Biomira announces plan to change name to Oncothyreon



    EDMONTON, Sept. 27 /CNW/ - Biomira Inc. (Nasdaq:   BIOM) (TSX: BRA) (the
"Company") today announced that, as part of the Company's previously announced
plan to reincorporate in the United States, it intends to change its name to
Oncothyreon Inc. The name change will become effective upon shareholder and
court approval of a plan of arrangement, as a result of which Oncothyreon will
become the ultimate parent corporation of a successor corporation of the
current Biomira and its subsidiaries.
    "Over the past year, we have successfully executed a strategy to create
and realize new opportunities to create sustainable value for our company, our
shareholders and for patients," said Dr. Robert L. Kirkman, President and
Chief Executive Officer of Biomira. "As a result, we have an exciting and
diversified clinical pipeline that is advancing steadily. Stimuvax(R) is in a
global Phase 3 trial, PX-12 is in Phase 2, PX-478 is in Phase 1, and we are on
track to file an Investigational New Drug application for PX-866 by year's
end. Each of our small molecule candidates targets pathways critical to cancer
cell growth, metastasis and survival in diverse cancer indications. Stimuvax
holds great promise to harness the power of the immune system to fight
non-small cell lung cancer and, potentially, other cancers with significant
unmet medical need."
    Dr. Kirkman continued, "We are a different company today than we were
just twelve months ago, and our decision to change our name to Oncothyreon
reflects that transformation. Oncothyreon is derived from the Greek words for
"tumor" and "shield" and appropriately describes our goal to develop new
therapies that protect against the deadly effects of cancer."
    Oncothyreon Inc. has today filed with the Securities and Exchange
Commission (the "SEC") an amended registration statement on Form S-4, in which
the name Oncothyreon Inc. replaces the previously used name, Biomira
Corporation, as the name of the Delaware holding corporation intended to
become the ultimate parent corporation of a successor corporation of the
current Biomira and its subsidiaries. Assuming that the SEC declares the
registration statement effective, the shareholders approve of the plan of
arrangement, and the Alberta Court of Queen's Bench issues a final order
approving the plan of arrangement, Oncothyreon intends to trade on the Nasdaq
National Market under the symbol "ONTY" and on the Toronto Stock Exchange
under the symbol "ONY".

    About the Plan of Arrangement to Reincorporate in the United States

    On September 12, 2007, Biomira announced that the Company's Board of
Directors had approved a proposal to change its jurisdiction of incorporation
from the federal jurisdiction of Canada to the State of Delaware in the United
States of America through a plan of arrangement. Under the plan of
arrangement, which is subject to shareholder and court approval, Biomira will
migrate to the United States by creating a holding corporation based in the
State of Delaware, Oncothyreon Inc., which will be the ultimate parent
corporation of a successor corporation of the current Biomira and its
subsidiaries. Oncothyreon Inc. intends to establish its headquarters in or
near Seattle, Washington.
    The plan of arrangement will require the approval of two-thirds of the
common and preference shares represented at a special meeting of Biomira's
shareholders, voting as a class. Such a meeting is expected to take place in
Edmonton, Alberta following the distribution of a definitive proxy
statement/prospectus contained as part of a registration statement filed with
the SEC and receipt of an interim order with respect to the proposed plan of
arrangement from the Alberta Court of Queen's Bench. Oncothyreon today filed
an amended registration statement on Form S-4 with the SEC that includes a
preliminary proxy statement/prospectus covering the proposed plan of
arrangement and the shares to be issued to Biomira's shareholders in the plan
of arrangement. Upon the completion of the proposed arrangement, holders of
common shares of Biomira Inc. will receive one-sixth of a share of common
stock of Oncothyreon Inc. in exchange for each common share of Biomira Inc.,
which will have the effect of a 6-for-1 reverse stock split of Biomira Inc.
common shares. Assuming that the SEC declares the registration statement
effective, the shareholders approve of the plan of arrangement, and the
Alberta Court of Queen's Bench issues a final order approving the plan of
arrangement, Biomira currently estimates that the transactions contemplated by
the plan of arrangement should be completed in late 2007 or early 2008.

    About Biomira

    Biomira is a biotechnology company specializing in the development of
innovative therapeutic products for the treatment of cancer. Biomira's goal is
to develop and commercialize novel synthetic vaccines and targeted small
molecules that have the potential to improve the lives and outcomes of cancer
patients.

