Edmonton, AB (CTI) – December 13, 2006 - Biomira Inc. (TSX: BRA; Nasdaq: BIOM) announced today that it has arranged a financing of approximately US $13 million.

Biomira intends to issue up to 9,629,650 units at US $1.35 per unit for gross proceeds of up to US $13,000,027.50. Each unit consists of one common share and 0.20 of a warrant with each whole warrant entitling the holder to acquire one common share at an exercise price of US $1.86 for a 48-month term. The warrants have a no-exercise period of six months.

Rodman & Renshaw, LLC of New York is acting as exclusive placement agent.

Edmonton, Alberta based 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.