Biomira Inc. announces date for special meeting of shareholders; Oncothyreon Inc. registration statement declared effective



    EDMONTON, and BELLEVUE, WA, Nov. 1 /CNW/ - Biomira Inc. (Nasdaq:   BIOM)
(TSX: BRA) (the "Company") today announced that it will hold a special meeting
of shareholders at 9:00 a.m. Mountain Time on December 4, 2007, at the Delta
Edmonton South Hotel & Conference Centre, 4404 Gateway Blvd., Edmonton. The
meeting will consider a special resolution to approve a plan of arrangement
under which Biomira will migrate to the United States by creating a holding
corporation, Oncothyreon Inc., which will become the ultimate parent
corporation of Biomira and its subsidiaries. Holders of common shares and
preference shares as of the close of business on October 24, 2007, are
entitled to receive notice of and to vote at the special meeting. A proxy
statement/prospectus in connection with the solicitation of proxies for the
special meeting is expected to be mailed to shareholders on approximately
November 7, 2007. The special meeting is taking place pursuant to an interim
order of the Alberta Court of Queen's Bench dated October 29, 2007.
    Oncothyreon Inc. filed an amended registration statement on Form S-4 with
the Securities and Exchange Commission (the "SEC") on October 29, 2007, which
was declared effective by the SEC on October 31, 2007. Upon the completion of
the proposed plan of 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. If the
shareholders approve 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 on or about December 10, 2007. Oncothyreon
intends to trade on the Nasdaq National Market under the symbol "ONTY" and on
the Toronto Stock Exchange under the symbol "ONY".
    "We are pleased that the court and regulatory authorities have moved
expeditiously, allowing us to hold the special meeting of shareholders in
early December," said Dr. Robert L. Kirkman, President and Chief Executive
Officer of Biomira. "We are confident that the steps contemplated in this plan
of arrangement are the right strategic move to increase long-term shareholder
value. We are looking forward to realizing the value and opportunities created
by the exciting and diverse pipeline of clinical products in oncology we have
in development."

    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 timing and
benefits 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 and benefits of the proposed arrangement and reincorporation;
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 October 29, 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, and when 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 October 29, 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 October 29, 2007
as part of the registration statement on Form S-4 and, when 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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