-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."
The previously announced expansion will allow for more patients
to be dosed during 2010, in turn allowing more rapid and innovative
selection of doses for registration-enabling Phase III studies in
myelofibrosis. Since JAK 1/2 inhibitors have broad therapeutic
applicability with prospects in numerous indications beyond
myelofibrosis, including oncology and autoimmune diseases, YM, in
addition to the expansion of this trial, is planning for the
development of CYT387 in hematology, and oncology indications with
unmet medical needs.
An April 19, 2010 paper,
(Jeffrey W. Tyner, Michael W. Deininger et al) published in the
premier hematology journal Blood, described an extensive body of
work demonstrating the potent activity of CYT387 in in vitro cell
assays and in an in vivo model of the myeloproliferative neoplasms
and a recent internal study at YM BioSciences has been reported to
demonstrate that CYT387 possesses similar potency against JAK1/2
enzymes as INCB18424. Moreover, in the same study CYT387 was
demonstrated to have improved selectivity over JAK3 and TYK2 than
INCB18424, which would be expected to result in a superior
therapeutic window for CYT387.
CYT387 was acquired by YM BioSciences through merging the
Australian biotechnology company, Cytopia Ltd. into YM in early
2010. The founder of Cytopia, Dr. Andrew
Wilks, discovered the JAK1 and JAK2 enzymes and his seminal
work led to the discovery and subsequent development of CYT387. The
company also holds patents over the enzyme targets of JAK1 and
JAK2, and intellectual property over the JAK2 crystal structure.
The YM compound has been shown to possess excellent JAK 1/2 potency
and selectivity in a panel of assays.
About YM BioSciences
YM BioSciences Inc. is a life sciences product development
company. Together with the products from YM BioSciences Australia,
YM is currently developing four late-stage products: nimotuzumab,
an EGFR-targeting Affinity-Optimized Antibody(TM); CYT387, a JAK
1/2 small molecule inhibitor; CYT997, a potent, vascular disrupting
agent (VDA); and AeroLEF(R), a proprietary, inhaled-delivery
composition of free and liposome-encapsulated fentanyl. YM has
proven regulatory and clinical trial expertise and a diversified
business model designed to reduce risk while advancing clinical
products toward international approval, marketing and
commercialization.
This press release may contain forward-looking statements, which
reflect the Company's current expectation regarding future events.
These forward-looking statements involve risks and uncertainties
that may cause actual results, events or developments to be
materially different from any future results, events or
developments expressed or implied by such forward-looking
statements. Such factors include, but are not limited to, changing
market conditions, the successful and timely completion of clinical
studies, the establishment of corporate alliances, the impact of
competitive products and pricing, new product development,
uncertainties related to the regulatory approval process and other
risks detailed from time to time in the Company's ongoing quarterly
and annual reporting. Certain of the assumptions made in preparing
forward-looking statements include but are not limited to the
following: that nimotuzumab will continue to demonstrate a
competitive safety profile in ongoing and future clinical trials;
that JAK 1/2 and the VDA molecule will generate positive efficacy
and safety data in future clinical trials; AeroLEF(R) will continue
to generate positive efficacy and safety data in future clinical
trials; that and that YM and its various partners will complete
their respective clinical trials within the timelines communicated
in this release. Except as required by applicable securities laws,
we undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE YM BioSciences Inc.