    Forward Looking Statements

    In order to provide Biomira's investors with an understanding of its
current intentions and future prospects, this release contains statements that
are forward looking, including statements relating to the proposed
reincorporation of Biomira from Canada to the United States, the pre-clinical
and clinical development of Stimuvax, PX-12, PX-478 and PX-866, the filing of
an Investigational New Drug application for PX-866 and the timing thereof, and
future clinical development plans. These forward-looking statements represent
Biomira's intentions, plans, expectations and beliefs and are based on its
management's experience and assessment of historical and future trends and the
application of key assumptions relating to future events and circumstances.
    Forward-looking statements involve risks and uncertainties, including
risks and uncertainties related to the proposed reincorporation transaction,
Biomira's business, the regulatory approval process and the general economic
environment. Many of these risks and uncertainties are beyond Biomira's
control. These risks, uncertainties and other factors could cause our actual
results to differ materially from those projected in forward-looking
statements. Risks, uncertainties, and assumptions include those predicting the
completion of the proposed arrangement and reincorporation; the clinical
development of Stimuvax, PX-12, PX-478 and PX-866; the therapeutic and
commercial potential of Stimuvax, PX-12, PX-478 and PX-866; the filing of an
Investigational New Drug application for PX-866 and the timing thereof; future
clinical development plans; and the other risks and uncertainties described in
the reports and other documents, including the registration statement on Form
S-4, filed by either Biomira Inc. or Oncothyreon Inc. with the SEC and/or
Canadian regulatory authorities.
    Although Biomira believes that any forward-looking statements contained
herein are reasonable, it can give no assurance that its expectations are
correct. All forward-looking statements are expressly qualified in their
entirety by this cautionary statement. For a detailed description of the risks
and uncertainties associated with Biomira and Oncothyreon, you are encouraged
to review the official corporate documents filed with the securities
regulators in Canada and the United States, including the risk factors
described in the amended registration statement on Form S-4 filed by
Oncothyreon Inc. with the SEC and on SEDAR.

    Additional Information About the Arrangement/Reincorporation and Where to
    Find It

    On September 27, 2007, Oncothyreon Inc., a Delaware corporation that
will, if the arrangement is approved, become the parent corporation of a
successor to Biomira Inc., a Canadian corporation, filed an amended
registration statement on Form S-4 with the Securities and Exchange Commission
containing a preliminary proxy statement/prospectus regarding the proposed
plan of arrangement. We have also filed this amended registration statement on
SEDAR. Investors and security holders of Biomira Inc. are urged to read the
preliminary proxy statement/prospectus, which has not been declared effective
by the SEC, and when and if it is available, the definitive proxy
statement/prospectus filed with the SEC and on SEDAR. These documents as well
as Biomira Inc.'s other filings with the SEC and Canadian regulatory
authorities contain, or will contain, important information about Biomira
Inc., Oncothyreon Inc., and the proposed plan of arrangement. The amended
preliminary proxy statement/prospectus filed with the SEC by Oncothyreon Inc.
on September 27, 2007 and any other filings by Biomira Inc. or Oncothyreon
Inc. with the SEC may be obtained free of charge at the SEC's website,
www.sec.gov. Similarly, the documents filed on SEDAR may be obtained free of
charge at the SEDAR website, www.sedar.com. In addition, investors and
security holders may obtain free copies of the documents Biomira Inc. and
Oncothyreon Inc. have filed with the SEC and/or Canadian regulatory
authorities by contacting Biomira's Investor Relations Department at Biomira,
Inc., 2011 - 94 St. Edmonton, AB, Canada T6N 1H1. Attn: Investor Relations,
telephone: (780) 450-3761, ext. 818.
    Biomira Inc., Oncothyreon Inc., Robert L. Kirkman, M.D., Chief Executive
Officer of both Biomira Inc. and Oncothyreon Inc., Edward A. Taylor, Chief
Financial Officer of both Biomira Inc. and Oncothyreon Inc., and certain of
Biomira Inc. and Oncothyreon Inc.'s other executive officers and directors may
be deemed to be participants in the solicitation of proxies from the
shareholders of Biomira Inc. in favor of the arrangement. The other executive
officers and directors of Biomira Inc. or Oncothyreon Inc. who may be
participants in the solicitation of proxies in connection with the arrangement
have not been determined as of this date. A description of the interests of
Dr. Kirkman, Mr. Taylor, and other executive officers of Biomira Inc. and
Oncothyreon Inc. is set forth in the preliminary proxy statement/prospectus
filed as part of the registration statement on Form S-4 described above.
Investors and security holders may obtain more detailed information regarding
the direct and indirect interests of Dr. Kirkman, Mr. Taylor, and other
executive officers and directors in the arrangement by reading the amended
preliminary proxy statement/prospectus filed with the SEC on September 28,
2007 as part of the registration statement on Form S-4 and, when and if it
becomes available, the definitive proxy statement/prospectus.





For further information:

For further information: Investor and Media Relations Contact: Julie
Rathbun, Rathbun Communications, (206) 769-9219, ir@biomira.com

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ONCOTHYREON INC.

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