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Last updated on April 24, 2014 at 17:35 EDT

YM BioSciences Reports Divestiture of Nimotuzumab Assets by CIMYM

December 3, 2012

MISSISSAUGA, ON, Dec. 3, 2012 /PRNewswire/ – YM BioSciences Inc. (NYSE MKT: YMI, TSX: YM) today reported that CIMYM BioSciences Inc. has sold its assets relating
to nimotuzumab to InnoKeys PTE Ltd., a company based in Singapore, for
undisclosed consideration including an immediate US$2 million payment.
CIMYM was a joint venture subsidiary 80% owned by YM BioSciences and
20% owned by CIMAB S.A. (representing Centro de Inmunología Molecular,
Cuba). CIMAB S.A. has reported it has partnered with InnoKeys and they
have incorporated a joint venture called InnoMab PTE Ltd, which is now
the owner of the assets related to nimotuzumab.

“This agreement allows YM to focus entirely on our lead drug, CYT387,
and our pre-clinical programs,” said Dr. Nick Glover, President and CEO
of YM BioSciences. “In turn, InnoMab has been formed to focus on the
continued development and commercialization of nimotuzumab and operate
directly with CIMYM’s former sub-licensees to further build the
nimotuzumab franchise and leverage its value.”

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 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
will generate positive efficacy and safety data in ongoing and future
clinical trials. 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.

SOURCE YM BioSciences Inc.


Source: PR Newswire