Bargaining power boost for YM BioSciences
The share offering last week by Canadian firm biotechnology firm YM BioSciences (TSX: YM), which raised $80.5 million for the company and was the biggest funding raising by a Canadian biotech firm in four years, has significantly boosted its cash balance, and should effectively allow it to fund Phase III development of the JAK1/2 inhibitor CYT387, if needed. The compound was acquired in 2010 along with Australian biotech company Cytopia.
This in turn should strengthen the company’s negotiating position in discussions with potential licensees for CYT387, in development for treating myeloproliferative disorders, says Jacob Pleith, an analyst at Edison Investment Research. A recently updated positive anemia response from a Phase I/II trial of CYT387 underscores its competitive profile and points towards a Phase III program that should begin in the second half of 2012.
Year-end cash of C$121 million
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