MISSISSAUGA, ON,
Feb. 29, 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 closing
of its previously announced public offering (the "Offering") of
35,000,000 common shares at US$2.00
per common share. In addition, the underwriters exercised in full a
previously granted option to purchase up to 5,250,000 additional
common shares to cover over-allotment for total gross proceeds to
the Company of US$80.5 million. BofA
Merrill Lynch acted as sole book-running manager for the Offering
and Wells Fargo Securities, LLC acted as lead manager. JMP
Securities LLC, Collins Stewart LLC, Rodman & Renshaw, LLC and
Roth Capital Partners, LLC acted as co-managers for the Offering.
Bloom Burton & Co. acted as financial advisor to YM.
The Company intends to use the net proceeds from
the Offering to fund its ongoing drug development activities and
for general corporate purposes and working capital.
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. Copies of
the final prospectus supplement and the accompanying base
prospectus relating to the Offering may be obtained on the SEC's
website at http://www.sec.gov or may be obtained 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.
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.