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BIOMIRA REACHES AGREEMENT IN PRINCIPLE

 BIOMIRA REACHES AGREEMENT IN PRINCIPLE
 EDMONTON, Alberta, Jan. 7 /PRNewswire/ -- As previously disclosed


in the Biomira's (Tornoto, Montreal, Calgary: BRA) final prospectus, dated Dec. 11, 1991, discussions were taking place between the company and a major pharmaceutical company which could lead to the entering into of both license and research agreements between the parties relating to the development and commercialization of antibody-based products which recognize carbohydrate antigens associated with human malignancies.
 These discussions have led to an agreement in principle between the two parties which is subject to final approvals.
 Biomira is aware that SoundviewFinancial Group, Inc., who was a U.S. underwriter on the corporation's recently completed public offering, has initiated research coverage on Biomira and issued a buy recommendation prior to the commencement of trading on Tuesday, Jan. 7, 1992.
 The company is unaware of any other corporate developments which could explain the recent market activity in its stock.
 Biomira Inc. is a public biotechnology company focused on the research, development and commercialization of cancer diagnostic and therapeutic products. The firm, located in Edmonton Research Park, currently markets four in vitro diagnostic kits for gastrointestinal, ovarian and breast cancers under the TRUQUANT label. A number of its in vivo products are in various stages of clinical trials.
 -0- 1/7/92
 /CONTACT: James E. Devaney, VP-finance, or T.A. (Alex) McPherson, president and CEO, of Biomira, 403-450-3761/
 (BRA.) CO: Biomira Inc. ST: Alberta IN: MTC SU: LIC


KJ -- LA021 -- 7537 01/07/92 19:22 EST
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Date:Jan 7, 1992
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