BIOMIRA INC. ANNOUNCES 4TH QUARTER AND 1994 RESULTS.

EDMONTON, ALBERTA--(BUSINESS WIRE)--March 13, 1995--Biomira Inc. today reported financial results for the fourth quarter and year ended Dec. 31, 1994.

Results are reported in Canadian dollars with a Dec. 31, 1994 rate of $1.00 Canadian equalling $0.71 U.S.

For the three months ended Dec. 31, 1994, revenues were $2.0 million compared with $0.8 million for the same period in 1993. Included in the fourth quarter revenues are sales by ADI Diagnostics Inc. (ADI). ADI became a wholly-owned subsidiary of Biomira effective Feb. 28, 1994, which is the principal reason for the increased fourth quarter revenues.

The net loss for the three months was $7.5 million, or $0.34 loss per share, based on a weighted average of 22.2 million shares outstanding, compared to a net loss of $7.7 million, or $0.40 loss per share, based upon a weighted average of 19.4 million shares outstanding for the same period in 1993.

Revenues for the year ended Dec. 31, 1994, were $6.9 million compared to $4.6 million in 1993. The loss from continuing operations to Dec. 31, 1994 of $28.1 million represents a loss per share of $1.27 on a weighted average of 22.2 million shares outstanding compared to a loss of $15.5 million, equalling a loss per share of $0.80 on a weighted average of 19.4 million shares outstanding for the corresponding period in 1993.

The consolidated net loss for the year was $17.0 million compared to $21.0 million from the corresponding period in 1993. This equals a net loss per share of $0.77 compared to a net loss per share for the corresponding period in 1993 of $1.09.

This decreased loss is attributable to the net gain on the sale of HealthVISION Corp. on Feb. 11, 1994, in the amount of $11.1 million offset by a $4.8 million non-cash expense. The non-cash expense relates to the one-time acquisition of the remaining 50 per cent interest in the Radioimmunoimaging Partnership by the issue of 600,000 common shares of Biomira to Calamira Inc., a wholly-owned subsidiary of Almiria Capital Corp. Biomira has expensed this acquisition consistent with its present accounting policy for research and development expenditures based on the market value of the shares issued and an equal increase in the amount of share capital of $4.8 million was recorded. As a result of this transaction, Biomira will not be required to pay royalties on products incorporating the Partnership's technology.

"Our financial results are as anticipated for a company at our stage of product development. To hold our 1995 expenses at the 1994 level, several key business decisions have been made. We restructured our organization, resulting in a workforce reduction of over 10 per cent. Discretionary spending is strictly reviewed and we are using the expertise of contract outsourcing where possible, rather than increasing the infrastructure" said Biomira's President and CEO, Alex McPherson, M.D., Ph.D. "To build near term revenue from our manufacturing capability, we are discussing contract manufacturing opportunities. We continue to increase our revenue stream from sales at ADI, our wholly owned subsidiary. Biomira is making decisions which reduce expenses and capitalize on our strengths, without impacting negatively on progress toward commercialization of our product candidates," concluded McPherson.

Cash balances and short term investments of Biomira at Dec. 31, 1994 were $28.1 million compared with $35.2 million at Dec. 31, 1993.

Biomira is a biotechnology company developing an integrated line of products for cancer management...from discovery to recovery. The first component in the cancer management process is early detection of recurrent cancer through TRUQUANT (R) diagnostic blood test kits. The second component is TRU-SCINT (R) imaging agents designed to identify the site of tumour recurrence. Therapy is the third component in cancer management. Biomira approaches therapy with the use of non-toxic vaccines employing the patient's immune system to attack cancer cells, THERATOPE (R) and BP1-7 therapeutic vaccines are in clinical testing. OVAREX TM vaccine is being developed by Biomira's wholly owned subsidiary Biomira Research Inc.

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                              BIOMIRA INC.
                        SELECTED FINANCIAL DATA
                        ($1.00 Cdn. - $0.71 US)

                           Three Months Ended    Year Ended
                               December 31       December 31
                               (Unaudited)       (Audited)
                            1994      1993     1994    1993
                            ----      ----     ----    ----
(Canadian dollars, in thousands, except per share amounts)

Revenue                   $2,004    $  783    $6,948  $4,589
Research and development
  expenses                 5,952     3,018    18,304  11,981
Research and development
  acquired on purchase
  of partnership               -         -     4,800       -
Loss from continuing
  operations              (7,454)  (4,328)   (28,075) (15,513)
Gain on sale/(share of
  loss) from discontinued
  operations                   -   (3,393)    11,064   (5,519)
Net loss                  (7,454)  (7,721)   (17,011) (21,032)
Loss from continuing
  operations per share    $(0.34)  $(0.22)    $(1.27)  $(0.80)
Net loss per share        $(0.34)  $(0.40)    $(0.77)  $(1.09)
Weighted average shares
  outstanding (millions)    22.2     19.4       22.2     19.4

BALANCE SHEET DATA       DECEMBER 31, 1994   DECEMBER 31, 1993
                         -----------------   -----------------
                                       (Audited)
     (Canadian dollars, in thousands, except number of shares)

Cash and Short-Term
  Investments                $28,050             $35,237
Working Capital               27,731              37,189
Total Assets                  38,600              46,545
Total Shareholders' Equity   $34,646             $44,472

Common Shares Issued      22,523,000          21,323,000

CONTACT: Jane Jack, 403/490-2812

or

Jim Devaney, 403/490-2806