March 9, 2010 (FinancialWire) — YM BioSciences Inc. (AMEX: YMI) (TSX: YM) said it has increased the size of its previously scheduled offering of units from around $15 million to around $17.5 million.

The offering is 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.

YM said it will use the funds 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, pending stock exchange approval.

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

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