MISSISSAUGA, ON, Feb. 8 /PRNewswire-FirstCall/ - YM BioSciences Inc. (NYSE YMI, TSX: YM), today reported operational and financial results for the second quarter of fiscal 2010, ended December 31, 2009.
"After rigorous evaluation of numerous global in-licensing opportunities, we proposed to merge Cytopia Limited., a clinical-stage, Melbourne-based drug development company, into YM during the second quarter," said David Allan, Chairman & CEO of YM BioSciences Inc. "Cytopia products are an ideal complement to our current portfolio and this merger provides all shareholders both risk mitigation and a much enhanced prospect for success through the opportunity to link Cytopia's earlier stage products in development to our well-advanced development of nimotuzumab both directly and through our extensive network of international licensees. Subsequent to quarter-end, the merger was completed. The combination of YM and Cytopia is completely aligned with the YM business model to continuously renew our pipeline through additions of promising new drug candidates from the basic research of other organizations."
Highlights for the second quarter of Fiscal 2010:
- Signed agreement with Therapure Biopharma, under which it will formulate and fill nimotuzumab into sterile vials in its aseptic, GMP-certified, and Health Canada-licensed fill suite in Mississauga, Canada. - Utilizing YM's IntelliMab(TM) technology, the collaboration between the National Research Council of Canada's Biotechnology Research Institute (NRC-BRI) and YM resulted in a number of antibodies that bind optimally to HER2/neu-over-expressing breast cancer cells while minimally binding to HER2 on normal cardiac cells. - Cytopia
|SOURCE YM BioSciences Inc.|
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