Court issues final order approving Biomira's move to U.S. and name change to Oncothyreon

    EDMONTON, Dec. 5 /CNW/ - Biomira Inc. (Nasdaq:   BIOM) (TSX: BRA)
("Biomira", the "Company") announced that the Alberta Court of Queen's Bench
today issued a Final Order approving the plan of arrangement under which the
Company will move to the United States and change its name to Oncothyreon Inc.
("Oncothyreon"). Biomira also announced that the Board of Directors, upon
review of the shareholder vote and other pertinent matters, yesterday voted
unanimously to proceed with the plan of arrangement.
    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
later today.
    Upon completion of the plan of arrangement, Oncothyreon will become the
parent corporation of a successor corporation of the current Biomira and its
subsidiaries. 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,

    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 the proposed
reincorporation of Biomira from Canada to the United States and the timing
thereof. 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 of the proposed arrangement and
reincorporation 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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