Edmonton, AB (canadaTECH.INFO) – December 4, 2007 - Biomira Inc. (Nasdaq: BIOM; TSX: BRA) announced today that its shareholders have approved a plan of arrangement under which the company will move to the United States and change its name to Oncothyreon Inc. The approval came at a special meeting of shareholders held today in Edmonton, Alberta.

Under the plan of arrangement, which remains subject to court approval, Oncothyreon will be the ultimate parent corporation of a successor corporation of the current Biomira and its subsidiaries. Upon the completion of the proposed arrangement, holders of common shares of Biomira will receive one-sixth of a share of common stock of Oncothyreon in exchange for each common share of Biomira, having the effect of a 6 for 1 reverse split of its common shares.

Biomira preference shareholders will receive one share of Class UA preferred stock of Oncothyreon for each preference share. All of Biomira’s 12,500 outstanding Class A preference shares are non-voting, except in certain circumstances as required by the CBCA, and held by the University of Alberta.

Oncothyreon intends to establish its headquarters in the greater Seattle, Washington area, a major biotechnology center.

“We believe that our reincorporation in Delaware will enhance shareholder value over the long-term by enhancing the marketability of our capital stock by raising our profile in the United States, improving our ability and flexibility to obtain financing in the larger U.S. capital markets and providing greater opportunity to attract and retain key personnel. We chose the State of Delaware to be our domicile because Delaware has a modern and flexible corporate code, well-developed corporate law and a court system with considerable expertise in dealing with corporate issues. We intend to locate our corporate headquarters in the greater Seattle, Washington area, a major biotechnology center,” said Biomira in the management information circular sent to shareholders.

Subject to receipt of a final Order from the Alberta Court of Queen's Bench and assuming receipt of court approval, Biomira intends to file articles of amendment to effect the plan of arrangement on or about December 10, 2007, and to commence trading as Oncothyreon on the Nasdaq National Market under the symbol "ONTY" and on the Toronto Stock Exchange under the symbol "ONY" shortly thereafter.

Biomira is a biotechnology company specializing in the development of innovative therapeutic products for the treatment of cancer. Biomira's goal is to develop and commercialize novel synthetic vaccines and targeted small molecules that have the potential to improve the lives and outcomes of cancer patients.