Exhibit 99.5



CERTIFICATION PURSUANT TO RULE 13a-14
OR 15d-14 OF THE
 SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
 SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002



I, Leonard Vernon, certify that:



| | 1. | I have reviewed this annual report on Form 40-F of YM BioSciences Inc.;
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2.     Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report;



3.     Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;



4.     The issuer’s other
certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f)) for the issuer and have:



| | (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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| | (b) | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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| | (c) | Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and
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| | (d) | Disclosed in this report any change in the issuer’s internal control over financial reporting
that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially
affect, the issuer’s internal control over financial reporting; and
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5.     The issuer’s other
certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
issuer’s auditors and the audit committee of the issuer’s board of directors (or persons performing the equivalent
function):



| | (a) | All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize
and report financial information; and
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| | (b) | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the issuer’s internal control over financial reporting.
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Dated:   September 21, 2012



| | /s/ Leonard Vernon                                                       
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| | Leonard Vernon                                                           
| | Vice President, Finance and
 Administration (Principal Financial Officer)