YM BioSciences Merges with Cytopia Ltd.; Reports Second Quarter Loss of $3.4M
Toronto-area biopharmaceutical company YM BioSciences Inc. announced Monday it has merged with Cytopia Ltd., a clinical-stage drug development company based in Melbourne, Australia.
YM said the merger with privately held Cytopia was completed in late January in which Cytopia shareholders received 0.0852 YM shares for each Cytopia share in a deal valued at $12.6-million.
"Cytopia products are an ideal complement to our current portfolio," YM chairman and CEO David Allan said in a news release.
". . . This merger provides all shareholders both risk mitigation and a much enhanced prospect for success through the opportunity to link Cytopia's earlier stage products in development to our well-advanced development of . . . (of drugs) both directly and through our extensive network of international licensees."
Meanwhile, YM reported a net loss for the second quarter of fiscal 2010 ended Dec. 31 of $3.4 million compared with $3.2 million in the year-earlier period. Both figures represented losses of six cents a share.
Total revenue for the quarter was $700,00 compared with $2.2 million in the second quarter of fiscal 2009.
YM shares were up two cents at $1.65 Monday on the Toronto Stock Exchange.