N@N

YM BioSciences third quarter 2010 operational and financial results

^{Published on 2010-05-13 04:40:21 - Market Wire}
 

 - Merged Cytopia (now YM BioSciences Australia), a clinical-stage, drug development company based in Melbourne, Australia, into YM. - Cleared by the US FDA to enroll patients at US clinical sites into two ongoing randomized, double-blind Phase II trials of our lead product, nimotuzumab. - Expanded the current Phase I/II clinical trial in myelofibrosis through an earlier-than-planned initiation of the Phase II component of the study for CYT387, the company's highly selective and potent JAK1/2 inhibitor. - Had two posters accepted for presentation at the American Association for Cancer Research (AACR) Annual Meeting held on April 17-21 in Washington, DC. - Presented posters on CYT387 and CYT997, the Company's novel vascular disrupting agent, at the Lorne Cancer Conference in Lorne, Victoria, Australia. - Published pivotal preclinical data for CYT387 as a First Edition in the premier hematology journal Blood. - Had granted two additional patents in the US for AeroLEF(R), our proprietary, inhaled-delivery composition of free and liposome- encapsulated fentanyl for the treatment of moderate to severe acute pain. - Reported positive results on the selective activity of a highly potent antibody-radionuclide with nimotuzumab in breast cancer cells resulting from a collaboration with researchers at the University of Toronto. - Appointed Rogerio C. Lilenbaum, M.D., M. Sc., Minesh Mehta, M.D., and Roman Perez-Soler, M.D., together with two additional leading US oncologists have to a US Consultative Committee to YM on the ongoing development YM's anti-cancer products. - Closed registered direct offering for gross proceeds of approximately US $17.5 million. 

 YM BIOSCIENCES INC. Interim Consolidated Balance Sheets (Expressed in Canadian dollars, unless otherwise indicated) ------------------------------------------------------------------------- March 31, June 30, 2010 2009 ------------------------------------------------------------------------- (Unaudited) Assets Current assets: Cash $ 27,862,417 $ 2,337,716 Short-term deposits 20,149,367 39,713,042 Accounts receivable 390,714 564,584 Prepaid expenses 129,589 352,850 ----------------------------------------------------------------------- 48,532,087 42,968,192 Property and equipment 95,794 96,876 Intangible assets 14,982,168 3,004,868 ------------------------------------------------------------------------- $ 63,610,049 $ 46,069,936 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 1,084,901 $ 431,028 Accrued liabilities 2,142,707 486,723 Deferred revenue 1,527,596 2,549,568 ----------------------------------------------------------------------- 4,755,204 3,467,319 Deferred revenue 2,031,888 2,898,292 Shareholders' equity: Share capital 200,168,284 172,921,153 Share purchase warrants 1,473,246 - Contributed surplus 13,802,582 13,035,123 Deficit (158,621,155) (146,251,951) ----------------------------------------------------------------------- 56,822,957 39,704,325 Basis of presentation Commitments Subsequent event ------------------------------------------------------------------------- $ 63,610,049 $ 46,069,936 ------------------------------------------------------------------------- ------------------------------------------------------------------------- YM BIOSCIENCES INC. Interim Consolidated Statements of Operations, Comprehensive Income and Deficit (Expressed in Canadian dollars, unless otherwise indicated) ------------------------------------------------------------------------- Three months ended Nine months ended March 31, March 31, 2010 2009 2010 2009 ------------------------------------------------------------------------- (Unaudited) (Unaudited) Out-licensing revenue $ 690,585 $ 776,127 $ 2,115,706 $ 3,823,296 Interest income 18,901 201,635 51,194 1,009,323 ------------------------------------------------------------------------- 709,486 977,762 2,166,900 4,832,619 Expenses: Licensing and product development 4,526,244 3,259,177 9,335,238 11,525,789 General and administrative 1,623,900 1,190,039 5,107,662 3,530,626 ----------------------------------------------------------------------- 6,150,144 4,449,216 14,442,900 15,056,415 ------------------------------------------------------------------------- Loss before the undernoted (5,440,658) (3,471,454) (12,276,000) (10,223,796) Gain (loss) on foreign exchange (39,418) 51,122 (73,295) 143,009 Loss on short-term deposits (10,803) (54,507) (19,909) (31,789) Other income - - - 307,140 ------------------------------------------------------------------------- Loss and comprehensive loss for the period (5,490,879) (3,474,839) (12,369,204) (9,805,436) Deficit, beginning of period (153,130,276) (139,513,082) (146,251,951) (133,182,485) ------------------------------------------------------------------------- Deficit, end of period $(158,621,155) $(142,987,921) $(158,621,155) $(142,987,921) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Basic and diluted loss per common share $ (0.09) $ (0.06) $ (0.21) $ (0.18) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Weighted average number of common shares outstanding 64,286,027 55,835,356 58,639,741 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 Nine months ended March 31, March 31, 2010 2009 2010 2009 ------------------------------------------------------------------------- (Unaudited) (Unaudited) Cash provided by (used in): Operating activities: Loss for the period $ (5,490,879) $ (3,474,839) $ (12,369,204) $ (9,805,436) Items not involving cash: Amortiza- tion of property and equipment 14,708 19,806 48,291 57,282 Amortiza- tion of intangible assets 1,016,482 265,135 1,546,753 795,406 Loss on short-term deposits 10,803 56,219 19,909 33,501 Stock-based compensation 179,394 195,023 694,084 574,579 Change in non-cash operating working capital: Accounts receivable and prepaid expenses 250,722 255,258 584,317 (45,639) Accounts payable, accrued liabili- ties and deferred revenue (840,332) (767,508) (1,568,007) (3,036,153) ----------------------------------------------------------------------- (4,859,102) (3,450,906) (11,043,857) (11,426,460) Financing activities: Issuance of common shares on exercise of options 21,550 - 84,139 - Net proceeds from issuance of shares and warrants 16,067,710 - 16,067,710 - ----------------------------------------------------------------------- 16,089,260 - 16,151,849 - Investing activities: Short-term deposits, net (14,986,525) 4,233,479 9,543,766 17,259,293 Additions to property and equipment (19,099) (19,114) (36,636) (34,150) ----------------------------------------------------------------------- (15,005,624) 4,214,365 19,507,130 17,225,143 ------------------------------------------------------------------------- Increase (decrease) in cash (3,775,466) 763,459 24,615,122 5,798,683 Net cash assumed on acquisition 909,579 - 909,579 - Cash, beginning of period 30,728,304 8,154,413 2,337,716 3,119,189 ------------------------------------------------------------------------- Cash, end of period $ 27,862,417 $ 8,917,872 $ 27,862,417 $ 8,917,872 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Supplemental disclosure of non-cash transactions: Issuance of common shares on acquisition of Cytopia Limited $ 12,515,903 $ - $ 12,515,903 $ - Issuance of stock options on acquisition of Cytopia Limited 126,000 - 126,000 - Issuance of broker warrants 175,371 - 175,371 - ------------------------------------------------------------------------- -------------------------------------------------------------------------