EDMONTON, Sept. 27 /PRNewswire-FirstCall/ - Biomira Inc. (Nasdaq: BIOM) (TSX: BRA) (the "Company") today announced that, as part of the Company's previously announced plan to reincorporate in the United States, it intends to change its name to Oncothyreon Inc. The name change will become effective upon shareholder and court approval of a plan of arrangement, as a result of which Oncothyreon will become the ultimate parent corporation of a successor corporation of the current Biomira and its subsidiaries.
"Over the past year, we have successfully executed a strategy to create and realize new opportunities to create sustainable value for our company, our shareholders and for patients," said Dr. Robert L. Kirkman, President and Chief Executive Officer of Biomira. "As a result, we have an exciting and diversified clinical pipeline that is advancing steadily. Stimuvax(R) is in a global Phase 3 trial, PX-12 is in Phase 2, PX-478 is in Phase 1, and we are on track to file an Investigational New Drug application for PX-866 by year's end. Each of our small molecule candidates targets pathways critical to cancer cell growth, metastasis and survival in diverse cancer indications. Stimuvax holds great promise to harness the power of the immune system to fight non-small cell lung cancer and, potentially, other cancers with significant unmet medical need."
Dr. Kirkman continued, "We are a different company today than we were just twelve months ago, and our decision to change our name to Oncothyreon reflects that transformation. Oncothyreon is derived from the Greek words for "tumor" and "shield" and appropriately describes our goal to develop new therapies that protect against the deadly effects of cancer."
|SOURCE Biomira Inc.|
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