March 8, 2010 (FinancialWire) — YM BioSciences Inc. (AMEX: YMI) (TSX: YM) said that it is raising around $15 million in a “registered direct” offering of units at a price of $1.20 per unit.

Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at a price of $1.60 commencing six months from closing for a period of five years from closing.

According to YM, the funds will be used principally to fund the company’s drug development activities and for general corporate purposes.

The transaction is scheduled to close on or about March 10, 2010, pending stock exchange approval.

Canada-based YM BioSciences is a life sciences product development. Together with products from YM Australia, the company is currently developing four late-stage products.

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