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

cal trials, one for brain metastases from non-small cell lung cancer (NSCLC) and the other for NSCLC patients ineligible for radical chemotherapy, which were initiated during the third quarter of fiscal 2009, as well as the ongoing pediatric glioma trial.

Costs associated with development activities for AeroLEF(R) were $0.4 million for the three months ended September 30, 2009 compared to $0.5 million for the three months ended September 30, 2008. The decrease was primarily due to the shift from clinical activity to marketing and out-licensing initiatives. The expenses for the current quarter were primarily for ongoing product stability, patents, and out-licensing activities.

General and administrative expenses were $1.8 million for the first quarter of fiscal 2010 compared with $1.1 million for the first quarter of fiscal 2009. This increase was mainly attributed to higher stock-based compensation expenses as well as an increase in legal and consulting fees related to the search for and assessment of new products for potential acquisition.

Net loss for the first quarter of fiscal 2010 was $3.5 million ($0.06 per share) compared to $3.2 million ($0.06 per share) for the same period last year.

As at September 30, 2009, the Company had cash and short-term deposits totaling $39.5 million and accounts payables and accrued liabilities totaling $1.6 million compared to $42.1 million and $0.9 million respectively at June 30, 2009. Management believes that the cash and short-term deposits at September 30, 2009 are sufficient to support the Company's activities for at least the next twelve months.

As at September 30, 2009 the Company had 58,225,458 common shares outstanding, of which 2,380,953 shares are held in escrow to be released contingent upon the completion of certain milestones.

Notice of AGM and mailing

YM BioSciences' Annual and Special Meeting of Shareholders will be held on November 19
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SOURCE YM BioSciences Inc.
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