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BIOMIRA ANNOUNCES 1992 FIRST QUARTER FINANCIAL RESULTS

 BIOMIRA ANNOUNCES 1992 FIRST QUARTER FINANCIAL RESULTS
 EDMONTON, Alberta, May 1 /PRNewswire/ -- Biomira Inc. today announced its financial results for the first quarter ended March 31, 1992.
 Revenues of $7.5 million were reported for the first three months of the new fiscal year, up from $6.2 million for the corresponding period in 1991. The 21 per cent increase in revenue primarily reflects increased interest revenue of $0.8 million due to significantly higher cash balances in the corporation. The consolidated net loss of $1.7 million for the period represents a loss per share of $0.09 on a weighted average number of common shares outstanding of 18.0 million. These figures compared to March, 1991's net loss of $0.9 million which represents a loss per share of $0.07 on a weighted average of 11.6 million common shares outstanding.
 Biomira continues to direct its resources toward the research and development and human clinical trials of its products for the diagnosis and treatment of cancer. These expenditures for the three months of $2.5 million, all of which have been expensed, compare to $2.2 million for the corresponding period of 1991.
 Cash balances in the corporation at March 31, 1992 were $47.1 million compared to $4.4 million in the previous year, as a result of the successful issue of 4.36 million common shares in December, 1991 which raised a net amount of $50.5 million. During the next few years, these cash reserves will be directed toward developing new applications for Biomira's proprietary technologies, and expanding human clinical trials to additional sites in Canada, the United States and Europe.
 Biomira is a public biotechnology firm which has four in vitro test kits on the market under the TRUQUANT(R) label for diagnosing gastrointestinal, ovarian, and breast cancers, including one for measuring the probability of human anti-mouse antibody (HAMA) reaction. A number of other products, including THERATOPE(R) therapeutic injections, and Tru-Scint(R) diagnostic radioimmunoconjugates, are at various phases in the clinical trial process. Biomira holds significant interest in H.C.S. Health Care Systems, Inc. of Vancouver, and ADI Diagnostics Inc. of Toronto.
 -0- 05/01/92
 /CONTACT: Alex McPherson, M.D., Ph.D., president and CEO or Jim Devaney, vice president finance or (investors) Jane Jack, 403-450-3761/ CO: Biomira Inc. ST: Alberta IN: MTC SU: ERN


JP-CK -- NY077 -- 5691 05/01/92 18:01 EDT
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Date:May 1, 1992
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