Biomira Shareholders Approve Move to U.S.

    EDMONTON, Dec. 4 /CNW/ - Biomira Inc. (Nasdaq:   BIOM) (TSX: BRA)
("Biomira", the "Company") today announced that the Company's shareholders
have approved a plan of arrangement under which the Company will move to the
United States and change its name to Oncothyreon Inc. ("Oncothyreon"). The
approval came at a special meeting of shareholders held today in Edmonton.
Under the plan of arrangement, which remains subject to court approval,
Oncothyreon will be the ultimate parent corporation of a successor corporation
of the current Biomira and its subsidiaries. Upon the completion of the
proposed arrangement, holders of common shares of Biomira will receive
one-sixth of a share of common stock of Oncothyreon in exchange for each
common share of Biomira. Oncothyreon intends to establish its headquarters in
or near Seattle, Washington.
    "We are very pleased to have received the strong support of our
shareholders for our relocation and the revision of our capital structure,"
said Robert L. Kirkman, M.D., President and Chief Executive Officer of
Biomira. "The management and Board of Directors of Biomira believe these steps
are essential elements of our vision to create long term sustainable value for
our shareholders, and we are gratified that our shareholders have agreed. We
will continue to work to advance our exciting pipeline of anti-cancer product
candidates to justify the confidence in our future represented by this vote."
    Implementation of the plan of arrangement remains subject to receipt of a
Final Order from the Alberta Court of Queen's Bench. Assuming receipt of court
approval, Biomira intends to file articles of amendment to effect the plan of
arrangement on or about December 10, 2007, and to commence trading as
Oncothyreon on the Nasdaq National Market under the symbol "ONTY" and on the
Toronto Stock Exchange under the symbol "ONY" shortly thereafter. Letters of
transmittal are expected to be mailed to registered shareholders commencing
December 5, 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

    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 court approval of 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 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. Biomira and Oncothyreon are under
no obligation to (and expressly disclaim any such obligation to) update or
alter its forward-looking statements whether as a result of new information,
future events, or otherwise.

For further information:

For further information: Investor and Media Relations Contact: Julie
Rathbun, Rathbun Communications, (206) 769-9219,

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