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

ourt of Queen's Bench. Oncothyreon today filed an amended registration statement on Form S-4 with the SEC that includes a preliminary proxy statement/prospectus covering the proposed plan of arrangement and the shares to be issued to Biomira's shareholders in the plan of arrangement. Upon the completion of the proposed arrangement, holders of common shares of Biomira Inc. will receive one-sixth of a share of common stock of Oncothyreon Inc. in exchange for each common share of Biomira Inc., which will have the effect of a 6-for-1 reverse stock split of Biomira Inc. common shares. 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, Biomira currently estimates that the transactions contemplated by the plan of arrangement should be completed in late 2007 or early 2008.

About Biomira

Biomira is a biotechnology company specializing in the development of innovative therapeutic products for the treatment of cancer. Biomira's goal is to develop and commercialize novel synthetic vaccines and targeted small molecules that have the potential to improve the lives and outcomes of cancer patients.

Forward Looking Statements

In order to provide Biomira's investors with an understanding of its current intentions and future prospects, this release contains statements that are forward looking, including statements relating to the proposed reincorporation of Biomira from Canada to the United States, the pre-clinical and clinical development of Stimuvax, PX-12, PX-478 and PX-866, the filing of an Investigational New Drug application for PX-866 and the timing thereof, and future clinical development plans. These forward-looking statements represent Biomira's intentions, plans, expectations and beliefs and are based on its management's experience and assessment of historical and future trends and the a
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