YM BioSciences, Inc., an Ontario based drug development company advancing a diverse portfolio of hematology and cancer-related products, today reported results of its first fiscal quarter of 2012 ending September 30, 2011. The company trimmed its net loss to $900,000 compared to a loss of $11.3 million in the same quarter last year. Revenue from out-licensing was unchanged and the company saw a gain of $5.4 million on the revaluation of warrants compared with a loss of $3.4 million in the prior year’s first quarter.
YM BioSciences Inc. is advancing three main drug products: CYT387, a small molecule, dual inhibitor of the JAK1/JAK2 kinases; nimotuzumab, an EGFR-targeting monoclonal antibody; and CYT997, a vascular disrupting agent (VDA).
In the press release the company said, “Licensing and product development expenses were $6.5 million for the first quarter of fiscal 2012 compared with $5.7 million for the first quarter of fiscal 2011. Increased development expenses for CYT387 and CYT997, and increased spending on database services and stock option expenses were offset by decreased expenses for nimotuzumab and a decrease in employee compensation costs related to restructuring costs incurred during the first quarter of the prior fiscal year.”
YM BioSciences also reported that net finance income increased by $11.3 million since the same time last year and attributed the majority of the improvement to a change of $8.8 million in the fair value adjustment of US dollar warrants. Under new international financial reporting standards, warrants in a currency other than the company’s functional currency should now be classified as a financial liability and measured at a fair value with a recording in profit or loss.
The company reports that it has cash and short term deposits totaling $75.6 million, which are sufficient to support the company activities for at least the next 18 months.
For the full first quarter earnings report of YM BioSciences, Inc, please visit www.ymbiosciences.com
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