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

executives in February 2007.

Total amortization with respect to intangible assets increased to $1.9 million in fiscal 2007 compared to $1.3 million in fiscal 2006.

On February 1, 2007 the Company recorded an impairment for the unamortized portion of the workforce intangible asset that was acquired in the Eximias acquisition on May 9, 2006. After the termination of the Phase III DEC trial in metastatic breast cancer, management re-evaluated the workforce intangible and determined it to be impaired because it is no longer a probable future economic benefit. This resulted in a write-down of $1.8 million, the net book value of the asset on the day of impairment.

Net losses for the fiscal year and fourth quarter ended June 30, 2007 were $31.7 million ($0.57 per share) and $4.7 million ($0.08 per share) respectively compared to $25.8 million ($0.59 per share) and $8.6 million ($0.16 per share) for the same periods last year.

As at June 30, 2007 the Company had cash and cash equivalents and short-term deposits totaling $75.6 million and payables and accrued liabilities totaling $3.3 million compared to $88.3 million and $3.7 million respectively at June 30, 2006.

As at June 30, 2007 the Company had 58,216,309 common shares outstanding, of which 2,380,953 common shares are held in escrow for contingent additional payment related to the acquisition of Delex Therapeutics Inc., 8,972,277 warrants, and 4,196,205 options.

About YM BioSciences

YM BioSciences Inc. is an oncology company that identifies, develops and commercializes differentiated products for patients worldwide. The Company has two late-stage products: nimotuzumab, a humanized monoclonal antibody that targets the epidermal growth factor receptor (EGFR) and is approved in several countries for treatment of various types of head and neck cancer; and AeroLEF(TM), a proprietary, inhaled-delivery composition of free and liposome-encapsulated fentanyl in development for the treat
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SOURCE YM BioSciences Inc.
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