YM BioSciences says first-quarter revenue up on strength of nimotuzumab licenses

By Lisa Kerner

Charlotte, N.C., Nov. 10 - YM BioSciences Inc. said its total revenue for the first quarter ended Sept. 30 was up at $1.7 million, from $243,000 for the same period last year. The company attributed the increase to the licenses for nimotuzumab to Innogene Kalbiotech Private Ltd. for countries in Southeast Asia and Africa and to Daiichi Pharmaceutical Co., Ltd. for Japan.

Total operating expenses rose in the first quarter to $9.7 million, from $6.2 million in the prior-year period.

General and administrative expenses increased to $1.9 million in the first quarter of fiscal 2007, compared with $1.4 million for the first quarter of fiscal 2006.

YM BioSciences' licensing and product development expenses increased in the period to $7.9 million, from $4.8 million for the first quarter of fiscal 2006, due mainly to the addition of a senior management team with the acquisition of Eximias Pharmaceutical Corp. as well as increased expenditures on nimotuzumab.

The company reported a net loss for the fiscal first quarter of $8.1 million, or $0.15 per share, compared with a net loss of $5.9 million, or $0.15 per share, for the same period of last year.

At Sept. 30, YM BioSciences had cash, cash equivalents and short-term deposits totaling $93.9 million and current liabilities of $1.6 million. The company had cash and equivalents of $88.3 million and liabilities of $3.7 million at June 30.

"Our pivotal phase 3 trial for tesmilifene is nearing completion, with the third of a number of interim analyses anticipated shortly," chairman and chief executive officer David Allan said in a news release about the company's recent quarter.

"We continue to expect the complete set of mature data for our lead anticancer drug will be available in calendar 2007."

Also during the quarter, the Office of Foreign Assets Control of the U.S. Treasury Department issued a license allowing YM BioSciences to import nimotuzumab into the United States in order to conduct a clinical trial in children with inoperable brain cancer.

YM BioSciences develops oncology products and is located in Mississauga, Ont..

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