MISSISSAUGA, ON, Dec. 3, 2012 /CNW/ - YM BioSciences Inc. (NYSE MKT: YMI, TSX: YM) today reported that CIMYM BioSciences Inc. has sold its assets relating to nimotuzumab to InnoKeys PTE Ltd., a company based in Singapore , for undisclosed consideration including an immediate US$2 million payment. CIMYM was a joint venture subsidiary 80% owned by YM BioSciences and 20% owned by CIMAB S.A. (representing Centro de Inmunología Molecular, Cuba ). CIMAB S.A. has reported it has partnered with InnoKeys and they have incorporated a joint venture called InnoMab PTE Ltd, which is now the owner of the assets related to nimotuzumab.
"This agreement allows YM to focus entirely on our lead drug, CYT387, and our pre-clinical programs," said Dr. Nick Glover , President and CEO of YM BioSciences. "In turn, InnoMab has been formed to focus on the continued development and commercialization of nimotuzumab and operate directly with CIMYM's former sub-licensees to further build the nimotuzumab franchise and leverage its value."