,668,703

    Non-current liabilities:

      Deferred revenue                    1,461,535       1,556,853

      Total non-current liabilities       1,461,535       1,556,853

    Equity

      Share capital                     340,173,078     340,173,078

      Contributed surplus                16,984,637      16,712,315

      Deficit                         (242,007,745)   (233,458,177)

      Total equity                      115,149,970     123,427,216

    Total liabilities and equity    $   127,542,883 $   135,652,772

Approved by the Board and authorized for issue on November 8, 2012:

Tryon M. Williams, Director

Dr. Nick Glover, Director

YM BIOSCIENCES INC.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
(Expressed in Canadian dollars, unless otherwise noted)
(Unaudited)


                                                     Three months ended

                                                        September  30,

                                                      2012           2011

    Revenue:

      Out-licensing                           $     310,145 $     250,728

    Expenses:

      Licensing and product development           7,203,847     6,487,847

      General and administrative                  2,021,699     2,160,148

                                                  9,225,546     8,647,995

    Loss before the undernoted                  (8,915,401)   (8,397,267)

    Finance income                                1,950,215     7,502,577

    Finance costs                               (1,584,382)             -

    Net loss for the period and comprehensive $ (8,549,568) $   (894,690)
    loss

    Basic and diluted loss per common share   $      (0.05) $      (0.01)

YM BIOSCIENCES INC.
Condensed Consolidated Interim Statements of Changes in Equity
(Expressed in Canadian dollars, unless otherwise noted)
(Unaudited)


                                 Share capital         Contributed                                  

                            Number          Amount         surplus           Deficit           Total

    Balance, June      157,546,793   $ 340,173,078   $  16,712,315   $ (233,458,177)   $ 123,427,216
    30, 2012

    Capital
    transactions
    (note 8)

    Net loss for                                                         (8,549,568)     (8,549,568)
    the period

    Transactions
    affecting
    owners of the
    Company,
    recognized
    directly in
    equity:

      Share-based                -               -         272,322                 -         272,322
      compensation

      Shares
      issued on                  -               -               -                 -               -
      exercise of
      options

    Total
    transactions
    affecting                    -               -         272,322                 -         272,322
    owners of the
    Company

    Balance,
    September 30,      157,546,793   $ 340,173,078   $  16,984,637   $ (242,007,745)   $ 115,149,970
    2012

                                 Share capital         Contributed                                  

                            Number          Amount         surplus           Deficit           Total

    Balance, June      116,681,948   $ 264,548,643   $  15,144,062   $ (213,141,438)   $  66,551,267
    30, 2011

    Capital
    transactions 

    Net loss for                 -               -               -         (894,690)       (894,690)
    the period

    Transactions
    affecting
    owners of the
    Company,
    recognized
    directly in
    equity:

      Share-based                -               -       1,065,654                 -       1,065,654
      compensation

      Shares
      issued on             29,500          38,008        (15,558)                 -          22,450
      exercise of
      options

    Total
    transactions
    affecting               29,500          38,008       1,050,096                 -       1,088,104
    owners of the
    Company

    Balance,
    September 30,      116,711,448   $ 264,586,651   $  16,194,158   $ (214,036,128)   $  66,744,681
    2011

 

YM BIOSCIENCES INC.
Condensed Consolidated Interim Statements of Cash Flows
(Expressed in Canadian dollars, unless otherwise noted)
(Unaudited)


                                                      Three months ended

                                                          September 30,

                                                       2012            2011

    Cash provided by (used in):                                            

    Operating activities:                                                  

      Net loss for the period                 $ (8,549,568)   $   (894,690)

      Items not involving cash:                                            

        Depreciation of property and                 11,931          16,584
        equipment

        Amortization of intangible assets         1,127,004       1,127,004

        Interest earned                           (296,519)       (154,476)

        Unrealized (gain) loss on cash and          330,949     (1,983,577)
        cash equivalents

        Share-based compensation                    272,322       1,065,654

        Change in fair value of share           (1,653,696)     (5,360,739)
        purchase warrants

      Changes in non-cash working capital
      balances:

        Short-term deposits                       (141,836)       (165,305)

        Accounts receivable                         (6,608)        (61,466)

        Prepaid expenses                             88,791         175,712

        Accounts payable                            517,832         138,023

        Accrued liabilities                       1,398,539        (88,723)

        Deferred revenue                           (95,318)       (148,518)

      Net cash used in operating activities     (6,996,177)     (6,334,517)

    Investing activities:                                                  

      Proceeds from sale of short-term            2,518,679       1,818,420
      deposits

      Purchase of short-term deposits                     -       (800,000)

      Interest earned                               296,519         154,476

      Additions to property and equipment          (15,200)         (4,300)

      Net cash provided by investing              2,799,998       1,168,596
      activities

    Financing activities:                                                  

      Issuance of common shares on exercise               -          22,450
      of options

      Net cash provided by financing                      -          22,450
      activities

    Decrease in cash and cash equivalents       (4,196,179)     (5,143,471)

    Impact of foreign exchange rates on           (330,949)       1,983,577
    cash

    Cash and cash equivalents, beginning of      87,140,020      32,046,630
    period

    Cash and cash equivalents, end of         $  82,612,892   $  28,886,736
    period

 

 

SOURCE YM BioSciences Inc.


Source: PR Newswire