MISSISSAUGA, ON, Oct. 22 /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 its Board
of Directors has adopted a renewed Shareholder Rights Plan Agreement. The
Rights Plan is designed to encourage the fair treatment of shareholders in
connection with any take-over offer for the Company. The Rights Plan was not
adopted in response to any anticipated takeover bid, but as a general planning
    The previous Rights Plan was adopted on October 19, 2004 and will expire
at the close of business on the day of the Company's Annual General meeting to
be held on November 28, 2007. Shareholders will be asked to confirm the
renewed plan at the meeting. The material terms of the renewed plan are the
same as the previous Rights Plan with the exception that, if approved by the
shareholders, the Rights Plan will now have a term of 10 years, subject to
reconfirmation by the shareholders every three years.
    The Rights Plan, if approved, will continue to provide the Board and
shareholders more time to consider the terms of any take-over bid and allow
more time for the Board to pursue, if appropriate, other alternatives to
maximize shareholder value. Pursuant to the terms of the Rights Plan, any bid
that meets certain criteria intended to protect the interests of all
shareholders are deemed to be Permitted Bids. A Permitted Bid must be made by
way of a take-over bid circular prepared in compliance with applicable
securities laws and, in addition to certain other conditions, must remain open
for 60 days. In the event a take-over bid does not meet the Permitted Bid
requirements of the Rights Plan, the Rights issued under the plan will entitle
shareholders, other than any shareholder or shareholders involved in the
take-over bid, to purchase additional common shares of YM BioSciences at the
Exercise Price as at the Business Day immediately preceding the date of
exercise of the Right.
    The plan is subject to acceptance for filing by the Toronto Stock
Exchange. A copy of the complete plan is available at www.sedar.com and is
available from the Company on request.

    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-, 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- 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

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 Advisor, Canaccord Adams Ltd., Ryan Gaffney, Tel. +44(0)20 7050

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