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YM BIOSCIENCES REPORTS THIRD QUARTER 2009 OPERATIONAL AND FINANCIAL RESULTS
Date:5/14/2009

, 2009 costs were $1.6 million, similar to the same period in the prior year.

Net loss for the third quarter of fiscal 2009 was $3.5 million ($0.06 per share) compared to $3.8 million ($0.07 per share) for the same period last year. Net loss for the first nine months of fiscal 2009 was $9.8 million ($0.18 per share) compared to $11.9 million ($0.21 per share) for the same period last year.

As at March 31, 2009 the Company had cash and cash equivalents and short-term deposits totaling $46.6 million and payables and accrued liabilities totaling $1.9 million compared to $58.1 million and $2.0 million respectively at June 30, 2008.

As at March 31, 2009 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.

About YM BioSciences

YM BioSciences Inc. is a life sciences product development company that identifies and advances a portfolio of promising cancer-related products at various stages of development. The Company is currently developing two late-stage products: nimotuzumab, an EGFR-targeting Affinity-Optimized Antibody(TM), and AeroLEF(R), a proprietary, inhaled-delivery composition of free and liposome-encapsulated fentanyl. YM has proven regulatory and clinical trial expertise and a diversified business model designed to reduce risk while advancing clinical products toward international approval, marketing and commercialization.

Nimotuzumab is a humanized monoclonal antibody in development worldwide, targeting multiple tumor types primarily in combination with radiation and chemoradiation. It is significantly differentiated from all other currently marketed EGFR-targeting agents due to its remarkably benign side-effect profile. Nimotuzumab's anti-tumor activity has led to its approval for marketing in more than 12 countries. In more than 3,500 patients reported as having been treated
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