Issue of Equity
February 17 2006 - 9:16AM
UK Regulatory
YM BioSciences closes US $ 40 million financing
MISSISSAUGA, ON, Feb. 17 /CNW/ - YM BioSciences Inc. (AMEX:YMI, TSX:YM,
AIM:YMBA), the cancer product development company, today announced that it has
closed its previously announced "registered direct" offering of 9,436,471
million common shares 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.
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. These forward-looking statements involve risk and
uncertainties, which may cause but are not limited to, 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.
For further information: Enquiries: Thomas Fechtner, The Trout Group
LLC, Tel. (212) 477-9007 x31, Fax (212) 460-9028, Email:
tfechtner@troutgroup.com; Carolyn McEwen, YM BioSciences Inc., Tel.
(905) 629-9761, Fax (905) 629-4959, Email: ir@ymbiosciences.com; James
Smith, the Equicom Group Inc., Tel. (416) 815-0700 x 229, Fax (416) 815-0080,
Email: jsmith@equicomgroup.com
(YMBA)
END
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