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MISSISSAUGA, ON, Nov. 9, 2012 /PRNewswire/ - YM BioSciences Inc. (NYSE MKT: YMI, TSX: YM), a drug development company advancing hematology and cancer related
products, today reported operational and financial results for the
first quarter of fiscal 2013, ended September 30, 2012.
"During the quarter we prepared for pivotal trials with CYT387 while
continuing to explore potential opportunities to further develop and/or
commercialize our drug with other companies," said Dr. Nick Glover,
President and CEO of YM BioSciences. "We look forward to reporting
final results from the 166 patient Phase I/II study of CYT387 in
myelofibrosis, which have been selected for presentation in an Oral
Session at the 2012 Annual Meeting of the American Society of
Hematology."
Summary Financial Results (CDN dollars)
The interim consolidated financial statements and comparative
information for fiscal 2013 have been prepared in accordance with
International Financial Reporting Standards ("IFRS").
Revenue, generated from out-licensing remained constant for the first
quarter of fiscal 2013 ending September 30, 2012 at $0.3 million
compared with $0.3 million for the first quarter of fiscal 2012 ending
September 30, 2011.
Net finance income was $0.4 million for the first quarter of fiscal 2013
compared to net finance income of $7.5 million for the first quarter of
fiscal 2012. The changes in net finance income are primarily
attributable to changes in the fair value adjustment for USD warrants.
Under IFRS, warrants denominated in a different currency than the
Company's functional currency must be classified as a financial
liability and measured at fair value, with changes reflected in profit
or loss. For the first quarter of fiscal 2013, the Company realized a
gain of $1.7 million on the revaluation of warrants, compared to a gain
of $5.4 million for the first quarter of fiscal 2012.
Licensing and product development expenses were $7.2 million for the
first quarter of fiscal 2013 compared with $6.5 million for the first
quarter of fiscal 2012. Development expenses for CYT387 increased due
to preparations for the Phase III program in myelofibrosis, the
extension of the Phase I/II clinical trial in myelofibrosis, ongoing
costs associated with the BID study, pre-clinical development
activities, and manufacturing of drug for these programs.
General and administrative expenses were $2.0 million for the first
quarter of fiscal 2013 compared to $2.2 million for the first quarter
of fiscal 2012, primarily due to lower non-cash share-based
compensation expense.
Net loss for the first quarter of fiscal 2013 was $8.5 million ($0.05
per share) compared to $0.9 million ($0.01 per share) for the same
period last year.
As at September 30, 2012 the Company had cash and short-term deposits
totaling $125.5 million and accounts payable and accrued liabilities
totaling $5.0 million compared to $132.5 million and $3.1 million
respectively as at June 30, 2012.
As at September 30, 2012 the Company had 157,546,793 common shares and
7,366,418 warrants outstanding.
Notice of Meeting:
YM's Annual Meeting of Shareholders will be held on November 20, 2012,
at 4:00 p.m. ET at the offices of Norton Rose Canada LLP, Boardrooms A
& B, 38th Floor, 200 Bay Street, Royal Bank Plaza South Tower, Toronto,
Ontario. The management proxy circular documents and annual financial
documents were mailed to shareholders on October 8, 2012, and are
available online at www.ymbiosciences.com, www.edgar.com and www.sedar.com.
About YM BioSciences
YM BioSciences Inc. is a drug development company primarily focused on
advancing CYT387, an orally administered inhibitor of both the JAK1 and
JAK2 kinases, which have been implicated in a number of hematological
and immune cell disorders including myeloproliferative neoplasms and
inflammatory diseases as well as certain cancers. Positive interim
results have been reported from a Phase I/II trial of CYT387 in 166
patients with myelofibrosis. YM's portfolio also includes nimotuzumab,
a humanized monoclonal antibody targeting EGFR with an enhanced
side-effect profile over currently marketed EGFR-targeting antibodies.
Nimotuzumab is being evaluated in numerous Phase II and III trials
worldwide. In addition, YM has several preclinical programs underway
with candidates from its library of novel compounds identified through
internal research conducted at YM BioSciences Australia.
This press release may contain forward-looking statements, which reflect
the Company's current expectation regarding future events. These
forward-looking statements involve risks and uncertainties that may
cause actual results, events or developments to be materially different
from any future results, events or developments expressed or implied by
such forward-looking statements. Such factors include, 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
or the ability to obtain drug product in sufficient quantity or at
standards acceptable to health regulatory authorities to complete
clinical trials or to meet commercial demand; and other risks detailed
from time to time in the Company's ongoing quarterly and annual
reporting. Certain of the assumptions made in preparing forward-looking
statements include but are not limited to the following: that CYT387
and nimotuzumab will generate positive efficacy and safety data in
ongoing and future clinical trials, and that YM as well as CIMYM's
various licensees will complete their respective clinical trials and
disclose data within the timelines communicated in this release. Except
as required by applicable securities laws, we undertake no obligation
to publicly update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise.
