Biomira announces second quarter 2007 financial results



    EDMONTON, Aug. 2 /CNW/ - Biomira Inc. ("Biomira" or the "Company")
(NASDAQ:  BIOM) (TSX:BRA) today reported a consolidated net loss from operations
of $6.3 million or $0.05 per basic and diluted share for the three months
ended June 30, 2006, compared to $4.0 million or $0.04 per basic and diluted
share for the same period in 2006. Revenue was $0.7 million for the 2007
second quarter, compared with $1.2 million for the year earlier quarter. Total
operating expenses were $7.0 million for the quarter ended June 30, 2007,
compared with $5.4 million for the same quarter in 2006. All results are in
Canadian dollars.
    The increase in net loss of $2.3 million primarily resulted from lower
revenues of $0.5 million and increased operating expenses of $1.6 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 primarily
resulted from higher research and development expenses and increased
amortization expense related to the Company's acquisition of ProlX
Pharmaceuticals Corporation in October 2006.
    Financial results for the six months ended June 30, 2006 reflect a
consolidated net loss from operations of $11.6 million or $0.10 per basic and
diluted share compared to $9.8 million or $0.11 per basic and diluted share
for the same period in 2006.
    As at June 30, 2007, cash and cash equivalents and short-term investments
were $21.9 million compared to $33.0 million at the end of 2006, a decrease of
$11.1 million. Major contributors to the net change included $9.8 million used
in operations, $0.5 million used in payment of accrued business acquisition
and share issuance costs, and $0.6 million used in the purchase of capital and
intangible assets. Included in cash used in operations is an increase in
inventory of $3.1 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.

    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          Six Months Ended
                                      June 30                   June 30
                                 2007         2006         2007         2006
    -------------------------------------------------------------------------

    REVENUE
      Contract research
       and development      $     533    $   1,020    $     649    $   1,344
      Licensing revenue
       from collaborative
       agreements                 117           51          191          106
      Licensing, royalties,
       and other revenue           13           85           24           86
    -------------------------------------------------------------------------
                                  663        1,156          864        1,536
    -------------------------------------------------------------------------

    EXPENSES
      Research and
       development              3,699        2,972        6,688        6,928
      General and
       administrative           2,438        2,134        4,681        4,264
      Marketing and business
       development                 21          149          581          367
      Amortization                857           97        1,719          203
    -------------------------------------------------------------------------
                                7,015        5,352       13,669       11,762
    -------------------------------------------------------------------------

    OPERATING LOSS             (6,352)      (4,196)     (12,805)     (10,226)
      Investment and other
       (loss) income             (357)         187            1          424
      Interest expense              -            -           (1)          (7)
    -------------------------------------------------------------------------

    LOSS BEFORE INCOME TAXES   (6,709)      (4,009)     (12,805)      (9,809)
    INCOME TAX RECOVERY:
      Future                      456            -        1,193            -
    -------------------------------------------------------------------------

    NET LOSS                $  (6,253)   $  (4,009)   $ (11,612)   $  (9,809)
    -------------------------------------------------------------------------

    BASIC AND DILUTED
     LOSS PER SHARE         $   (0.05)   $   (0.04)   $   (0.10)   $   (0.11)
    -------------------------------------------------------------------------

    WEIGHTED AVERAGE NUMBER
     OF COMMON SHARES
     OUTSTANDING          116,915,338   89,388,932  116,915,338   87,636,606
    -------------------------------------------------------------------------



    Biomira Inc.

    Consolidated Balance Sheets Data
    (expressed in thousands)
    (unaudited)

                                                      June 30    December 31
                                                         2007           2006
    -------------------------------------------------------------------------
    Cash and short-term investments                $   21,875     $   33,037
    Inventory                                      $    4,427     $    1,287
    Total assets                                   $   69,392     $   79,099
    Deferred revenue (current and non-current)     $    3,770     $    1,036
    Total long-term liabilities                    $   14,606     $   13,378
    Shareholders equity                            $   50,753     $   61,417
    Common shares outstanding                         116,915        116,915
    -------------------------------------------------------------------------

    (CAD $1.00 equals USD $0.94)
    





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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