YM reveals details of payment for Eximias

By Elaine Rigoli

Tampa, Fla., April 17 - YM BioSciences, Inc. provided additional information regarding its planned acquisition of Eximias Pharmaceutical Corp.

Eximias, with cash resources in excess of $30 million, may pay certain Eximias shareholders in cash, provided that at closing Eximias cash resources will be a minimum of $25 million, according to a news release.

YM will purchase Eximias for a number of common shares equivalent to the cash resources of Eximias at closing, or about 4.5 million shares at the minimum, as well as a premium of about 450,000 shares in recognition of the value of the organization, the release said.

YM's common shares will be issued at the volume-weighted average price for the five-day period prior to the closing of the transaction but limited to a range of 15% of the five-day volume-weighted average price on April 13, the date of signing, the release said.

The transaction is expected to close in early May, subject to the satisfaction of certain closing conditions.

Eximias, based in Berwyn, Pa., is a privately held pharmaceutical company engaged in the acquisition, development and commercialization of products for the treatment of cancer and cancer-related disorders.

YM BioSciences, based in Mississauga, Ont., is a cancer-product development company.

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