EDMONTON, Nov. 5 /PRNewswire-FirstCall/ - Biomira Inc. (Nasdaq: BIOM) (TSX: BRA) (the "Company") today announced that on November 2, 2007, it received a letter from The Nasdaq Stock Market, Inc. ("Nasdaq") notifying the Company that for the 30 consecutive trading days preceding the date of the letter, the bid price of the Company's common stock had closed below the $1.00 per share minimum required for continued inclusion on the Nasdaq Global Market pursuant to Nasdaq Marketplace Rule 4450(a)(5). The letter further notified the Company that, in accordance with Nasdaq Marketplace Rule 4450(e)(2), the Company will be provided 180 calendar days, or until April 30, 2008, to regain compliance with the minimum bid price requirement. Compliance will be achieved if the bid price per share of the Company's common stock closes at $1.00 per share or greater for a minimum of ten (10) consecutive trading days prior to April 30, 2008.
"We expect that we will regain compliance with the minimum bid price rule as one result of the reverse stock split included in the plan of arrangement to be considered at the upcoming special meeting of our shareholders," said Robert L. Kirkman, M.D. President and CEO of Biomira. "Ensuring compliance with this rule was a major reason the Board of Directors of Biomira included the reverse split in the plan. We also believe that a higher trading price may allow investment in Biomira by institutional investors whose policies preclude investing in stock with lower share prices."
"The initiatives we have put in place over the last year are each part
of a strategic plan to create long-term sustainable value for our
shareholders," continued Dr. Kirkman. "These initiatives include the
|SOURCE Biomira Inc.|
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