"We believe that this effective reverse stock split should result in a higher trading price for the shares of Biomira Corporation and ultimately result in increased shareholder value," continued Dr. Kirkman. "A higher share price may allow investment in Biomira Corporation by institutional investors whose policies preclude investing in stock with lower share prices. Many brokerage firms prohibit using lower priced stocks in margin accounts. A higher price also is expected to benefit shareholders by reducing the risk of a NASDAQ Global Market delisting proceeding based on the minimum $1 share price rule."
"The relocation of our headquarters to the Seattle area is not expected to result in a significant change in our operations in Edmonton, Alberta," continued Dr. Kirkman. "We have a highly skilled, productive and dedicated workforce in Edmonton that we intend to maintain. However, a significant portion of our operations, particularly related to our small molecule development programs, is already in the U.S., and we believe that our Seattle area location will help us to attract the additional staff we need to advance these programs as rapidly and successfully as possible."
The transaction will be completed through a plan of arrangement, which
will require the approval of two-thirds of the common and preference shares
represented at a special meeting of Biomira's shareholders, voting as a
class. Such a meeting is expected to take place in Edmonton, Alberta
following the distribution of a definitive proxy statement/prospectus
contained as part of a registration statement filed with the United States
Securities and Exchange Commission (the "SEC") and receipt of an interim
order with respect to the proposed plan of arrangement from the Alberta
Court of Queen's Bench. Biomira Corporation today filed a registration
statement on Form S-4 with the SEC that includes a preliminary proxy
statement/prospectus covering the proposed pl
|SOURCE Biomira Inc.|
Copyright©2007 PR Newswire.
All rights reserved