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YM BioSciences reports second quarter 2010 operational and financial results
Published on 2010-02-08 14:10:19 - Signed agreement with Therapure Biopharma, under which it will formulate and fill nimotuzumab into sterile vials in its aseptic, GMP-certified, and Health Canada-licensed fill suite in Mississauga, Canada. - Utilizing YM's IntelliMab(TM) technology, the collaboration between the National Research Council of Canada's Biotechnology Research Institute (NRC-BRI) and YM resulted in a number of antibodies that bind optimally to HER2/neu-over-expressing breast cancer cells while minimally binding to HER2 on normal cardiac cells. - Cytopia Limited commenced enrollment of a Phase I/II trial evaluating CYT387, a potent, orally-administered JAK1/JAK2 inhibitor that is currently being conducted at Mayo Clinic in Rochester, MN. - Results showing that nimotuzumab in combination with metronomic chemotherapy (in frequent, low doses) in an advanced triple-negative breast cancer preclinical model is safe and effective, were presented in a poster at the 2009 AACR-NCI-EORTC Molecular Targets and Cancer Therapeutics conference in Boston, MA. - Results for CYT997 demonstrating that when administered metronomically, CYT997 is able to produce potent vascular disrupting effects in tumors (colon adenocarcinoma xenograft model), and in combination with cisplatin dosed weekly leads to enhanced antitumor effects compared to cisplatin alone, were presented in a poster by Cytopia Limited at the 2009 AACR-NCI-EORTC Molecular Targets and Cancer Therapeutics conference in Boston, MA. - Positive 48-month survival data for nimotuzumab were the subject of an oral presentation at the American Society for Therapeutic Radiology and Oncology (ASTRO) 2009 Annual Meeting in Chicago, IL. The trial was a randomized, four-arm study treating patients with inoperable, locoregionally-advanced, stage III/IVa head-and-neck cancer with radiation alone, chemoradiation alone, or radiation or chemoradiation in combination with nimotuzumab. - Additional results from a Phase III study in children with glioma, demonstrating that children and adolescents with this inoperable cancer were able to stay at home or attend school while undergoing treatment with nimotuzumab, were presented at the International Society of Paediatric Oncology (SIOP) in Sao Paulo, Brazil. YM BIOSCIENCES INC. Interim Consolidated Balance Sheets (Expressed in Canadian dollars, unless otherwise indicated)
December 31, June 30, 2009 2009
(Unaudited) Assets Current assets: Cash $ 30,728,304 $ 2,337,716 Short-term deposits 5,173,645 39,713,042 Accounts receivable 441,815 564,584 Prepaid expenses 142,024 352,850
36,485,788 42,968,192 Property and equipment 80,830 96,876 Intangible assets 2,474,597 3,004,868
$ 39,041,215 $ 46,069,936
Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 537,272 $ 431,028 Accrued liabilities 930,734 486,723 Deferred revenue 2,553,762 2,549,568
4,021,768 3,467,319 Deferred revenue 1,616,168 2,898,292 Shareholders' equity: Share capital 173,023,140 172,921,153 Contributed surplus 13,510,415 13,035,123 Deficit (153,130,276) (146,251,951)
33,403,279 39,704,325 Basis of presentation Commitments Subsequent event
$ 39,041,215 $ 46,069,936
YM BIOSCIENCES INC. Interim Consolidated Statements of Operations and Comprehensive Income and Deficit (Expressed in Canadian dollars, unless otherwise indicated)
Three months ended Six months ended December 31, December 31, 2009 2008 2009 2008
(Unaudited) (Unaudited) Out-licensing revenue $ 697,583 $ 1,832,224 $ 1,425,121 $ 3,047,169 Interest income 13,174 365,067 32,293 807,688
710,757 2,197,291 1,457,414 3,854,857 Expenses: Licensing and product development 2,372,946 4,421,428 4,808,994 8,266,612 General and adminis- trative 1,699,330 1,193,209 3,483,762 2,340,587
4,072,276 5,614,637 8,292,756 10,607,199
Loss before the undernoted (3,361,519) (3,417,346) (6,835,342) (6,752,342) Gain (loss) on foreign exchange (7,130) 79,684 (33,877) 91,887 Gain (loss) on short-term deposits (6,888) 163,277 (9,106) 22,718 Other income - - - 307,140
Loss and comprehensive loss for the period (3,375,537) (3,174,385) (6,878,325) (6,330,597) Deficit, beginning of period (149,754,739) (136,338,697) (146,251,951) (133,182,485)
Deficit, end of period $(153,130,276) $(139,513,082) $(153,130,276) $(139,513,082)
Basic and diluted loss per common share $ (0.06) $ (0.06) $ (0.12) $ (0.11)
Weighted average number of common shares outstanding 55,888,710 55,835,356 55,862,879 55,835,356 Excludes common shares held in escrow for contingent additional payment related to the acquisition of Delex Therapeutics Inc. 2,380,953 2,380,953 2,380,953 2,380,953
YM BIOSCIENCES INC. Interim Consolidated Statements of Cash Flows (Expressed in Canadian dollars, unless otherwise indicated)
Three months ended Six months ended December 31, December 31, 2009 2008 2009 2008
(Unaudited) (Unaudited) Cash provided by (used in): Operating activities: Loss for the period $ (3,375,537) $ (3,174,385) $ (6,878,325) $ (6,330,597) Items not involving cash: Amortiza- tion of property and equipment 17,331 18,844 33,583 37,476 Amortiz- ation of intangible assets 265,135 265,136 530,271 530,271 Loss (gain)on short-term deposits 6,888 (163,277) 9,106 (22,718) Stock-based compensation 118,046 189,223 514,690 379,556 Change in non-cash operating working capital: Accounts receivable and prepaid expenses 87,560 (191,057) 333,595 (300,897) Accounts payable, accrued liabili- ties and deferred revenue (722,825) (1,585,637) (727,675) (2,268,645)
(3,603,402) (4,641,153) (6,184,755) (7,975,554) Financing activities: Issuance of common shares on exercise of options 51,165 - 62,589 - Investing activities: Short-term deposits, net 25,422 (174,312) 34,530,291 13,025,814 Additions to property and equipment (13,974) (2,332) (17,537) (15,036)
11,448 (176,644) 34,512,754 13,010,778
Increase (decrease) in cash (3,540,789) (4,817,797) 28,390,588 5,035,224 Cash, beginning of period 34,269,093 12,972,210 2,337,716 3,119,189
Cash, end of period $ 30,728,304 $ 8,154,413 $ 30,728,304 $ 8,154,413
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