MISSISSAUGA, ON, Dec. 3, 2012 /CNW/ - YM BioSciences Inc. (NYSE
MKT: YMI, TSX: YM) today reported that CIMYM BioSciences Inc.
has sold its assets relating to nimotuzumab to InnoKeys PTE Ltd., a
company based in Singapore, for
undisclosed consideration including an immediate US$2 million payment. CIMYM was a joint venture
subsidiary 80% owned by YM BioSciences and 20% owned by CIMAB S.A.
(representing Centro de Inmunología Molecular, Cuba). CIMAB S.A. has reported it has
partnered with InnoKeys and they have incorporated a joint venture
called InnoMab PTE Ltd, which is now the owner of the assets
related to nimotuzumab.
"This agreement allows YM to focus entirely on
our lead drug, CYT387, and our pre-clinical programs," said Dr.
Nick Glover, President and CEO of YM
BioSciences. "In turn, InnoMab has been formed to focus on the
continued development and commercialization of nimotuzumab and
operate directly with CIMYM's former sub-licensees to further build
the nimotuzumab franchise and leverage its value."
About YM BioSciences
YM BioSciences Inc. is a drug development
company primarily focused on advancing CYT387, an orally
administered inhibitor of both the JAK1 and JAK2 kinases, which
have been implicated in a number of hematological and immune cell
disorders including myeloproliferative neoplasms and inflammatory
diseases as well as certain cancers. Positive interim results have
been reported from a Phase I/II trial of CYT387 in 166 patients
with myelofibrosis. YM's portfolio also includes several
preclinical programs underway with candidates from its library of
novel compounds identified through internal research conducted at
YM BioSciences Australia.
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 will generate positive
efficacy and safety data in ongoing and future clinical trials.
Except as required by applicable securities laws, we undertake 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.