YM Biosci's fiscal 2007 income triples to $7.6M

Canadian oncology drugs developer YM BioSciences says that, in the fiscal year ended June 30, 2007, its total revenue was C$7.6 million ($7.6 million) versus C$2.5 million for the comparable period last year, as income from out-licensing increased C$3.3 million over fiscal 2006 as a result of two deals entered into during the year.

The most significant earner was a deal with Daiichi Sankyo subsidiary, Daiichi Pharmaceutical, signed last year (Marketletter August 7, 2006). The Japanese drugmaker licensed the domestic commercial rights for YM's cancer drug nimotuzumab and paid a non-refundable up-front fee of C$16.2 million.

Total operating expenditures for the fiscal year were $37.6 million vs C$28.1 million, general and administrative expenses decreased to C$7.0 million from C$8.0 million, mainly due to a decline in stock-based compensation expense of C$872,000. However, during the period, net loss widened to C$31.7 million, or C$0.57 per share, from C$25.8 million, or C$0.59 per share.