YM Biosciences Sells Nimotuzumab Assets by CIMYM

YM BioSciences Inc.

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.