YM BIOSCIENCES INC.
Condensed Consolidated Interim Statements of Financial Position
(Expressed in Canadian dollars, unless otherwise noted)
(Unaudited)
September 30,
June 30,
2012
2012
Assets
Current assets:
Cash and cash equivalents
$
82,612,892
$
87,140,020
Short-term deposits
42,933,445
45,310,288
Accounts receivable
259,492
252,884
Prepaid expenses
168,989
257,780
Total current assets
125,974,818
132,960,972
Non-current assets:
Property and equipment
65,387
62,118
Intangible assets
1,502,678
2,629,682
Total non-current assets
1,568,065
2,691,800
Total assets
$
127,542,883
$
135,652,772
Liabilities and Equity
Current liabilities:
Accounts payable
$
1,321,253
$
803,421
Accrued liabilities
3,661,511
2,262,972
Share purchase warrants
5,567,344
7,221,040
Deferred revenue
381,270
381,270
Total current liabilities
10,931,378
10,668,703
Non-current liabilities:
Deferred revenue
1,461,535
1,556,853
Total non-current liabilities
1,461,535
1,556,853
Equity
Share capital
340,173,078
340,173,078
Contributed surplus
16,984,637
16,712,315
Deficit
(242,007,745)
(233,458,177)
Total equity
115,149,970
123,427,216
Total liabilities and equity
$
127,542,883
$
135,652,772
Approved by the Board and authorized for issue on November 8, 2012:
Tryon M. Williams, Director
Dr. Nick Glover, Director
YM BIOSCIENCES INC.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
(Expressed in Canadian dollars, unless otherwise noted)
(Unaudited)
Three months ended
September 30,
2012
2011
Revenue:
Out-licensing
$
310,145
$
250,728
Expenses:
Licensing and product development
7,203,847
6,487,847
General and administrative
2,021,699
2,160,148
9,225,546
8,647,995
Loss before the undernoted
(8,915,401)
(8,397,267)
Finance income
1,950,215
7,502,577
Finance costs
(1,584,382)
-
Net loss for the period and comprehensive loss
$
(8,549,568)
$
(894,690)
Basic and diluted loss per common share
$
(0.05)
$
(0.01)
YM BIOSCIENCES INC.
Condensed Consolidated Interim Statements of Changes in Equity
(Expressed in Canadian dollars, unless otherwise noted)
(Unaudited)
Share capital
Contributed
Number
Amount
surplus
Deficit
Total
Balance, June 30, 2012
157,546,793
$
340,173,078
$
16,712,315
$
(233,458,177)
$
123,427,216
Capital transactions (note 8)
Net loss for the period
(8,549,568)
(8,549,568)
Transactions affecting owners of the Company, recognized directly in
equity:
Share-based compensation
-
-
272,322
-
272,322
Shares issued on exercise of options
-
-
-
-
-
Total transactions affecting owners of the Company
-
-
272,322
-
272,322
Balance, September 30, 2012
157,546,793
$
340,173,078
$
16,984,637
$
(242,007,745)
$
115,149,970
Share capital
Contributed
Number
Amount
surplus
Deficit
Total
Balance, June 30, 2011
116,681,948
$
264,548,643
$
15,144,062
$
(213,141,438)
$
66,551,267
Capital transactions
Net loss for the period
-
-
-
(894,690)
(894,690)
Transactions affecting owners of the Company, recognized directly in
equity:
Share-based compensation
-
-
1,065,654
-
1,065,654
Shares issued on exercise of options
29,500
38,008
(15,558)
-
22,450
Total transactions affecting owners of the Company
29,500
38,008
1,050,096
-
1,088,104
Balance, September 30, 2011
116,711,448
$
264,586,651
$
16,194,158
$
(214,036,128)
$
66,744,681
YM BIOSCIENCES INC.
Condensed Consolidated Interim Statements of Cash Flows
(Expressed in Canadian dollars, unless otherwise noted)
(Unaudited)
Three months ended
September 30,
2012
2011
Cash provided by (used in):
Operating activities:
Net loss for the period
$
(8,549,568)
$
(894,690)
Items not involving cash:
Depreciation of property and equipment
11,931
16,584
Amortization of intangible assets
1,127,004
1,127,004
Interest earned
(296,519)
(154,476)
Unrealized (gain) loss on cash and cash equivalents
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SYS-CON Events announced today that OpenStack will exhibit at SYS-CON's 12th International Cloud Expo, which will take place on June 10–13, 2013, at the Javits Center in New York City, New York. OpenStack software controls large pools of compute, storage, and networking resources thro...
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Daryl Taft’s article in eWeek reminded me that next month, on June 6th. IBM’s DB2 RDBMS product will celebrate its 30th. anniversary. This has a personal significance for me. I was part of the DB2 planning team then and on … 
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