YMB YM Bio.'b'ser1

    YM BioSciences to acquire Eximias Pharmaceutical Corporation

 

    - U.S. based Eximias to become a wholly-owned subsidiary of YM -

 

    MISSISSAUGA, ON, April 13 /CNW/ - YM BioSciences Inc. (AMEX:YMI, TSX:YM,

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

entered into a definitive agreement to acquire Eximias Pharmaceutical

Corporation (Berwyn, Pennsylvania), a privately-held pharmaceutical company

engaged in the acquisition, development and commercialization of products for

the treatment of cancer and cancer-related disorders. Upon completion of the

transaction, Eximias will become a wholly-owned subsidiary of YM operating as

YM BioSciences USA Inc. and will serve as YM's base of operations in the

United States. Eximias employs a seasoned management team and has cash

resources in excess of $30M.

    The merger consideration will consist of part-cash and part-common shares

of YM, with at least US$25 million of the merger consideration consisting of

YM common shares. The definitive agreement has been approved by the Boards of

Directors of both companies and by the stockholders of Eximias. Approval by YM

shareholders is not required. The transaction is expected to close in early

May 2006, subject to the satisfaction of certain closing conditions. In order

to maintain compliance with United States securities laws, communications

regarding the transaction must remain limited until closing, at which time

management intends to schedule a conference call with investors and analysts.

    Upon completion of the transaction, Mr. David Allan will continue as

Chairman and CEO of YM BioSciences and several appointments will be made to

YM's Board of Directors and management team. Ms. Gail Schulze, currently

President and CEO of Eximias, will become President of YM BioSciences and CEO

of YM BioSciences USA Inc., as well as a Director of YM. Ms. Schulze has more

than 25 years of pharmaceutical industry experience. Dr. James Barrett,

currently a member of the Eximias Board of Directors, will become a Director

of YM. The other eight members of YM's Board of Directors will continue to

serve in their current capacity.

    The current management team of YM BioSciences will remain in place and

expanded to include senior members of the Eximias management team in Clinical,

Regulatory, Marketing, Manufacturing and Corporate Development.

    The YM common shares to be offered to Eximias stockholders pursuant to

the transactions have not been and will not be registered under the United

States Securities Act of 1933, as amended (the "Act"), and may not be offered

or sold in the United States absent registration or an applicable exemption

from the registration requirements of the Act.

 

 

    For further information: David Allan, CEO, YM BioSciences Inc., Tel:

(905) 629-9761; Gail Schulze, President and CEO, Eximias Pharmaceutical

Corporation, Tel: (610) 560-0665

    (YMBA)



END

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