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YM BIOSCIENCES REPORTS FISCAL FIRST QUARTER 2010 OPERATIONAL AND FINANCIAL RESULTS
Date:11/11/2009

pe and Canada, YM is now determining the optimal clinical path forward and conducting discussions with prospective partners around the Phase III strategy.

Financial Results (CDN dollars)

Total revenue for the first quarter of fiscal 2010, ended September 30, 2009 was $0.7 million compared to $1.7 million for the first quarter of fiscal 2009, ended September 30, 2008. Revenue from licensees was $0.7 million for first quarter of fiscal 2010 compared to $1.2 million for the first quarter of fiscal 2009. Interest income for the first quarter of fiscal 2010 was $19,000 compared with $443,000 for the first quarter of fiscal 2009.

The majority of YM's out-licensing revenue comes from five out-licensing agreements with third party licensees. Revenue decreased mainly because the recognition period for the initial payments for the Daiichi Pharmaceutical Co., Ltd. and Kuhnil Pharmaceuticals Co., Ltd. contracts were extended by 12 months effective January 1, 2009 as a result of a revision to the estimated periods of these collaborations, and revenue from the Innogene Kalbiotech Private Limited contract was fully recognized in the quarter ended December 2008. YM also began receiving royalty payments from a limited sales program in Europe starting in the fourth quarter of fiscal 2008.

Licensing and product development expenses were $2.4 million for the first quarter of fiscal 2010 compared to $3.8 million for the first quarter of fiscal 2009. The decrease was due to lower development costs associated with nimotuzumab and AeroLEF(TM) described below, and lower salaries and travel expenses as a result of a reduction of staff in YM`s U.S. office.

Costs associated with development activities for nimotuzumab were $0.8 million for the three months ended September 30, 2009 compared to $1.0 million for the three months ended September 30, 2008. Expenses in the first quarter for fiscal 2010 were related to two new YM-sponsored clini
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SOURCE YM BioSciences Inc.
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