YM BIOSCIENCES NOTICE OF ANNUAL MEETING OF SHAREHOLDERS AND NOMINATION OF DIRECTORS



    MISSISSAUGA, ON, Oct. 11 /CNW/ - YM BioSciences Inc. (AMEX:  YMI, TSX:YM,
AIM:YMBA), an oncology company that identifies, develops and commercializes
differentiated products for patients worldwide, today advised that its Annual
Meeting of Shareholders will take place on November 28th, 2007 at 4:00pm at
the Gallery of the TSX Broadcast & Conference Centre, The Exchange Tower, 130
King Street West, Toronto, Ontario.
    The items for consideration at the meeting are included in the Proxy
Circular which will be mailed to shareholders of record on or about
October 22, 2007. Two new directors have been nominated and have agreed to
stand for election at the Annual Meeting: Philip Frost, M.D., Ph.D. and
Francois Thomas, M.D.
    Dr. Philip Frost is currently the President of Calesca Pharmaceuticals.
In 2005, Dr. Frost was appointed Executive Vice President and Chief Scientific
Officer at ImClone Systems Inc. where he oversaw the company's research,
clinical and regulatory departments. He subsequently held the post of Interim
Chief Executive Officer until December 2006. Prior to ImClone Systems, Dr.
Frost served as Vice President of Oncology and Co-Director of the Oncology
Therapeutic Area Leadership Team at Wyeth, where he was responsible for the
development of various oncology compounds and contributed to the approval and
commercialization of Mylotarg(R) for the treatment of a specific form of acute
myeloid leukemia. Dr. Frost has held the positions of Adjunct Professor of
Cell Biology and Adjunct Professor of Medicine at The University of Texas M.
D. Anderson Cancer Center since 1992. He is also a Director of Innovive
Pharmaceuticals, a New York-based oncology company.
    Dr. Francois Thomas, a board certified medical oncologist, is a member of
the Board of Directors of Unibioscreen, Eurogentec and DNA therapeutics, and
formerly was a Director of Newron, Entomed, Neurotech, Novexel and CropDesign.
Dr. Thomas is currently a Senior Advisor at Bryan Garnier, a Paris-based
investment bank, and is responsible for corporate finance activities for
pharmaceutical and biotechnology companies. Dr. Thomas has been a Venture
Partner at Atlas Venture (London, UK), and a General Manager at Bioserve Ltd
(Cambridge, UK), a consultancy for the life science arena. He was previously
Vice President Licensing, Medical Affairs and Pharmacogenomics at Genset
(Paris, France), Vice President, Clinical Development at Ipsen (Paris, France)
and Assistant Professor of Medical Oncology at Institut Gustave Roussy (Paris,
France).
    Four of the current directors, Dr. James Barrett, Mr. John Friedman, Ms.
Gail Schulze and Dr. Julius Vida, will not be standing for re-election. The
Board of Directors will be reduced from ten to eight members.

    About YM BioSciences

    YM BioSciences Inc. is an oncology company that identifies, develops and
commercializes differentiated products for patients worldwide. The Company has
two late-stage products: nimotuzumab, a humanized monoclonal antibody that
targets the epidermal growth factor receptor (EGFR) and is approved in several
countries for treatment of various types of head and neck cancer; and
AeroLEF(TM), a proprietary, inhaled-delivery composition of free and
liposome-encapsulated fentanyl in development for the treatment of moderate to
severe pain, including cancer pain.

    This press release may contain forward-looking statements, which reflect
the Company's current expectation regarding future events. These
forward-looking statements involve risks and uncertainties that may cause
actual results, events or developments to be materially different from any
future results, events or developments expressed or implied by such
forward-looking statements. Such factors include, but are not limited to,
changing market conditions, the successful and timely completion of clinical
studies, the establishment of corporate alliances, the impact of competitive
products and pricing, new product development, uncertainties related to the
regulatory approval process and other risks detailed from time to time in the
Company's ongoing quarterly and annual reporting. Certain of the assumptions
made in preparing forward-looking statements include but are not limited to
the following: that nimotuzumab will continue to demonstrate a competitive
safety profile in ongoing and future clinical trials; that AeroLEF(TM) will
continue to generate positive efficacy and safety data in future clinical
trials; and that YM and its various partners will complete their respective
clinical trials within the timelines communicated in this release. We
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

    %SEDAR: 00004652E




For further information:

For further information: Enquiries: Thomas Fechtner, the Trout Group
LLC, Tel. (212) 477-9007 x31, Fax (212) 460-9028, Email:
tfechtner@troutgroup.com; James Smith, the Equicom Group Inc., Tel. (416)
815-0700 x 229, Fax (416) 815-0080, Email: jsmith@equicomgroup.com; Nominated
Advisor, Canaccord Adams Ltd., Ryan Gaffney, Tel. +44(0)20 7050 6500


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