Mar 3 2010
YM BioSciences Inc. (NYSE YMI, TSX:YM), announces that it filed a Form 6K describing that certain US patents for nimotuzumab licensed to YM's majority-owned Canadian subsidiary , CIMYM BioSciences Inc., have become subject to a lien in the United States, pursuant to a court order, to a third party. The lien is a consequence of a dispute unrelated to either YM, its licensor, or the patent owner, the Center of Molecular Immunology (CIM). Counsel has advised the Company that the lien does not affect the exclusive, royalty-free license for nimotuzumab issued by CIMAB S.A. to CIMYM for numerous territories, including the US.
None of the international patents for nimotuzumab for which YM is licensed are affected.
"We do not believe that this situation will have an impact on YM's continuing development of nimotuzumab in the US nor do we expect it to be material to YM," said David Allan, Chairman and CEO of YM. "We issue this press release solely in response to market activity."
The lien against the two patents, which were issued by the USPTO to CIM, appear to form part of an award resulting in liens against approximately 60 patents from a number of scientific institutes assigned to that third party by a court in Miami, Florida. The liens have no relation to the US embargo against Cuba and result specifically from a civil suit brought to seek compensation for a plaintiff in a matter unrelated to these patents.
The lien is against the patents which are already subject to the license to YM's subsidiary, may solely affect the rights of CIMAB to benefit from the patents, and, consequently, this situation is not expected to be material to YM. Further, YM's license is a royalty-free license which conditions are not changed by virtue of a change of ownership in the patents, should such occur.
YM and its four licensees continue the development of nimotuzumab in 11 trials worldwide of which three are Phase III trials. Data on a number of the nimotuzumab trials is expected during 2010. YM is also in clinical development of two other novel drugs - a JAK 1/2-targeting small molecule currently in a clinical trial at Mayo Clinic and an orally-available small molecule vascular disruptive agent in clinical development. Data from both the JAK and VDA trials are also expected during 2010. The oral availability of the VDA differentiates it importantly from most or all of the other VDAs in development and the JAK 1/2-targeting drug additionally enjoys advantages over other members of this class in development. Recent licenses by development companies to multinational pharmaceutical companies for VDA and JAK-targeting drugs are evidence of high interest from that industry for agents in these classes and the substantial sums paid provide benchmarks against which drugs in development may be measured.
SOURCE YM BioSciences Inc.
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