MISSISSAUGA, ON, June 29 /CNW/ - YM BioSciences Inc. (NYSE Amex:YMI, TSX:YM, AIM:YMBA), a life sciences product development company that identifies and advances a diverse portfolio of promising cancer-related products at various stages of development, today reported that YM's subsidiary, CIMYM BioSciences Inc. and Oncoscience AG have resolved the issues between the companies in a cooperative effort. CIMYM BioSciences has formally notified Oncoscience that it no longer intends to submit its application to the London Court of International Arbitration for resolution of the matters previously in dispute.

"We are pleased that CIMYM BioSciences and Oncoscience have resolved their differences amicably at a minimal cost to either party and that each are committed to cooperate fully in moving nimotuzumab forward clinically with all due deliberate speed," said David Allan, Chairman and CEO of YM BioSciences. "The late-stage European clinical program Oncoscience is undertaking contributes significantly to the broad program being advanced by the network of cooperative relationships dedicated to the development of this important cancer drug globally."

"Its unique safety profile and efficacy make nimotuzumab a very promising and innovative treatment option with the potential to maintain a high quality of life for patients suffering from a number of different cancer indications," added Ferdinand Bach, CEO of Oncoscience. "I am delighted that we may now focus our combined resources exclusively on the contribution to the clinical program being undertaken globally for this promising drug. Recruitment of our Phase III trial in newly diagnosed pediatric pontine glioma has been concluded and we anticipate that recruitment in our randomised Phase III trial in adult glioblastoma grade IV will be completed in 2009. We are confident that data from these trials, along with data that will come from our placebo controlled randomised pancreatic cancer trial currently underway, in addition to data from a well diversified clinical development program being advanced internationally, will further strengthen and confirm the clinical value of nimotuzumab."

About YM BioSciences

YM BioSciences Inc. is a life sciences product development company that identifies and advances a diverse portfolio of promising cancer-related products at various stages of development. The Company is currently developing two late-stage products: nimotuzumab, an EGFR-targeting Affinity-Optimized Antibody(TM), and AeroLEF(R), a proprietary, inhaled-delivery composition of free and liposome-encapsulated fentanyl.