YMB YM Bio.'b'ser1

    YM BioSciences completes acquisition of DELEX

 

    MISSISSAUGA, ON, May 3 /CNW/ - YM BioSciences Inc. (AMEX:YMI, TSX:YM,

AIM:YMBA), the cancer product development company, today announced it has

completed the purchase of DELEX Therapeutics Inc. (Mississauga, Canada), a

private clinical stage biotechnology company developing inhalation delivered

fentanyl products to treat cancer pain. DELEX's lead product is AeroLEF(TM), a

proprietary technology for the treatment of acute and breakthrough pain that

has completed preliminary efficacy trials and will undergo further Phase II

efficacy trials in 2005.

    "This acquisition significantly enhances our portfolio of late-stage

cancer-focused products. By concentrating on the entire cancer market and

diversifying our pipeline across technologies and target populations, we are

providing our shareholders with numerous opportunities to realize value while

mitigating risk," said David Allan, Chairman and CEO of YM BioSciences. "The

technology from DELEX targets the approximately $3 billion market for

fentanyl-based products that is driven by the total number of patients

suffering from cancer pain, which in the U.S. alone exceeds the patient

populations for the 50 most common cancers combined. AeroLEF(TM) is designed

to deliver both rapid onset of relief as well as sustained relief, an advanced

approach to treating pain that uniquely addresses the broader fentanyl market

rather than a single subset."

    Through this acquisition, DELEX becomes a wholly-owned subsidiary of

YM BioSciences. In consideration for their shares and the accompanying working

capital in DELEX, YM BioSciences issued to the DELEX shareholders 1,587,302

common shares upon closing of the transaction. As previously disclosed, YM may

issue up to 1,825,396 additional common shares in escrow that will be released

in tranches on specific dates and up to 2,777,779 common shares in escrow that

will be released only if specific milestones are achieved. On receipt of U.S.

regulatory approval, if any, for AeroLEF(TM) or any product using DELEX's

technology, YM BioSciences will make an additional payment to the DELEX

shareholders of $4.75 million in cash and/or common shares.

 

    About DELEX

    DELEX is advancing AeroLEF(TM), a proprietary technology for the

treatment of acute and breakthrough pain, conditions that are common in cancer

patients and underserved by existing technology. AeroLEF(TM) is an inhalation

delivery system that delivers both free and liposomal encapsulated fentanyl,

an opioid drug widely prescribed to treat cancer pain. This product has

completed a Phase IIa trial with positive results and further efficacy trials

in acute and cancer pain are planned for initiation in 2005.

 

    About YM BioSciences

    YM BioSciences Inc. is a cancer product development company. Its lead

drug, tesmilifene, is a small molecule chemopotentiator currently undergoing a

700-patient pivotal Phase III trial in metastatic and recurrent breast cancer.

Published results from tesmilifene's first Phase III trial demonstrated a

substantial increase in survival in the same indication for women treated with

the combination of tesmilifene and chemotherapy compared to chemotherapy

alone, which demonstrated that tesmilifene significantly enhanced the

therapeutic effect of chemotherapy. In addition to tesmilifene, the Company is

developing TheraCIM-hR3, an EGFr humanized monoclonal antibody with positive

Phase II results in glioma and head & neck cancers, and a GnRH anti-cancer

vaccine that is in earlier stage clinical trials.

 

    Except for historical information, this press release may contain

forward-looking statements, which reflect the Company's current expectation

regarding future events. These forward-looking statements involve risk and

uncertainties, which may cause 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 and other risks detailed from time to time in the Company's

ongoing quarterly and annual reporting.

 

    For further information: Enquiries: James Smith, The Equicom Group Inc.,

Tel. (416) 815-0700 x229, Email: jsmith(at)equicomgroup.com; Carolyn McEwen,

YM BioSciences Inc., Tel. (905) 629-9761, Fax (905) 629-4959,

Email: ir(at)ymbiosciences.com

    (YMBA)

 



END

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