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YM BioSciences raises US$3.2 million in support of JAK 1/2 program
Date:6/3/2010

-Proceeds to support acceleration of CYT387 Phase II myelofibrosis study-

MISSISSAUGA, ON, June 3 /PRNewswire-FirstCall/ - YM BioSciences Inc. (NYSE Amex:YMI, TSX:YM), announced today that it has raised approximately US$3.2 million through a non-brokered private placement of 2,500,000 common shares to be issued at US$1.27. The sale price is at no discount to the closing price of the shares on the NYSE Amex on June 1, 2010. Listing of the common shares sold has been approved by the NYSE Amex and conditionally approved by the Toronto Stock Exchange (TSX) subject to the Company fulfilling all the requirements of the TSX. The investment was made by a leading international health-care-specific investment fund management company recognizing the increased demands on YM's cash resources from the recently announced expansion by the Company into the earlier-than-planned Phase II component of its trial at Mayo Clinic with CYT 387 in myelofibrosis.

"The recent decision by the company to accelerate the current Phase I/II clinical trial of CYT387 in myelofibrosis through an earlier-than-planned initiation of the Phase II component supports our belief that CYT387 has excellent potential for clinical success," said David Allan, Chairman and CEO of YM BioSciences. "We anticipate that headline safety and tolerability data from the Phase I arm of this study will be available in the next quarter with preliminary Phase II data expected to be submitted for presentation at the American Society of Hematology conference late in 2010. The company is also exploring opportunities for significant further expansion of the program, in light of the favourable findings to date."

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