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BIOMIRA INC. ANNOUNCES THIRD QUARTER RESULTS

 EDMONTON, Alberta, Oct. 28 /PRNewswire/ -- Biomira Inc. (NASDAQ: BIOMF; Toronto, Montreal: BRA) today reported financial results for the third quarter ended Sept. 30, 1993. Results are calculated in Canadian dollars with a Sept. 30, 1993, rate of $1.00 Canadian equaling $0.75 U.S.
 For the three months ended Sept. 30, 1993, revenues were $4.5 million compared with $4.7 million for the same period in 1992. These revenues included sales by HealthVISION Corp., a healthcare information systems corporation that is 75 percent owned by Biomira. HealthVISION sales for the three months ended Sept. 30, 1993, were $3.1 million compared with $2.6 million for the same period in 1992. The consolidated net loss for the three months was $5.1 million, or ($0.26) per share, based on a weighted average of 19.2 million shares outstanding compared with a loss of $4.4 million, or ($0.24) per share, based upon a weighted average of 18.0 million shares outstanding for the same period in 1992.
 Revenues for the nine months ended Sept. 30, 1993, were $17.4 million compared to the corresponding period in 1992 of $16.1 million, an increase of 8 percent. Included in these revenues are HealthVISION sales of $13.7 million as compared to $10.0 million for the same period in 1992, reflecting an increase of 37 percent. The consolidated net loss for the nine-month period was $13.3 million compared to $10.6 million from the corresponding period in 1992. This equals a loss per share of ($0.69) on a weighted average of 19.2 million shares outstanding compared to a loss of ($0.59) on a weighted average of 18.0 million shares outstanding last year.
 Cash balances and short term investments of Biomira at Sept. 30, 1993, were $21.2 million compared with $35.0 million at Dec. 31, 1992.
 "With several products moving aggressively through clinical trials, this loss was expected," noted Alex McPherson, M.D., Ph.D., Biomira's president and chief executive officer. "The start of our first American Phase II clinical trial with THERATOPE(R) STn-KLH for the treatment of breast cancer and the continuation of Canadian and UK Phase II trials, along with costs associated with Tru-Scint(R) clinical trials, contributed to increased expenditures during the quarter," he concluded.
 Biomira Inc. is a biotechnology company dedicated to the development of products to diagnose and treat cancer. It is refining its technology in the areas of active specific immunotherapy (THERATOPE(R)), radioimmunoimaging (Tru-Scint(R)) and radiommunotherapy. Biomira holds a significant interest in HealthVISION Corp. of Vancouver, British Columbia, and ADI Diagnostics Inc. of Toronto. ADI manufactures and distributes Biomira's TRUQUANT(R) cancer diagnostic kits.
 BIOMIRA INC.
 Selected Financing Data
 (Unaudited)
 (Canadian dollars in thousands, except per share amounts)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenue $4,531 $4,696 $17,404 $16,117
 Research and
 development expenses 4,053 2,965 11,191 7,844
 Net loss (5,051) (4,406) (13,311) (10,605)
 Net loss per share ($0.26) ($0.24) ($0.69) ($0.59)
 Balance Sheet Data Sept. 30, 1993 Dec. 31, 1992
 (Unaudited) (Audited)
 (Canadian dollars, in thousands, except number of shares)
 Cash and Short-Term
 Investments $21,225 $34,995
 Working Capital 24,816 37,642
 Total Assets 43,086 52,049
 Total Shareholders' Equity $33,257 $45,144
 Common Shares Issued 19,284,000 18,979,000
 -0- 10/28/93
 /CONTACT: Jane Jack, Investor Relations Coordinator, Biomira, 403-490-2812; or Mark J. Brand or Kimberly A. Kraemer, Pondel Parsons & Wilkinson, 310-207-9300/
 (BIOMF BRA.)


CO: Biomira Inc. ST: Alberta IN: MTC SU: ERN

MF-LS -- LA044 -- 8248 10/28/93 19:08 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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