Biomira announces third quarter 2007 financial results



    EDMONTON, Nov. 1 /CNW/ - Biomira Inc. ("Biomira" or the "Company")
(NASDAQ:  BIOM) (TSX:BRA) today reported a consolidated net loss of $6.8 million
or $0.06 per basic and diluted share for the three months ended September 30,
2007, compared to $3.7 million or $0.04 per basic and diluted share for the
same period in 2006. Revenue was $1.2 million for the 2007 third quarter,
compared with $1.7 million for the year earlier quarter. Total operating
expenses were $7.9 million for the quarter ended September 30, 2007, compared
with $5.6 million for the same quarter in 2006. All results are in Canadian
dollars.
    The increase in net loss of $3.1 million primarily resulted from lower
revenues of $0.5 million and increased operating expenses of $2.3 million. The
lower revenues resulted from reduced contract research and development funding
as a result of transitioning the responsibility for the clinical development
and regulatory activities for Stimuvax(R) to Merck KGaA of Darmstadt, Germany
("Merck KGaA") during 2006. The increase in operating expenses is primarily
attributable to professional fees associated with the Company's proposed
reincorporation into the United States. Also contributing to the increase in
operating expenses is higher amortization expense related to intangible assets
acquired as part of the ProlX acquisition in October 2006. Partially
offsetting these variances is lower research and development expenses, once
again resulting from transitioning the responsibility for the clinical
development and regulatory activities for Stimuvax to Merck KGaA during 2006.
    Financial results for the nine months ended September 30, 2007 reflect a
consolidated net loss of $18.4 million or $0.16 per basic and diluted share
compared to $13.5 million or $0.15 per basic and diluted share for the same
period in 2006.
    As at September 30, 2007, cash and cash equivalents and short-term
investments were $20.5 million compared to $33.0 million at the end of 2006, a
decrease of $12.5 million. Major contributors to the net change included
$10.6 million used in operations, $0.5 million used in payment of accrued
business acquisition and share issuance costs, and $1.1 million used in the
purchase of capital and intangible assets. Included in cash used in operations
is an increase in inventory of $3.5 million related to Stimuvax manufacturing
activities, which resumed in the first quarter of 2007 as a result of the
commencement of the Merck KGaA-led phase 3 trial of Stimuvax in non-small cell
lung cancer. Also included in cash used in operations are proceeds from
collaborative agreements of $5.6 million related to milestone payments
received under the provisions of the collaboration between Biomira and
Merck KGaA.

    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 our investors with an understanding of our current
results and future prospects, this release may contain statements that are
forward looking. These forward-looking statements represent Biomira's
intentions, plans, expectations and beliefs and are based on our experience
and our 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 related to our
business and the general economic environment, many beyond our control. These
risks, uncertainties and other factors could cause our actual results to
differ materially from those projected in forward-looking statements,
including those predicting adequacy of financing and reserves on hand;
currency exchange rate fluctuations; changes in general accounting policies;
and general economic factors. Although we believe that any forward-looking
statements that may be contained herein are reasonable, we can give no
assurance that our expectations are correct. All forward-looking statements
are expressly qualified in their entirety by this cautionary statement. For a
detailed description of our risks and uncertainties, 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 our
2006 Annual Report and in the amended registration statement on Form S-4 filed
by Oncothyreon Inc.

    Additional Information

    Additional information relating to Biomira, including a copy of our
Annual Information Form, Form 40-F and Proxy Circular, can be found on SEDAR
at www.sedar.com and U.S. EDGAR at www.sec.gov.

    
    Biomira Inc.
    Consolidated Statements of Operations
    (expressed in thousands of Canadian dollars, except share and per share
     amounts)
    (unaudited)                 Three Months Ended         Nine Months Ended
                                   September 30              September 30
                                 2007         2006         2007         2006
    -------------------------------------------------------------------------

    REVENUE
      Contract research
       and development    $        16  $     1,658  $       665  $     3,002
      Contract
       manufacturing            1,016            -        1,016            -
      Licensing revenue
       from collaborative
       agreements (Note 7)        158           51          349          157
    Licensing, royalties,
     and other revenue              1            6           25           92
    -------------------------------------------------------------------------
                                1,191        1,715        2,055        3,251
    -------------------------------------------------------------------------

    EXPENSES
      Research and
       development (Note 8)     1,273        3,623        7,961       10,551
      Manufacturing             1,290            -        1,290            -
      General and
       administrative           4,412        1,782        9,093        6,046
      Marketing and
       business development        14          146          595          513
      Amortization                870           92        2,589          295
    -------------------------------------------------------------------------
                                7,859        5,643       21,528       17,405
    -------------------------------------------------------------------------

    OPERATING LOSS             (6,668)      (3,928)     (19,473)     (14,154)
    Investment and other
     (loss) income               (435)         191         (434)         615
    Interest expense               (1)          (2)          (2)          (9)
    -------------------------------------------------------------------------

    LOSS BEFORE INCOME
     TAXES                     (7,104)      (3,739)     (19,909)     (13,548)
    INCOME TAX RECOVERY:
      Future                      325            -        1,518            -
    -------------------------------------------------------------------------

    NET LOSS              $    (6,779) $    (3,739) $   (18,391) $   (13,548)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    BASIC AND DILUTED
     LOSS PER SHARE       $     (0.06) $     (0.04) $     (0.16) $     (0.15)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    WEIGHTED AVERAGE
     NUMBER OF COMMON
     SHARES OUTSTANDING   116,915,338   89,388,932  116,915,338   88,227,133
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Biomira Inc.
    Consolidated Balance Sheets Data
    (expressed in thousands)
    (unaudited)

                                                   September 30  December 31
                                                           2007         2006
    -------------------------------------------------------------------------
    Cash and cash
     equivalents and
     short-term investments                         $    20,455  $    33,037
    Inventory                                       $     4,806  $     1,287
    Total assets                                    $    73,763  $    79,099
    Current portion of
     deferred revenue                               $     5,471  $       207
    Total long-term
     liabilities                                    $    18,360  $    13,378
    Shareholders equity                             $    44,395  $    61,417
    Common shares outstanding                           116,915      116,915
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (CAD $1.00 = USD $1.00)
    





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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