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YM BIOSCIENCES REPORTS SECOND QUARTER 2009 OPERATIONAL AND FINANCIAL RESULTS
Date:2/13/2009

.3 million for the first six months of fiscal 2009 compared with $4.1 million for the first six months of fiscal 2008.

Licensing and product development expenses were $4.4 million for the second quarter of fiscal 2009 compared with $4.2 million for the second quarter of fiscal 2008. Licensing and product development expenses were $8.3 million for the first six months of fiscal 2009 compared with $7.8 million for the first six months of fiscal 2008.

Costs associated with development activities for nimotuzumab increased by $1.2 million to $2.2 million and by $1.3 million to $3.3 million for the three and six months ended December 31, 2008 respectively, compared to the same periods in the prior year. The increase in expenses is related to preparation for the two new clinical trials and final payments for the trial in colorectal cancer.

Costs associated with development activities for AeroLEF(TM) decreased by $0.2 million to $0.6 million for the three month period ended December 31, 2008 compared to the same period in the prior year. For the six month period ended December 31, 2008 costs were $1.1 million, similar to the same period in the prior year.

Net loss for the second quarter of fiscal 2009 was $3.2 million ($0.06 per share) compared to $4.5 million ($0.08 per share) for the same period last year. Net loss for the first six months of fiscal 2009 was $6.3 million ($0.11 per share) compared to $8.1 million ($0.15 per share) for the same period last year.

As at December 31, 2008 the Company had cash and cash equivalents and short-term deposits totaling $50.1 million and payables and accrued liabilities totaling $2.1 million compared to $58.1 million and $2.0 million respectively at June 30, 2008.

As at December 31, 2008 the Company had 58,216,309 common shares outstanding, of which 2,380,953 common shares are held in escrow to be released contingent upon the completion of certain milestones.

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