Investment summary

YM BioSciences’ share price has drifted somewhat, along with its peer group, since the company completed a US$80.5m share offering. However, the significant boost to YM's cash balance following the offering might, if needed, allow the company to start in-house Phase III development of the JAK1/2 inhibitor CYT387 for treating myeloproliferative disorders, while striking a licensing deal also remains a possibility. We expect YM to finish its fiscal 2012 (30 June) with cash of C$120.5m. A Phase III programme for CYT387 is being finalised, and could begin in the second half of 2012.

Last updated on 23/04/2012

Industry outlook

CYT387 is one of the most advanced unpartnered JAK1/2 inhibitors in development, and has a potential efficacy advantage: there was 54% transfusion independence at 84 days, with median duration of the transfusion-free period yet to be determined. Incyte/Novartis's ruxolitinib (Jakafi) is the most advanced competing JAK inhibitor and has been approved in the US for myelofibrosis.

Last updated on 23/04/2012