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YM BIOSCIENCES REPORTS 2007 YEAR END OPERATIONAL AND FINANCIAL RESULTS
Date:9/23/2007

gns was designed and,

subsequent to the fiscal year-end, has been submitted.

Tesmilifene:

In January 2007, the Data Safety Monitoring Board (DSMB) overseeing the 'DEC' Phase III pivotal trial of tesmilifene in combination with epirubicin and cyclophosphamide for the treatment of rapidly progressing metastatic breast cancer completed the third planned interim analysis. Evaluating data that included 351 patient events, the DSMB advised the Company that, although there were no safety concerns and that the trial was well conducted, it was highly unlikely to meet its primary efficacy endpoint. YM terminated the trial and, with the exception of one further follow-up for confirmation expected in calendar Q4 2007 and the ongoing collaborative trial with Sanofi-Aventis in metastatic breast cancer for which pharmacokinetic data should be available by calendar year-end 2007, we intend to undertake no further clinical development.

Financial Results (CDN dollars)

Total revenue for the fiscal year ended June 30, 2007 was $7.6 million compared to $2.5 million for the fiscal year ended June 30, 2006. Total revenue for the fourth quarter ended June 30, 2007 was $1.9 million compared to $1.1 million for the same quarter last year.

Revenue from out-licensing increased by $3.3 million in fiscal 2007 compared to fiscal 2006 as a result of two out-licensing agreements entered into during the year. The most significant agreement, signed with Daiichi Pharmaceutical Co., Ltd. in July 2006, licensed the commercial rights for nimotuzumab for Japan and included a non-refundable up-front payment from Daiichi to the Company of $16.2 million. This initial license fee has been recorded as deferred revenue and is being recognized over a period of four years.

Interest income for fiscal 2007 increased by $1.8 million compared to fiscal 2006, attributable to the significant increase in cash which resulted from the US$40 million prospectus-based financing i
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SOURCE YM BioSciences Inc.
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