YM BioSciences has reported total revenue of $5.6m for the fiscal year ended June 30, 2009, a decrease in comparison with $7.4m for fiscal year 2008. Fourth quarter revenues decreased to $0.8m compared with $2.0m for the fourth quarter of fiscal 2008.
The company said that the decrease is mainly attributable to the 12 month extension of the revenue recognition period for the initial payment from Daiichi Pharmaceutical as a result of a revision to the estimated period of the collaboration.
The company has reported a net loss of $13.1m or $0.23 per share for the fiscal year ended June 30, 2009, an increase when compared to $14.9m or $0.27 per share for the same period prior year.
Net loss for the fourth quarter ended June 30, 2009 were $3.3m or $0.06 per share, compared to $3.0m or $0.05 per share for the same periods last year.
David Allan, chairman and CEO of YM BioSciences, said: “Just weeks ago we received clearance from the US Treasury Department to extend our US clinical program for nimotuzumab, permitting us to conduct trials in any cancer indication. Obtaining this clearance will be a transformative event for nimotuzumab and highlights the significant efforts made by YM staff in fiscal 2009 to advance our lead drug in an aligned effort with our licensees.
“Although encouraging data was presented at ASCO 2009 describing the efficacy of nimotuzumab but without advanced toxicities, we anticipate that, once a broader group of key US oncologists gain experience investigating nimotuzumab in their patients, the benefits of our drug and its potential for best-in-class status will be more fully appreciated by this community, as well as by potential partners and investors.”