YM BioSciences reported operational and financial results for the fourth quarter and the 2006 fiscal year, ended June 30, 2006.
“In fiscal 2006, we made exceptional progress in strengthening YM’s fundamentals,” says David Allan, chairman and CEO. “We move into fiscal 2007 with significant cash reserves and an advanced product pipeline that has the prospect of yielding registration data for both of our lead cancer drugs within the next 12–15 months.”
Total revenue for the fiscal year 2006 was $2.5 million, compared to $1.5 million for the fiscal year ended June 30, 2005. Total revenue for the fourth quarter ended June 30, 2006, was $0.8 million more than the $0.3-million for the same quarter last year. The increases were primarily due to increased interest income resulting from the company’s larger short-term deposits compared with the previous year, according to YM Biosciences.
Total operating expenditures for the fiscal year 2006 also increased by $10.8 from fiscal 2005 to $28.1 million. Total operating expenditures for the most recent fourth quarter were $9.3 million, a $8.4-million increase over the same period of the previous fiscal year.
General and administrative expenses increased in 2006 over 2005 due principally to higher legal costs, stock-exchange, and investor-related costs and stock-based compensation expenses, explains YM Biosciences. Expenses for fiscal 2006 were $8 million compared to $6.3 million for the previous fiscal period. Expenses for the fourth quarter of fiscal 2006 were $3.4 million compared to $2.3 million for the same quarter in the prior year.
Net loss for the fiscal year and fourth quarter was $25.8 million ($0.59 per share) and $8.6 million ($0.16 per share), respectively, compared to $15.9 million ($0.47 per share) and $6.5 million ($0.18 per share), respectively for the same periods last year.