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Biomira Inc. receives Nasdaq delisting notification
Date:11/5/2007

our clinical development pipeline with the acquisition of ProlX Pharmaceuticals Inc.; the advancement of Stimuvax(R) into a global Phase 3 trial; the signing of amended and restated collaboration and supply agreements with Merck KGaA, our partner for Stimuvax; and our plan to reincorporate in the United States and revise our capital structure. We are looking forward to the future we believe these steps will make possible, under our planned new name, Oncothyreon Inc."

The Company has previously announced a special meeting of shareholders to be held at 9:00 a.m. (Mountain Time) in Edmonton, Alberta on December 4, 2007. At the meeting, the Company's shareholders will consider a special resolution to approve a plan of arrangement under which the Company will migrate to the United States by creating a Delaware holding corporation, Oncothyreon Inc., which will become the ultimate parent corporation of a successor to Biomira and its subsidiaries. If the plan of arrangement is approved by shareholders of Biomira and other conditions are satisfied, including the issuance by the Alberta Court of Queen's Bench of a final order approving the plan of arrangement, each outstanding common share of Biomira Inc. will be exchanged for one-sixth of a share of common stock of Oncothyreon Inc., which will have the effect of a 6 for 1 reverse stock split of Biomira Inc. common shares.

If compliance with Nasdaq's Marketplace Rules is not achieved by April 30, 2008, and if the Company is not eligible for an additional compliance period, Nasdaq will provide notice that the Company's common stock will be delisted from the Nasdaq Global Market. In the event of such notification, the Company would have an opportunity to appeal Nasdaq's determination or to apply to transfer its common stock to the Nasdaq Capital Market.

About Biomira

Biomira is a biotechnology company specializing in the development of innovative therapeutic products for the treatment of cancer. Biomira'
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