MISSISSAUGA, ON, Sept. 23 /PRNewswire-FirstCall/ - YM BioSciences Inc. (NYSE Amex: YMI, TSX:YM), today reported operational and financial results for its fiscal year end, ended June 30, 2010.
"This has been a transformative year for YM. Our most notable development was the merger of the public Australian company, Cytopia, into YM BioSciences, completed in January, from which we gained two important clinical stage drug candidates, CYT387 and CYT997, as well as a library of more than 4,000 novel compounds in addition to the ongoing advancement of nimotuzumab by us and our four licensees," said David Allan, Chairman and CEO of YM BioSciences. "Work on CYT387, a potent, orally-administered JAK1/JAK2 inhibitor, has resulted in favorable biological activity and safety data observed in recent months and as such have announced the expansion of our current Phase I/II program in myelofibrosis initiated at Mayo Clinic from 60 to up to 120 patients and the inclusion of up to six centers in the United States, Canada and Australia. We also look forward to the American Society of Hematology (ASH) meeting in Orlando, Florida, in early December 2010, where detailed safety and preliminary activity data for CYT387 are expected to be presented."
"During the fiscal period we raised an additional $20 million in two financings that brought in a number of highly regarded life-sciences investors as shareholders and we also recently announced the appointment of Dr. Nick Glover as President and COO of YM. By strengthening both our balance sheet and leadership team we have positioned YM to seize the significant new opportunities that our expanded pipeline presents," added Mr. Allan.
Highlights from Fiscal 2010: CYT387 - Pivotal preclinical efficacy data for CYT387 in myeloproliferative neoplasms were published in Blood, the Journal of the American Society of Hematology (Blood, 24 June 2010, Vol. 115, # 25, pp. 5232-5240). - Subsequent to quarter end, Mayo Clinic conclu
|SOURCE YM BioSciences Inc.|
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