MISSISSAUGA, ON, Feb. 23, 2012 /PRNewswire/ - YM BioSciences Inc. ("YM" or the "Company") (NYSE Amex: YMI; TSX: YM), a drug development company advancing a diverse portfolio of hematology and cancer related products, today announced that it has commenced an underwritten public offering (the "Offering") of its common shares. In connection with the Offering, the Company plans to grant to the underwriters a 30-day option to purchase additional common shares. BofA Merrill Lynch is acting as sole book-running manager for the Offering. The Offering is subject to market conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering. The securities described above are being offered by the Company in the United States pursuant to a registration statement previously filed with the Securities and Exchange Commission (the "SEC"), which the SEC declared effective on July 15, 2011. A preliminary prospectus supplement related to the Offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying base prospectus relating to the Offering may be obtained from BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department or by e-mail at firstname.lastname@example.org. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.The Offering of the common shares under the prospectus supplement will not be made to persons in Canada. The prospectus supplement and accompanying base prospectus contain detailed information about the common shares being offered. Investors should read the prospectus supplement and accompanying base shelf prospectus before making an investment decision.About YM BioSciences YM BioSciences Inc. is a drug development company advancing three clinical-stage products: CYT387, a small molecule, dual inhibitor of JAK1/JAK2 kinase; nimotuzumab, an EGFR-targeting monoclonal antibody; and CYT997, a potent vascular disrupting agent (VDA).