YM BioSciences Inc. files amended and restated preliminary prospectus to extend initial public offering of Class B Preferred Shares, Series 1 to include Quebec
MISSISSAUGA, ON, March 8 /CNW/ - YM BioSciences Inc. today announced that
it has filed an amended and restated Preliminary Prospectus with Canadian
securities regulatory authorities in certain provinces in connection with a
public offering by the Company of its Class B Preferred Shares, Series 1. The
principal reason for amending and restating the preliminary prospectus was to
extend the offer into the Province of Quebec.
The Company does not intend to complete a listing of its common shares at
this time. However, it is anticipated that the preferred shares will
automatically convert into common shares one year after they are issued, so
long as the Company has obtained a listing for the common shares on a
prescribed stock exchange within the meaning of Canadian tax laws. In
addition, earlier or later conversion may occur in certain specified
circumstances. The Class B Preferred Shares will be offered on an agency basis
through Canaccord Capital Corporation in Canada and Canaccord Capital (Europe)
Limited elsewhere.
All of the Class B Preferred Shares, Series 1, offered in the offering
are being issued and sold by the Company. The net proceeds will be used
primarily to develop the Company's licensed oncology products.
YM BioSciences Inc., a Canadian company incorporated in 1994, licenses
and develops innovative cancer therapeutics. It partners with biotechnology
and pharmaceutical companies, as well as with drug discovery organizations and
academic institutes, to develop cancer treatment applications of their novel
agents and technologies. The Company in-licenses drug products and takes them
through the development process, including regulatory affairs and clinical
research, toward preparation for regulatory approval.
YM BioSciences is building a product portfolio of cancer therapeutics
across a variety of technologies and indications. YM BioSciences currently has
a total of six cancer products in clinical development.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to qualification under the securities laws of any such
jurisdiction. |
