Biomira Inc. announces first quarter 2007 results



    EDMONTON, April 26 /CNW/ - Biomira Inc. (NASDAQ:  BIOM) (TSX:BRA) today
reported a consolidated net loss from operations of $5.4 million or $0.05 per
basic and diluted share for the three months ended March 31, 2007, compared to
$5.8 million or $0.07 per basic and diluted share for the same period in 2006.
Revenue was $0.2 million for the 2007 first quarter, compared with
$0.4 million for the year earlier quarter. Total operating expenses were
$6.7 million for the quarter ended March 31, 2007, compared with $6.4 million
for the same quarter in 2006. All results are in Canadian dollars.
    The increase in operating expenses in the first quarter of 2007 compared
with the first quarter of 2006 primarily resulted from an increase in
amortization expense and marketing and business development expense of
$0.8 million and $0.4 million respectively, partially offset by a reduction in
research and development expense of $1.0 million. The increase in amortization
expense relates to the intangible assets acquired in the acquisition of ProlX
Pharmaceuticals Corporation in October 2006, and the increase in marketing and
business development expense relates to workforce reduction costs in the first
quarter of 2007. The decrease in research and development expense primarily
relates to reduced clinical and development expenditures 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, and related workforce reductions undertaken during 2006.
    As at March 31, 2007, our cash and cash equivalents and short-term
investments were $28.7 million compared to $33.0 million at the end of 2006, a
decrease of $4.3 million. Major contributors to the net change included
$3.3 million used in operations, $0.5 million used in payment of accrued
business acquisition and share issuance costs, and $0.5 million used in the
purchase of intangible assets. Netted against cash used in operations was the
receipt of a milestone payment to Biomira of $2.9 million as the result of the
enrollment of the first patient in the global phase 3 Stimuvax clinical trial.
This milestone payment has been recorded as deferred revenue and is being
recognized as revenue on a straight-line basis over the remaining patent life
of the Stimuvax product.
    The increase in inventory to $3.7 million at March 31, 2007, from
$1.3 million at December 31, 2006, reflects increased Stimuvax manufacturing
activities as a result of the commencement of the Merck KGaA-led phase 3 trial
of Stimuvax in non-small cell lung cancer initiated in the first quarter of
2007.

    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.

    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
                                                               March 31
                                                           2007         2006
    -------------------------------------------------------------------------
    REVENUE
      Contract research and development             $       116  $       324
      Licensing revenue from collaborative
       agreements                                            74           55
      Licensing, royalties, and other revenue                11            1
    -------------------------------------------------------------------------
                                                            201          380
    -------------------------------------------------------------------------
    EXPENSES
      Research and development                            2,989        3,956
      General and administrative                          2,243        2,130
      Marketing and business development                    560          218
      Amortization                                          862          106
    -------------------------------------------------------------------------
                                                          6,654        6,410
    -------------------------------------------------------------------------
    OPERATING LOSS                                       (6,453)      (6,030)
      Investment and other income                           358          237
      Interest expense                                       (1)          (7)
    -------------------------------------------------------------------------
    LOSS BEFORE INCOME TAXES                             (6,096)      (5,800)
    INCOME TAX RECOVERY:
      Future                                                737            -
    -------------------------------------------------------------------------
    NET LOSS                                        $    (5,359) $    (5,800)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    BASIC AND DILUTED LOSS PER SHARE                $     (0.05) $     (0.07)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    WEIGHTED AVERAGE NUMBER OF COMMON SHARES
     OUTSTANDING                                    116,915,338   85,864,809
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Biomira Inc.
    Consolidated Balance Sheets Data
    (expressed in thousands)
    (unaudited)
                                                       March 31  December 31
                                                           2007         2006
    -------------------------------------------------------------------------
    Cash and short-term investments                 $    28,707  $    33,037
    Inventory                                       $     3,689  $     1,287
    Total assets                                    $    75,878  $    79,099
    Deferred revenue (current and non-current)      $     3,887  $     1,036
    Total long-term liabilities                     $    15,212  $    13,378
    Shareholders equity                             $    56,477  $    61,417
    Common shares outstanding                           116,915      116,915
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (CAD $1.00 = USD $0.87)
    





For further information:

For further information: Investor and Media Relations Contact: Stephanie
Seiler, Ph.D., Gemini BioProjects LLC, (206) 713-0124, ir@biomira.com

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