Corporate Banner
Satellite Banner
Pharma Outsourcing
Scientific Community
 
Become a Member | Sign in
Home>News>This Article
  News
Return

YM BioSciences Reports Operational and Financial Results for the First Quarter of Fiscal 2013

Published: Monday, November 12, 2012
Last Updated: Sunday, November 11, 2012
Bookmark and Share
Company prepared for pivotal trials with CYT387 during the quarter.

YM BioSciences Inc. has reported operational and financial results for the first quarter of fiscal 2013, ended September 30, 2012.

"During the quarter we prepared for pivotal trials with CYT387 while continuing to explore potential opportunities to further develop and/or commercialize our drug with other companies," said Dr. Nick Glover, President and CEO of YM BioSciences.

Dr. Glover continued, "We look forward to reporting final results from the 166 patient Phase I/II study of CYT387 in myelofibrosis, which have been selected for presentation in an Oral Session at the 2012 Annual Meeting of the American Society of Hematology."

Summary Financial Results (CDN dollars)
The interim consolidated financial statements and comparative information for fiscal 2013 have been prepared in accordance with International Financial Reporting Standards ("IFRS").

Revenue, generated from out-licensing remained constant for the first quarter of fiscal 2013 ending September 30, 2012 at $0.3 million compared with $0.3 million for the first quarter of fiscal 2012 ending September 30, 2011.

Net finance income was $0.4 million for the first quarter of fiscal 2013 compared to net finance income of $7.5 million for the first quarter of fiscal 2012. The changes in net finance income are primarily attributable to changes in the fair value adjustment for USD warrants.

Under IFRS, warrants denominated in a different currency than the Company's functional currency must be classified as a financial liability and measured at fair value, with changes reflected in profit or loss.

For the first quarter of fiscal 2013, the Company realized a gain of $1.7 million on the revaluation of warrants, compared to a gain of $5.4 million for the first quarter of fiscal 2012.

Licensing and product development expenses were $7.2 million for the first quarter of fiscal 2013 compared with $6.5 million for the first quarter of fiscal 2012.

Development expenses for CYT387 increased due to preparations for the Phase III program in myelofibrosis, the extension of the Phase I/II clinical trial in myelofibrosis, ongoing costs associated with the BID study, pre-clinical development activities, and manufacturing of drug for these programs.

General and administrative expenses were $2.0 million for the first quarter of fiscal 2013 compared to $2.2 million for the first quarter of fiscal 2012, primarily due to lower non-cash share-based compensation expense.

Net loss for the first quarter of fiscal 2013 was $8.5 million ($0.05 per share) compared to $0.9 million ($0.01 per share) for the same period last year.

As at September 30, 2012 the Company had cash and short-term deposits totaling $125.5 million and accounts payable and accrued liabilities totaling $5.0 million compared to $132.5 million and $3.1 million respectively as at June 30, 2012.

As at September 30, 2012 the Company had 157,546,793 common shares and 7,366,418 warrants outstanding.

Notice of Meeting:
YM's Annual Meeting of Shareholders will be held on November 20, 2012, at 4:00 p.m. ET at the offices of Norton Rose Canada LLP, Boardrooms A & B, 38th Floor, 200 Bay Street, Royal Bank Plaza South Tower, Toronto, Ontario.

The management proxy circular documents and annual financial documents were mailed to shareholders on October 8, 2012, and are available online at www.ymbiosciences.com, www.edgar.com and www.sedar.com.


Further Information
Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 2,500+ scientific posters on ePosters
  • More than 3,800+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

