EDMONTON, Dec. 4 /PRNewswire-FirstCall/ - Biomira Inc. (Nasdaq: BIOM) (TSX: BRA) ("Biomira", the "Company") today announced that the Company's shareholders have approved a plan of arrangement under which the Company will move to the United States and change its name to Oncothyreon Inc. ("Oncothyreon"). The approval came at a special meeting of shareholders held today in Edmonton. Under the plan of arrangement, which remains subject to court approval, Oncothyreon will be the ultimate parent corporation of a successor corporation of the current Biomira and its subsidiaries. Upon the completion of the proposed arrangement, 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, Washington.
"We are very pleased to have received the strong support of our shareholders for our relocation and the revision of our capital structure," said Robert L. Kirkman, M.D., President and Chief Executive Officer of Biomira. "The management and Board of Directors of Biomira believe these steps are essential elements of our vision to create long term sustainable value for our shareholders, and we are gratified that our shareholders have agreed. We will continue to work to advance our exciting pipeline of anti-cancer product candidates to justify the confidence in our future represented by this vote."
Implementation of the plan of arrangement remains subject to receipt of
a Final Order from the Alberta Court of Queen's Bench. Assuming receipt of
court approval, Biomira intends to file articles of amendment to effect the
plan of arrangement on or about December 10, 2007,
|SOURCE Biomira Inc.|
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