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YM BIOSCIENCES REPORTS FIRST QUARTER 2008 OPERATIONAL AND FINANCIAL RESULTS
Date:11/11/2007

illion for the first quarter of fiscal 2007. General and administrative expenses were $2.0 million for the first quarter of fiscal 2008 compared with $1.9 million for the first quarter of fiscal 2007. Licensing and product development expenses decreased to $3.5 million for the first quarter of fiscal 2008 compared to $7.9 million for the first quarter of fiscal 2007. The change is mainly the result of reduced development activity for tesmilifene, for which a Phase III trial was terminated in January 2007, and reduced clinical development costs for nimotuzumab and AeroLEF(TM), for both of which certain trials have finished and others are just starting up.

Net loss for the first quarter of fiscal 2008 was $3.6 million ($0.06 per share) compared to $9.7 million ($0.17 per share) for the same period last year.

As at September 30, 2007 the Company had cash and cash equivalents and short-term deposits totaling $71.1 million and payables and accrued liabilities totaling $2.2 million compared to $75.6 million and $3.3 million respectively at June 30, 2007.

As at September 30, 2007 the Company had 58,216,309 common shares outstanding, of which 2,380,953 common shares are held in escrow for contingent additional payment related to the acquisition of Delex Therapeutics Inc., 5,799,765 warrants, and 6,155,662 options.

AGM Announcement

YM BioSciences' Annual Meeting of Shareholders will be held on November 28th, 2007 at 4:00 p.m. at the Gallery of the TSX Broadcast & Conference Centre, The Exchange Tower, 130 King Street West, Toronto, Ontario.

About YM BioSciences

YM BioSciences Inc. is an oncology company that identifies, develops and commercializes differentiated products for patients worldwide. The Company has two late-stage products: nimotuzumab, a humanized monoclonal antibody that targets the epidermal growth factor receptor (EGFR) and is approved in several countries for treatment of various types of head and neck cancer; and Aer
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