Biomira Inc. Announces 1st Quarter Results.

EDMONTON, Alberta--(BUSINESS WIRE)--May 3, 1996--BIOMIRA INC. (TSE, ME: BRA NASDAQ: BIOMF) Biomira Inc. today reported financial results for the three months ended March 31, 1996.

Results are reported in Canadian dollars with a March 31, 1996 rate of $1.00 Canadian equalling $0.74 U.S.

For the three months ended March 31, 1996, revenues were $1.67 million compared with $1.72 million for the same period in 1995.

The net loss from operations to March 31, 1996 of $5.3 million represents a loss per share of $0.16 on a weighted average of 33.3 million shares outstanding compared to a loss of $5.4 million, equalling a loss per share of $0.24 on a weighted average of 22.5 million shares outstanding for the corresponding period in 1995.

Biomira Inc. recently announced that 5 million warrants from June 1995 shareholder rights offering were exercised at Cdn. $5.75 per share and the remaining 2.4 million warrants outstanding will expire December 5, 1996. This increased the outstanding common stock to approximately 38.3 million shares and increased the Company's cash and short term investments by $28.7 million.

The major news in the first quarter was the announcement that the US Food and Drug Administration (FDA) has granted US marketing clearance for the Company's TRUQUANT(R) BR (TM) RIA blood test kit for the detection of recurrent breast cancer. This is the only blood test kit of its kind approved in the US for the detection of recurrent breast cancer.

In late 1995 and early 1996 Biomira reported clinical data from its THERATOPE(R) therapeutic vaccine Phase II clinical trials. The projected median survival for metastatic breast cancer patients on the standard THERATOPE(R) vaccine program was recently announced as 23.3 months, compared with the actual median survival of only 12.6 months for the patients on the non-standard THERATOPE(R) program. "This is an encouraging survival projection and it appears to be associated with the strength of the induced antibody response to THERATOPE(R) therapeutic vaccine," said Biomira's Vice President of Clinical and Regulatory Affairs, Dr. Grant MacLean.

"We are proceeding with plans for a Phase III clinical trial and anticipate filing an Investigational New Drug submission (IND) this year. In parallel, we will be exploring the recently announced FDA initiatives to improve patient access to promising new cancer therapies. As we develop our registration strategy for THERATOPE(R) therapeutic vaccine these initiatives will be an important part of our planning process," concluded MacLean.

Biomira is a biotechnology company specializing in developing novel diagnostic and therapeutic approaches for CANCER MANAGEMENT ... from discovery to recovery (TM). This commitment to the diagnosis and treatment of cancer involves the development of blood tests and imaging agents for the detection of cancer recurrence, a test to evaluate patients' immune status, and non-toxic therapeutic vaccines and cellular therapies for the treatment of cancer.

Biomira Inc. has two wholly-owned subsidiaries, Biomira Diagnostics Inc., in Toronto, Ontario and Biomira USA Inc. in Cranbury, N.J. (formerly OncoTherapeutics, Inc.). -0-

                                        BIOMIRA INC.

                                  SELECTED FINANCIAL DATA

                                 ($1.00 Cdn. - $0.74 US)

                                      Three Months Ended
                                           March 31
                                         (Unaudited)

                                            1996     1995
                                            ----     ----
(Canadian dollars, in thousands, except per share amounts)

Revenue                                 $  1,675   $  1,722
Research and
 development expenses                      3,199      4,154

Loss from operations                     (5,350)     (5,436)

Net (loss) earnings                      (5,350)     (5,436)

Net (loss) earnings per share           $( 0.16)    $( 0.24)
Weighted average shares
 outstanding (millions)                    33.3        22.5

Balance Sheet Data                   March 31,   December 31,
                                       1996         1995
                                    -----------  ------------
                                    (Unaudited)   (Audited)

(Canadian dollars, in thousands, except number of shares)

Cash and Short-Term
 Investments                             $ 31,613    $ 36,791
Working Capital                            32,832      37,646
Total Assets                               46,812      53,096
Total Shareholders' Equity                 44,269      49,611
Common Shares Issued                   33,366,263  33,365,061

CONTACT: Biomira Inc.

Jane Jack, 403/490-2812

or

Biomira Inc.

Ed Taylor, 403/490-2806