YM BioSciences Q1 Net Loss Narrows
The cancer therapeutics developer posted revenue from out-licensing of C$0.25m for the first quarter of fiscal 2012, compared to C$0.34m for the same period in 2010. Licensing and product development expenses were C$6.48m, compared to C$5.69m for the same period of 2010.
General and administrative expenses were C$2.16m for the first quarter of fiscal 2012, compared to C$2.21m for the same period of 2010. Finance income was C$7.50m, compared to C$0.06m for the same period of 2010.
As at September 30, 2011 the company had cash and short-term deposits totaling C$75.6m and accounts payables and accrued liabilities totaling C$4.4m compared to C$79.7m and C$4.4m respectively at June 30, 2011.
Nick Glover, president and CEO of YM BioSciences, said: â€œDuring the quarter, we completed enrollment for the 166 patient Phase I/II trial of our JAK1/JAK2 inhibitor, CYT387, in myelofibrosis.
â€œCYT387 has already demonstrated clinically meaningful and durable responses across a range of once-daily doses. Furthermore, the favorable efficacy and safety profile we have observed to date provides us with substantial dosing flexibility. In order to complement our promising once-daily clinical results, during the quarter we initiated a Phase II dose-escalation trial intended to determine the maximum tolerated dose of CYT387 when administered twice-daily at higher doses than previously tested.â€
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