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Biomira announces plan to change name to Oncothyreon
Date:9/27/2007

yreon Inc. has today filed with the Securities and Exchange Commission (the "SEC") an amended registration statement on Form S-4, in which the name Oncothyreon Inc. replaces the previously used name, Biomira Corporation, as the name of the Delaware holding corporation intended to become the ultimate parent corporation of a successor corporation of the current Biomira and its subsidiaries. Assuming that the SEC declares the registration statement effective, the shareholders approve of the plan of arrangement, and the Alberta Court of Queen's Bench issues a final order approving the plan of arrangement, Oncothyreon intends to trade on the Nasdaq National Market under the symbol "ONTY" and on the Toronto Stock Exchange under the symbol "ONY".

About the Plan of Arrangement to Reincorporate in the United States

On September 12, 2007, Biomira announced that the Company's Board of Directors had approved a proposal to change its jurisdiction of incorporation from the federal jurisdiction of Canada to the State of Delaware in the United States of America through a plan of arrangement. Under the plan of arrangement, which is subject to shareholder and court approval, Biomira will migrate to the United States by creating a holding corporation based in the State of Delaware, Oncothyreon Inc., which will be the ultimate parent corporation of a successor corporation of the current Biomira and its subsidiaries. Oncothyreon Inc. intends to establish its headquarters in or near Seattle, Washington.

The plan of arrangement 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 SEC and receipt of an interim order with respect to the proposed plan of arrangement from the Alberta C
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SOURCE Biomira Inc.
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