MISSISSAUGA, ON,
Feb. 24, 2012 /PRNewswire/ - YM
BioSciences Inc. ("YM" or the "Company") (NYSE Amex: YMI; TSX:
YM), a drug development company advancing a diverse portfolio of
hematology and cancer related products, today announced the pricing
of 35,000,000 common shares at US$2.00 per common share in its previously
announced underwritten public offering (the "Offering"). BofA
Merrill Lynch is acting as sole book-running manager for the
Offering and Wells Fargo Securities, LLC is acting as lead manager.
JMP Securities LLC, Collin Stewart LLC, Rodman & Renshaw, LLC
and Roth Capital Partners, LLC are acting as co-managers for the
Offering. In addition, the Company granted to the
underwriters a 30-day option to purchase an additional 5,250,000
common shares. The offering is expected to close on or about
February 29, 2012, subject to
customary closing conditions.
The Company intends to use the net proceeds from
this offering to fund its ongoing drug development activities and
for general corporate purposes and working capital.
The securities described above are being offered
by the Company in the United
States pursuant to a registration statement previously filed
with the Securities and Exchange Commission (the "SEC"), which the
SEC declared effective on July 15,
2011. A preliminary prospectus supplement related to the
Offering, along with the accompanying base prospectus, has been
filed with the SEC and is available on the SEC's website located at
http://www.sec.gov. Copies of the final prospectus supplement and
the accompanying base prospectus relating to the Offering may be
obtained, when available, from BofA Merrill Lynch, 4 World
Financial Center, New York, NY
10080, Attn: Prospectus Department or by e-mail at
dg.prospectus_requests@baml.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities, in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
The Offering of the common shares under the
prospectus supplement will not be made to persons in Canada. The prospectus supplement and
accompanying base prospectus contain detailed information about the
common shares being offered. Investors should read the prospectus
supplement and accompanying base shelf prospectus before making an
investment decision.
About YM BioSciences
YM BioSciences Inc. is a drug development company advancing three
clinical-stage products: CYT387, a small molecule, dual inhibitor
of JAK1/JAK2 kinase; nimotuzumab, an EGFR-targeting monoclonal
antibody; and CYT997, a potent vascular disrupting agent (VDA).
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 or the ability to obtain drug product in
sufficient quantity or at standards acceptable to health regulatory
authorities to complete clinical trials or to meet commercial
demand; 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 CYT387, nimotuzumab and CYT997 will
generate positive safety and efficacy data in ongoing and future
clinical trials and that YM Biosciences and its various licensees
will complete their respective clinical trials within the timelines
communicated in the Company's quarterly and annual reports. The
Offering is subject to market conditions and there can be no
assurance as to whether or when the Offering may be completed, or
as to the actual size or terms of the Offering. Except as required
by applicable securities laws, the Company undertakes 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.