COMPANY TO HOST CONFERENCE CALL AT 10:00AM EDT
EDMONTON, BELLEVUE, WASHINGTON, Sept. 12 /PRNewswire-FirstCall/ - Biomira Inc. (Nasdaq: BIOM) (TSX: BRA) (the "Company") today announced that the Company's Board of Directors has approved a proposal to change its jurisdiction of incorporation from the federal jurisdiction of Canada to the State of Delaware in the United States of America through a plan of arrangement. Under the plan of arrangement, which is subject to shareholder and court approval, Biomira will migrate to the United States by creating a holding corporation based in the State of Delaware, Biomira Corporation, which will be the ultimate parent corporation of a successor corporation of the current Biomira and its subsidiaries. Biomira Corporation intends to establish its headquarters in or near Seattle, Washington.
"We believe that reincorporation in Delaware is the right strategic move to increase long-term shareholder value," said Robert L. Kirkman, M.D., President and Chief Executive Officer of Biomira. "This move is intended to raise our profile in the U.S. financial markets, with the goals of increasing the visibility of our exciting product pipeline among U.S. institutional investors and providing access to a larger pool of investment capital. Additionally, we believe that relocating to a major biotechnology center such as Seattle will provide greater opportunity to attract and retain key personnel."
Upon the completion of the proposed arrangement, holders of common
shares of Biomira Inc. will receive one-sixth of a share of common stock of
Biomira Corporation in exchange for each common share of Biomira Inc.,
which will have the effect of a 6 for 1 reverse stock split of
|SOURCE Biomira Inc.|
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