YM BioSciences posts $31.2-million loss for fiscal 2011

MISSISSAUGA, Ont. – YM BioSciences Inc. (TSX:YM) posted a $31.2-million annual loss for fiscal 2011 as the drug development company’s revenue dropped and expenses increased.

The loss amounted to 32 cents per share.

YM’s cost of licensing and product development increased to $23.2 million, from just under $17 million in fiscal 2010, and administration expenses grew to $8.3 million from $6.9 million.

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Overall expenses totalled $31.6 million, up from $23.2 million.

Annual revenue fell to $1.5 million from $2.7 million, mostly due to lower licensing fees.

The fiscal 2010 loss was just under $21 million, or 33 cents per share with significantly fewer shares outstanding.

For the fourth quarter ended June 30, revenue was $400,000, down from $500,000 a year earlier. Net loss was $8 million, or eight cents per share, compared with $8.6 million or 11 cents per share for the year-earlier quarter.