Licensing and product development expenses were $5.2 million for the first quarter of fiscal 2011 compared to $2.4 million for the first quarter of fiscal 2010. This increase is due mainly to amortization of the acquired intangible assets in YM Australia and the addition of an Australian office.
General and administrative expenses were $2.4 million for the first quarter of fiscal 2011 compared with $1.8 million for the first quarter of fiscal 2010. The increase was due mainly to non-cash option expense as well as restructuring costs, bonuses awarded and increased Board of Director fees and travel expenses as a result of additional meetings held this quarter.
Net loss for the first quarter of fiscal 2011 was $7.6 million ($0.09 per share) compared to $3.5 million ($0.06 per share) for the same period last year.
As at September 30, 2010, the Company had cash and short-term deposits totaling $40.2 million and accounts payables and accrued liabilities totaling $3.4 million compared to $45.7 million and $2.8 million respectively, at June 30, 2010. Management believes that the cash and short-term deposits at September 30, 2010 are sufficient to support the Company's activities for at least the next twelve months.
As at September 30, 2010 the Company had 80,389,623 common shares and 8,166,480 warrants outstanding.
Annual and Special Meeting
YM BioSciences' Annual and Special Meeting of Shareholders will be held on November 18, 2010 at 4:00 p.m. ET at the offices of Ogilvy Renault, 200 Bay Street, Suite 3800, Toronto, Ontario. The management proxy circular documents and annual financial documents have been mailed to shareholders and are available online at www.ymbiosciences.com, www.edgar.c
|SOURCE YM BioSciences Inc.|
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