Statement re YM BioSciences Raises US$40 MIllion
February 14 2006 - 9:44AM
UK Regulatory
YM BioSciences raises US $ 40 million
MISSISSAUGA, Canada, Feb. 14 /CNW/ - YM BioSciences Inc. (AMEX:YMI,
TSX:YM, AIM:YMBA), the cancer product development company, today announced
that it has received subscriptions for approximately 9.5 million common shares
in a "registered direct" offering at an issue price of US $4.25 for gross
proceeds of approximately US $40 million. SG Cowen & Co., LLC served as lead
placement agent and Dundee Securities Corporation and Canaccord Capital
Corporation served as co-placement agents for the transaction.
The funds will be used principally to fund YM's drug development
activities and for general corporate purposes.
Subscribers for the issue included leading health care institutional
investors led by Great Point Partners, LLC
The transaction is expected to close on or about February 17, 2006,
pending stock exchange approval.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the common
shares in any state in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws
of any such state.
About YM BioSciences
YM BioSciences Inc. is a cancer product development company. Its lead
drug, tesmilifene, is a small molecule chemopotentiator currently undergoing a
700-patient pivotal Phase III trial in metastatic and recurrent breast cancer.
In addition to tesmilifene, YM BioSciences is developing nimotuzumab, an
anti-EGFr humanized monoclonal antibody, in a number of indications.
In May 2005, the Company acquired DELEX Therapeutics Inc., a private
clinical stage biotechnology company developing AeroLEF(TM), a unique
inhalation delivered formulation of the established drug, fentanyl, to treat
acute pain including cancer pain. YM BioSciences is also developing its
anti-GnRH, anti-cancer vaccine, Norelin(TM), for which Phase II data have been
released. The Company also has a portfolio of preclinical compounds.
Except for historical information, this press release may contain forward-
looking statements, which reflect the Company's current expectation regarding
future events, including with respect to the closing of the offering of the
common shares. These forward-looking statements involve risk and
uncertainties, which may cause but are not limited to, the failure to obtain
stock exchange approval for the offering of the common shares, changing market
conditions, the successful and timely completion of clinical studies, the
establishment of corporate alliances, the impact of competitive products and
pricing, new product development, uncertainties related to the regulatory
approval process and other risks detailed from time to time in the Company's
ongoing quarterly and annual reporting.
A prospectus relating to the offering that meets the requirements of the
United States Securities Act of 1933 can be obtained from Investor Relations
at the Company at Tel: 905-629-6761 or email ir(at)ymbiosciences.com.
For further information: Enquiries: Thomas Fechtner, The Trout Group
LLC, Tel. (212) 477-9007 x31, Fax (212) 460-9028, Email:
tfechtner(at)troutgroup.com; Carolyn McEwen, YM BioSciences Inc., Tel.
(905) 629-9761, Fax (905) 629-4959, Email: ir(at)ymbiosciences.com; James
Smith, the Equicom Group Inc., Tel. (416) 815-0700 x 229, Fax (416) 815-0080,
Email: jsmith(at)equicomgroup.com
(YMBA YM. YMI)
END
YM Bio.'b'ser1 (LSE:YMB)
Historical Stock Chart
From Jul 2024 to Aug 2024
YM Bio.'b'ser1 (LSE:YMB)
Historical Stock Chart
From Aug 2023 to Aug 2024