YMB YM Bio.'b'ser1

    YM BioSciences closes US $ 40 million financing

 

    MISSISSAUGA, ON, Feb. 17 /CNW/ - YM BioSciences Inc. (AMEX:YMI, TSX:YM,

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

closed its previously announced "registered direct" offering of 9,436,471

million common shares at an issue price of US $4.25 for gross proceeds of

approximately US $40 million. SG Cowen & Co., LLC served as lead placement

agent and Dundee Securities Corporation and Canaccord Capital Corporation

served as co-placement agents for the transaction.

    The funds will be used principally to fund YM's drug development

activities.

 

    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.

In addition to tesmilifene, YM BioSciences is developing nimotuzumab, an anti-

EGFr humanized monoclonal antibody, in a number of indications.

    In May 2005, the Company acquired DELEX Therapeutics Inc., a private

clinical stage biotechnology company developing AeroLEF(TM), a unique

inhalation delivered formulation of the established drug, fentanyl, to treat

acute pain including cancer pain. YM BioSciences is also developing its anti-

GnRH, anti-cancer vaccine, Norelin(TM), for which Phase II data have been

released. The Company also has a portfolio of preclinical compounds.

 

    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: Thomas Fechtner, The Trout Group

LLC, Tel. (212) 477-9007 x31, Fax (212) 460-9028, Email:

tfechtner@troutgroup.com; Carolyn McEwen, YM BioSciences Inc., Tel.

(905) 629-9761, Fax (905) 629-4959, Email: ir@ymbiosciences.com; James

Smith, the Equicom Group Inc., Tel. (416) 815-0700 x 229, Fax (416) 815-0080,

Email: jsmith@equicomgroup.com

    (YMBA)

 



END

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