Biomira Receives $28.7 Million Through Warrant Transaction.EDMONTON, Alberta--(BUSINESS WIRE)--April 9, 1996-- Biomira Inc. today announced that 5,000,000 common share warrants have been exercised, bringing in Cdn. $28.7 million to the Company. This brings Biomira to a cash position of approximately Cdn. $58 million and the total shares outstanding to 38.4 million. "Through this transaction, an additional five million common shares of Biomira Inc. are now publicly held, expanding Biomira's shareholder base and at the same time increasing our working capital and enhancing our ability to move our products through to commercialization," said Biomira's Vice President and Chief Financial Officer, Ed Taylor. In June of 1995 a total of 7,392,514 warrants, exercisable at Cdn. $5.75, were issued as part of a shareholder rights offering. The remaining 2.4 million warrants expire December 6, 1996. "Biomira is meeting its milestones. Already this year we have announced two important developments. In February encouraging data from our THERATOPE (R) therapeutic vaccine therapeutic vaccine Immunology A vaccine–eg, Salk's Remune™ intended to treat a viral infection by stimulating the immune system. See Vaccine therapy. Phase II clinical trials Noun 1. phase II clinical trial - a clinical trial on more persons than in phase I; intended to evaluate the efficacy of a treatment for the condition it is intended to treat; possible side effects are monitored phase II were reported, suggesting a correlation between high antibody production and extended survival in the three indications studied (breast, ovary ovary, ductless gland of the female in which the ova (female reproductive cells) are produced. In vertebrate animals the ovary also secretes the sex hormones estrogen and progesterone, which control the development of the sexual organs and the secondary sexual or colon). Data from the breast cancer study continues to suggest a therapeutic effect from THERATOPE (R) therapeutic vaccine, with the projected median survival now beyond 23 months. A Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA study is now being planned to confirm this observation. Last week we announced marketing approval from the US Food and Drug Administration for our TRUQUANT (R) BR TM blood test kit for the detection of recurrent breast cancer. Recognition in the marketplace of the value we are building in the Company should be a strong incentive to our investors to exercise the remaining warrants," said Biomira's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Alex McPherson, M.D., Ph.D. 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 recurrence /re·cur·rence/ (-ker´ens) the return of symptoms after a remission.recur´rent re·cur·rence n. 1. , a test to evaluate patients' immune status, and non-toxic therapeutic vaccines and cellular therapies for the treatment of cancer. CONTACT: Biomira Inc. Jane Jack Investor Relations Investor relations The process by which the corporation communicates with its investors. 403/490-2812 |
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