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

n February 2006, the acquisition of Eximias Pharmaceutical Corporation in May 2006, and the licensing payment from Daiichi Pharmaceutical Co., Ltd.

Total operating expenditures for the fiscal year ended June 30, 2007 were $37.6 million compared to $28.1 million for the fiscal year ended June 30, 2006. Total operating expenditures for the fourth quarter ended June 30, 2007 were $6.5 million compared to $9.3 million for the same quarter in 2006.

General and administrative expenses decreased to $7.0 million in fiscal 2007 compared to $8.0 million in fiscal 2006. This was mainly due to a decrease in stock based compensation expense of $872,000.

Licensing and product development expenses increased by $8.6 million from $20.2 million in fiscal 2006 to $28.8 million in fiscal 2007. Costs associated with development activities for nimotuzumab increased to $5.9 million compared to $4.8 million in fiscal 2006 as a result of commissions and consulting fees associated with obtaining the licensing agreement with Daiichi-Sankyo and additional costs relating to pre-clinical and clinical studies. Costs associated with development activities for AeroLEF(TM) decreased to $2.9 million in fiscal 2007 compared to $4.1 million in fiscal 2006, mainly due to decreased costs related to the Phase II trial in acute pain. Costs related to development activities for tesmilifene for fiscal 2007 decreased to $7.5 million in fiscal 2007 compared to $11.3 million in fiscal 2006, mainly due to the closing down the Phase III trial and the settlement of holdback amounts from the original contract for the trial.

Employee compensation relating to licensing and product development increased by $5.2 million for fiscal 2007 compared to fiscal 2006. The increase is partly attributed to salaries and bonuses related to employees who joined YM as part of the Eximias acquisition in May 2006. Also, during the year the Company incurred expenses with respect to the termination of certain US
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SOURCE YM BioSciences Inc.
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