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BIOMIRA INC. ANNOUNCES THAT TWO OF ITS FOUNDERS SELL SMALL PORTION OF THEIR SHARES

 BIOMIRA INC. ANNOUNCES THAT TWO OF ITS FOUNDERS
 SELL SMALL PORTION OF THEIR SHARES
 EDMONTON, Alberta, March 10 /PRNewswire/ -- Biomira Inc. (Toronto, Montreal, Calgary: BRA) President Alex McPherson today reported that the firm's two founders and leading scientists have each sold a small portion of their holdings in Biomira. ScotiaMcLeod Inc., the lead underwriter of the company's recent 4.36 million cross-border share offering, agreed to permit Drs. Michael Longenecker and Antoine Noujaim to each sell 100,000 shares, approximately 10 percent of their holdings of Biomira stock in February and early March. Together, Longenecker and Noujaim still hold 10.38 percent of Biomira shares following the sale, and have agreed with ScotiaMcLeod to retain that equity for at least the balance of 1992.
 "Their investment in Biomira still represents a significant amount of their personal portfolio and therefore limited diversification was deemed to be financially prudent," explained McPherson.
 Biomira is a Canadian bio-pharmaceutical firm specializing in the research and development of products for the diagnosis and treatment of high-incidence cancers, based on the discoveries and proprietary technology developed by Longenecker and Noujaim. Currently, it is advancing to Phase II clinical trials with its Active Specific Immunotherapy program -- a non-traditional "vaccine" showing encouraging results as regards toxicity and immune responses in patients with ovarian, colorectal and breast cancers -- at sites in Canada, the United States and Europe. The company's radioimmunoimaging and therapy program has been accelerated with the joint commitment of $17 million largely from Biomira, and the federal and provincial governments. Biomira markets four in vitro cancer diagnostic kits world-wide.
 Longenecker is senior vice president and chief operating officer of Biomira's Immunotherapy Division. Noujaim is senior vice president and chief operating officer of the Radioimmunoimaging Division. Longenecker is a full professor in the Department of Immunology, and Noujaim is professor emeritus, Faculty of Pharmacy, both at the University of Alberta.
 -0- 3/10/92
 /CONTACT: Alex McPherson, president and CEO of Biomira Inc., 403-450-3761/
 (BRA.) CO: Biomira Inc. ST: Alberta IN: MTC SU:


EH-JL -- LA033 -- 7128 03/10/92 20:29 EST
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Publication:PR Newswire
Date:Mar 10, 1992
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