YM BIOSCIENCES SHAREHOLDING IN COMPANY



    MISSISSAUGA, ON, Jan. 18 /CNW/ - YM BioSciences Inc. (AMEX:  YMI, TSX:YM,
AIM:YMBA), an oncology company that identifies, develops and commercializes
differentiated products for patients worldwide, today announced that it has
been notified that Accipiter Life Sciences Fund, LP and affiliated funds now
hold 3,497,795 Common Shares in the Company.

    
                                             No. of Total          % issued
                                            Voting Rights     share capital
    Accipiter Life Sciences Fund, LP            1,258,203               2.3%
    Accipiter Life Sciences Fund II, LP           240,657               0.4%
    Accipiter Life Sciences Fund (Offshore)
     Ltd                                        1,246,531               2.2%
    Accipiter Life Sciences Fund II
     (Offshore) Ltd                               476,897               0.9%
    Accipiter Life Sciences Fund II (QP), LP      275,507               0.5%
    

    The holding of 3,497,795 Common Shares represents 6.3% of the current
total issued share capital of the Company, being 58,216,309 Common shares.
    This press release is being issued in order to comply with Rule 26 of the
AIM Rules for Companies.

    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. (646) 378-2931, Email: tfechtner@troutgroup.com; James Smith, the
Equicom Group Inc., Tel. (416) 815-0700 x 229, Email: jsmith@equicomgroup.com;
Nominated Adviser, Canaccord Adams Limited, Ryan Gaffney, Tel. +44 (0)20 7050
6500


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