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YM BioSciences reports second quarter 2010 operational and financial results
Date:2/8/2010

the Company acquired Cytopia, a clinical-stage, drug development company, based in Melbourne, Australia. This transaction was conducted by a Scheme of Arrangement whereby Cytopia shareholders received 0.0852 YM shares for each Cytopia share held at the record date. This resulted in the issuance of 7,215,053 YM common shares in exchange for Cytopia common shares and 61,635 YM common shares plus 138,442 YM stock options in exchange for the Partly Paid shares of Cytopia. In addition, the Company issued 225,950 stock options in consideration for the cancellation of Cytopia stock options. Based on the closing price of YM shares on the TSX on January 29, the value of the transaction was approximately $12.6 million, the total number of YM common shares outstanding as of this date was 65,604,476 and market capitalization of the Company was approximately $112.8 million at closing.

Financial Results (CDN dollars)

Total revenue for the second quarter of fiscal 2010, ended December 31, 2009 was $0.7 million compared to $2.2 million for the second quarter of fiscal 2009, ended December 31, 2008. Total revenue for the first six months of fiscal 2010, ended December 31, 2009 was $1.5 million compared with $3.9 million for the first six months of fiscal 2009, ended December 31, 2008. Revenue from licensees was $0.7 million for second quarter of fiscal 2010 compared to $1.8 million for the second quarter of fiscal 2009. Revenue from licensees for the first six months of fiscal 2010, ended December 31, 2009'/>"/>

SOURCE YM BioSciences Inc.
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