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BIOMIRA ANNOUNCES EXERCISE OF OPTION

 EDMONTON, Alberta, Nov. 24 ~PRNewswire~ -- Biomira Inc. (NASDAQ: BIOMF) today announced that a principal shareholder of the company, Bioalta Inc., has elected to exercise its right to acquire 850,000 common shares of the company pursuant to a $4.5 million (Canadian) funding agreement dated Feb. 2, 1990, which became fully funded in November 1992. These rights were exercised in lieu of Bioalta's right to receive royalties from the company equal to 15 percent of the net proceeds from the sale of active specific immunotherapy (ASI) products. Biomira is developing proprietary synthetic, cancer-associated antigens, under the proposed trade name THERATOPE(R), designed to stimulate a patient's own immune system in the treatment of cancer. The therapy is currently in phase II clinical trials in Canada and is targeted to begin phase II clinical trials in the United States in 1993.
 With this election by Bioalta, Biomira now has 18,979,403 common shares outstanding.
 Biomira Inc. is a Canadian biotechnology company dedicated to the development of products to diagnose and treat cancer. It is perfecting its technology in the areas of active specific immunotherapy, radioimmunoimaging and radioimmunotherapy. Biomira holds significant interests in HCS Health Care Systems Inc. of Vancouver, and ADI Diagnostics Inc. in Toronto. ADI now manufactures and distributes Biomira's TRUQUANT(R) cancer diagnostic kits.
 -0- 11~24~92
 ~CONTACT: Jane Jack of Biomira, (investor relations) 403-490-2812; or Mark Brand of Pondel Parsons & Wilkinson, (media relations) 310-207-9300, for Biomira~
 (BIOMF)


CO: Biomira Inc.; Bioalta Inc. ST: Alberta IN: MTC SU: TNM

JB-BP -- LA037 -- 1307 11~24~92 18:32 EST
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Date:Nov 24, 1992
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