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 firstname.lastname@example.org.
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.