YM BioSciences Reports Phase I/II Data for JAK Inhibitor CYT387 at ASH 2012
68% transfusion independence response rate and 37% durable spleen response rate.
Tuesday, December 11, 2012
YM BioSciences Reports CYT387 Phase I/II Results Selected by ASH Program Committee
Phase I/II results selected for oral presentation at ASH2012 conference.
Friday, October 12, 2012
YM BioSciences Reports Operational and Financial Results for the Third Quarter of Fiscal 2012
Pivotal trials for CYT387 in myelofibrosis to begin in the second half of calendar 2012.
Tuesday, May 15, 2012
YM BioSciences Reports Operational and Financial Results
Company reports operational and financial results for the second quarter of fiscal 2012.
Friday, February 10, 2012
YM BioSciences Reports Updated Phase I/II Data for its JAK1/JAK2 Inhibitor CYT387 at ASH 2011
Significant and durable responses in anemia, splenomegaly and constitutional symptoms reported.
Tuesday, December 13, 2011
YM BioSciences Nimotuzumab Results Reported at SIOP Conference
Phase II study of nimotuzumab in pediatric patients with recurrent diffuse intrinsic pontine glioma.
Tuesday, November 01, 2011
YM BioSciences Reports Fiscal 2011 Year End Operational and Financial Results
Enrollment of phase I/II trial for CYT387 complete.
Monday, September 26, 2011
YM BioSciences Reports Interim Phase I/II Data for its JAK1/JAK2 Inhibitor CYT387 at ASCO
Favorable safety and durable efficacy responses recorded.
Thursday, September 01, 2011
YM BioSciences Reports Updated 12-Week Phase I/II Results for its JAK1/JAK2 Inhibitor CYT387
Poster with broader update of trial results to be presented at ASCO.
Thursday, May 19, 2011
YM BioSciences Reports Fiscal Third Quarter 2011 Operational and Financial Results
Operational and financial results for the third quarter of fiscal 2011, ended March 31, 2011.
Thursday, May 12, 2011
YM BioSciences Reports Positive Updated Anemia Response Data for its JAK1/JAK2 Inhibitor CYT387
Results disclosed at First Annual Florence Meeting on Myeloproliferative Neoplasms in Florence, Italy.
Tuesday, April 19, 2011
YM BioSciences Announces Data from Nimotuzumab Phase II Gastric Cancer Trial
YM BioSciences Inc., a life sciences product development company advancing a diverse portfolio of promising hematology and cancer-related products at various stages of development, have announced that results were reported from a randomized Phase II gastric cancer study of nimotuzumab being conducted by its licensees, Daiichi Sankyo Co., Ltd. in Japan and Kuhnil Pharma Co. Ltd., in Korea.
Friday, January 21, 2011
YM BioSciences Reports Positive Interim Data from Phase I/II Trial of JAK1/JaK2 Inhibitor CYT387
Results including substantial Anemia response presented at the 52nd American Society of Hematology Annual meeting.
Tuesday, December 07, 2010
YM BioSciences Expands Phase I/II Trial for JAK Inhibitor CYT387
The Phase I/II clinical trial in patients with myelofibrosis has been expanded to five sites.
Friday, November 19, 2010
YM BioSciences to Present Poster on CYT387 at the European School of Haematology International Conference
CYT387 possesses an excellent enzymatic potency and selectivity profile which may provide significant clinical advantages.
Monday, October 04, 2010
Scientific News
NIH Study Finds Calorie Restriction Lowers Some Risk Factors for Age-Related Diseases
Two-year trial did not produce expected metabolic changes, but influenced other life span markers.
Immunotherapy Agent Benefits Patients with Drug-Resistant Multiple Myeloma in First Human Trial
Daratumumab proved generally safe in patients, even at the highest doses.
NIH Study Shows No Benefit of Omega-3 Supplements for Cognitive Decline
Research was published in the Journal of the American Medical Association.
NIH Launches Human RSV Study
Study aims to understand infection in healthy adults to aid development of RSV medicines, vaccines.
Computerized Flexible Needles Prove Themselves in Biological Tissue
The advantage of the system is that you can avoid obstacles with the needles or critical tissues and that the system during the insertion of the needle in real time can adjust the path if, for example, the tissue deforms.
DARWIN 2 24-week Monotherapy Data in RA Confirm Previous Results
Safety profile in DARWIN 2 consistent with previous filgotinib RA studies.
Researchers Publish Landmark “Basket Study”
Researchers from Memorial Sloan Kettering Cancer Center (MSK) have announced results from the first published basket study, a new form of clinical trial design that explores responses to drugs based on the specific mutations in patients’ tumors rather than where their cancer originated.
Agricultural Intervention Improves HIV Outcomes
A multifaceted farming intervention can reduce food insecurity while improving HIV outcomes in patients in Kenya, according to a randomized, controlled trial led by researchers at UC San Francisco.
Overdose of Vitamin D in Teenagers May Lead to Increased Cholesterol Levels
Dosing obese teens with vitamin D shows no benefits for their heart health or diabetes risk, and could have the unintended consequences of increasing cholesterol and fat-storing triglycerides. These are the latest findings in a series of Mayo Clinic studies in childhood obesity.
Phase 2 Trials Underway for New Single Dose Malaria Treatment
The new drug, which prevents the malaria parasite from reproducing and spreading, is now undergoing Phase II clinical trials in humans.
Scroll Up
Scroll Down
SELECTBIO

Skyscraper Banner
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
2,500+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
3,800+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FREE!