Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Biopharmaceutical company Immunomedics has reported that its humanized anti-CD74 antibody, milatuzumab, showed promising therapeutic activity for B-cell lymphoma in animal models.
Subscribe to our email newsletter
Financial Results
Total revenue for the first nine months of fiscal 2009 was CAD4.8 million against CAD5.5 million for the first nine months of fiscal 2008. The majority of YM’s out-licensing revenue comes from five out-licensing agreements with third party licensees for nimotuzumab. The decrease in revenue for the third quarter of fiscal 2009 compared to the same period in the prior year is mainly attributable to a 12 month extension of the revenue recognition period for the initial payment from one of YM’s licensees. The decrease in revenue for the nine months ended March 31, 2009 compared to the same period in the prior year is mainly as a result of the above mentioned extension and the ending of monthly revenue recognition for one other deferred revenue contract, partially offset by a milestone payment received this year from one of the company’s licensees. The company also began receiving royalty payments from a limited sales program in Europe initiated in the fourth quarter of fiscal 2008. Interest income decreased as the company draws on its cash balances to fund its operations and due to lower interest rates.
General and administrative expenses were CAD1.2 million for the third quarter of fiscal 2009 against CAD1.4 million for the third quarter of fiscal 2008. General and administrative expenses were CAD3.5 million for the first nine months of fiscal 2009 against CAD5.5 million for the first nine months of fiscal 2008. These decreases were mainly a result of stock option expenses decreasing as well as decreases in legal fees, salaries, consulting and investor relations expenditures.
Licensing and product development expenses were CAD3.3 million for the third quarter of fiscal 2009 against CAD4.3 million for the third quarter of fiscal 2008. Licensing and product development expenses were CAD11.5 million for the first nine months of fiscal 2009 against CAD12.1 million for the first nine months of fiscal 2008.
Costs associated with development activities for nimotuzumab remained at CAD1.5 million in the quarter compared to a year ago and increased by CAD1.1 million to CAD4.7 million for the nine months ended March 31, 2009. The increase in expenses is primarily related to preparation for the two new Phase II trials.
Costs associated with development activities for AeroLEF decreased by CAD0.2 million to CAD0.4 million for the three month period ended March 31, 2009 compared to the same period in the prior year. For the nine month period ended March 31, 2009 costs were CAD1.6 million, similar to the same period in the prior year.
Net loss for the first nine months of fiscal 2009 was CAD9.8 million (CAD0.18 per share) compared to CAD11.9 million (CAD0.21 per share) for the same period last year.
As of March 31, 2009, the company had cash and cash equivalents and short-term deposits totaling CAD46.6 million and payables and accrued liabilities totaling CAD1.9 million compared to CAD58.1 million and CAD2.0 million respectively at June 30, 2008.
As of March 31, 2009, 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.
YM BioSciences is a life sciences product development company that identifies and advances a diverse portfolio of promising cancer-related products at various stages of development.