YM BIOSCIENCES RESPONDS TO BBM ANNOUNCEMENT

    YM BIOSCIENCES RESPONDS TO BBM ANNOUNCEMENT

    MISSISSAUGA, ON, Nov. 13 /CNW/ - YM BioSciences Inc. (NYSE Alternext
US:YMI, TSX:YM, AIM:YMBA), an oncology company that identifies, develops and
commercializes differentiated products for patients worldwide, today announced
that an unsolicited proposal has reportedly been made to acquire the Company
at a price of approximately US$0.50 per share or approximately US$29 million.
    "We do not believe that an offer at this price would appropriately value
the Company's assets," said David Allan, Chairman and CEO of YM BioSciences.
"However, as a matter of its fiduciary responsibility to shareholders, the
Board will review and consider any formal offers it receives."
    In addition to net cash of more than CDN $52 million at September 30,
2008, YM BioSciences owns outright the rights to AeroLEF, a unique approach to
the delivery of fentanyl for the treatment of patients with acute pain which
is being prepared for late stage trials. The Company is also the licensee for
the highly differentiated EGFR-targeting drug, nimotuzumab, for most of the
major market territories including Japan, Europe and North America.
Nimotuzumab is currently undergoing a YM sponsored trial in pediatric glioma
in Canada and the US, while being advanced in several Phase III trials by YM's
licensees and other companies advancing the drug internationally. Nimotuzumab
is already approved for sale in a number of countries. YM believes it has
sufficient cash resources to materially further advance nimotuzumab over the
next 24 months in addition to the development of the drug internationally.
    As at September 30, 2008 the Company had 58,216,309 common shares
outstanding, of which 2,380,953 common shares are held in escrow to be
released contingent upon the completion of certain milestones.

    About YM BioSciences

    YM BioSciences Inc. is a company that identifies, develops and
commercializes differentiated products principally in the area of oncology for
patients worldwide. The Company is developing nimotuzumab, a humanized
monoclonal antibody, and AeroLEF(R), a proprietary, inhaled-delivery
composition of free and liposome-encapsulated fentanyl. Nimotuzumab is in
development targeting multiple tumour types in combination with radiation,
chemoradiation and chemotherapy. The drug, which is approved for marketing in
eight countries, is significantly differentiated from all other currently
marketed EGFR-targeting agents because of a remarkably benign side-effect
profile. In approximately 3,000 patients treated worldwide, to date, no Grade
III/IV rash has been reported and reports of any of the other side-effects
that are typical of EGFR-targeting molecules have been rare. AeroLEF(R) is in
development for the treatment of moderate to severe pain, including cancer
pain. The product completed a randomized trial in 2007 and is being prepared
for late-stage development internationally.

    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 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 nimotuzumab will continue to demonstrate a competitive
safety profile in ongoing and future clinical trials; that AeroLEF(R) will
continue to generate positive efficacy and safety data in future clinical
trials; and that YM and its various partners will complete their respective
clinical trials within the timelines communicated in this release. We
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.


For further information: Enquiries: Thomas Fechtner, the Trout Group LLC,
Tel. [phone], Email: tfechtner(at)troutgroup.com; James Smith, the
Equicom Group Inc., Tel. [phone] x 229, Email:
jsmith(at)equicomgroup.com; Nominated Adviser, Canaccord Adams Limited, Ryan
Gaffney, Tel. [phone]
(YMBA)



 



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