(RTTNews) -  Wednesday, bio-pharmaceutical company YM BioSciences Inc. (YMI: News , YM.TO), reported a wider loss for the first quarter compared with last year, on lower revenues, partially offset by a fall in expenses.

Net loss for the first quarter of fiscal 2010 widened to C$3.5 million from C$3.2 million reported for the same period last year. On a per share basis, net loss remained flat year-over-year at C$0.06

Total revenue for the first quarter fell to C$0.73 million from C$1.66 million last year, led by a fall in Out-license revenues that yielded lower at C$0.7 million compared with C$1.2 million for the first quarter of fiscal 2009.

The company attributed the fall in revenues to a 12-month extension of recognition period for the initial payments in contracts with Daiichi Pharmaceutical Co., Ltd. and Kuhnil Pharmaceuticals Co., Ltd.

There was a fall in expenses in the recently ended period to C$4.22 million from C$4.99 million last year, fueled by a C$1.4 million decline in Licensing and product development costs on lower product development costs and also from lower salaries and travel expenses resulting from job-cuts in the company's U.S. office.

The company reported a wider operating loss at C$3.47 million compared with C$3.33 million last year.

The Mississauga, Canada-based company is currently developing two late-stage products namely nimotuzumab, an Affinity-Optimized Antibody and AeroLEF, a liposome-encapsulated fentanyl compound.
Nimotuzumab is already approved for specific indications in 23 countries, YM noted that it has enrolled patients for a Phase II trial for the compound in patients with brain metastases from non-small-cell lung cancer, who have proved ineligible for radical chemotherapy.

Following the US Treasury Department's clearance to its American subsidiary, YM also plans to add U.S. centers to these trials and potentially other trials being conducted, "if and when cleared by the FDA".

Looking ahead for the calendar year 2010, the company plans more clinical trials, for recording significant clinical data including those of glioma, pediatric gliamo and gastric cancer.

Simultaneously, AeroLEF is being pursued for further development. After consulting with regulatory bodies in Europe and Canada, YM will conduct discussions with prospective partners around the Phase III strategy.

The company also mentioned its proposal to merge Australian clinical-stage drug development company Cytopia Ltd, whose investigative drug portfolio includes vascular disrupting agents and inhibitors for myeloproliferative disorder. The meeting of Cytopia shareholders to vote on this transaction is scheduled to occur in January 2010, according to YM.

To receive FREE breaking news email alerts for YM Bioscience Inc. and others in your portfolio

 1   2   Next Page