Biomira Inc. receives Nasdaq delisting notification



    EDMONTON, Nov. 5 /CNW/ - Biomira Inc. (Nasdaq:   BIOM) (TSX: BRA) (the
"Company") today announced that on November 2, 2007, it received a letter from
The Nasdaq Stock Market, Inc. ("Nasdaq") notifying the Company that for the
30 consecutive trading days preceding the date of the letter, the bid price of
the Company's common stock had closed below the $1.00 per share minimum
required for continued inclusion on the Nasdaq Global Market pursuant to
Nasdaq Marketplace Rule 4450(a)(5). The letter further notified the Company
that, in accordance with Nasdaq Marketplace Rule 4450(e)(2), the Company will
be provided 180 calendar days, or until April 30, 2008, to regain compliance
with the minimum bid price requirement. Compliance will be achieved if the bid
price per share of the Company's common stock closes at $1.00 per share or
greater for a minimum of ten (10) consecutive trading days prior to April 30,
2008.
    "We expect that we will regain compliance with the minimum bid price rule
as one result of the reverse stock split included in the plan of arrangement
to be considered at the upcoming special meeting of our shareholders," said
Robert L. Kirkman, M.D. President and CEO of Biomira. "Ensuring compliance
with this rule was a major reason the Board of Directors of Biomira included
the reverse split in the plan. We also believe that a higher trading price may
allow investment in Biomira by institutional investors whose policies preclude
investing in stock with lower share prices."
    "The initiatives we have put in place over the last year are each part of
a strategic plan to create long-term sustainable value for our shareholders,"
continued Dr. Kirkman. "These initiatives include the expansion of our
clinical development pipeline with the acquisition of ProlX Pharmaceuticals
Inc.; the advancement of Stimuvax(R) into a global Phase 3 trial; the signing
of amended and restated collaboration and supply agreements with Merck KGaA,
our partner for Stimuvax; and our plan to reincorporate in the United States
and revise our capital structure. We are looking forward to the future we
believe these steps will make possible, under our planned new name,
Oncothyreon Inc."
    The Company has previously announced a special meeting of shareholders to
be held at 9:00 a.m. (Mountain Time) in Edmonton, Alberta on December 4, 2007.
At the meeting, the Company's shareholders will consider a special resolution
to approve a plan of arrangement under which the Company will migrate to the
United States by creating a Delaware holding corporation, Oncothyreon Inc.,
which will become the ultimate parent corporation of a successor to Biomira
and its subsidiaries. If the plan of arrangement is approved by shareholders
of Biomira and other conditions are satisfied, including the issuance by the
Alberta Court of Queen's Bench of a final order approving the plan of
arrangement, each outstanding common share of Biomira Inc. will be exchanged
for one-sixth of a share of common stock of Oncothyreon Inc., which will have
the effect of a 6 for 1 reverse stock split of Biomira Inc. common shares.
    If compliance with Nasdaq's Marketplace Rules is not achieved by
April 30, 2008, and if the Company is not eligible for an additional
compliance period, Nasdaq will provide notice that the Company's common stock
will be delisted from the Nasdaq Global Market. In the event of such
notification, the Company would have an opportunity to appeal Nasdaq's
determination or to apply to transfer its common stock to the Nasdaq Capital
Market.

    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.

    Cautionary Note Concerning Forward-Looking Statements

    This press release contains forward-looking statements within the meaning
of applicable securities laws in the United States and Canada. Forward-looking
statements involve risks and uncertainties, including risks and uncertainties
related to compliance by either Biomira or Oncothyreon with applicable Nasdaq
listing requirements; the impact of the proposed effective reverse stock split
on compliance with Nasdaq listing requirements; benefits currently anticipated
to be derived from the proposed reincorporation transaction; and Biomira's
business, including, without limitation, statements related to our agreements
with Merck KGaA, the therapeutic and commercial potential of Stimuvax and
other drug candidates in our clinical development pipeline, benefits
anticipated from the acquisition of ProlX, future clinical development plans,
the details of our planned clinical trials, the regulatory approval process
and the general economic environment. A number of factors could cause actual
results or events to differ materially from those anticipated by
forward-looking statements. In particular, neither Biomira nor Oncothyreon can
predict whether the conditions to completion of the reincorporation, including
shareholder and judicial approvals, will be obtained. In addition, even if the
reincorporation and the associated effective reverse stock split are approved
and implemented, neither Biomira nor Oncothyreon can provide any assurances
that they will continue to satisfy Nasdaq listing requirements. The business
of Biomira and, assuming completion of the arrangement, the business of
Oncothyreon are subject to numerous risks and uncertainties associated with
biopharmaceutical development companies, including risks relating to the
results of clinical development and regulatory approvals. For more information
about the risks and uncertainties facing Biomira and Oncothyreon, please refer
to the registration statement on Form S-4 filed by Oncothyreon with the
Securities and Exchange Commission (SEC) and by Biomira with Canadian
regulatory authorities as well as to the respective companies' other filings
in the United States with the SEC and in Canada 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
proxy statement/prospectus regarding the proposed plan of arrangement. Biomira
has also filed this amended registration statement on SEDAR. Investors and
security holders of Biomira Inc. are urged to read the 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
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
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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