June 4, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — YM BioSciences Inc. (AMEX: YMI (TSX: YM) said it has raised around US$3.2 million through a non-brokered private placement of 2.5 million common shares to be issued at $1.27. The money will be used to offset the costs of the company’ s accelerated trial of CYT387 for the treatment of myelofibrosis.

According to YM, the investment was made by an international health-care-specific investment fund management company recognizing the increased demands on YM's cash resources from the recent expansion by the company into the earlier-than-planned Phase II component of its trial at Mayo Clinic with CYT 387 in myelofibrosis.

YM said that the expansion will allow for more patients to be dosed during 2010, in turn allowing more rapid and innovative selection of doses for registration-enabling Phase III studies in myelofibrosis.

Since the company believes that JAK 1/2 inhibitors have broad therapeutic applicability with prospects in numerous indications beyond myelofibrosis, including oncology and autoimmune diseases, YM, in addition to the expansion of this trial, is planning for the development of CYT387 in hematology, and oncology indications with unmet medical needs.

CYT387 was acquired by YM BioSciences through merging the Australian biotechnology company, Cytopia Ltd. into YM in early 2010. The founder of Cytopia, Andrew Wilks, discovered the JAK1 and JAK2 enzymes and his work led to the discovery and subsequent development of CYT387.

The company also holds patents over the enzyme targets of JAK1 and JAK2, and intellectual property over the JAK2 crystal structure.

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

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