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.