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Biotech / Medical : Oncothyreon -- Ignore unavailable to you. Want to Upgrade?

To: Mighty_Mezz who wrote (1900)	10/11/2002 3:26:35 PM
From: Cal Gary	Read Replies (1) \| Respond to of 2344

Biomira launches cost-reduction program Biomira Inc BRA Shares issued 52,892,000 Oct 10 close $1.05 Thu 10 Oct 2002 News Release Mr. Jane Tulloch reports BIOMIRA INITIATES COST REDUCTION PROGRAM Biomira has initiated a cost-reduction program focused primarily on curtailing earlier research programs in favour of continuing development of its two lead product candidates, Theratope vaccine, the more advanced product candidate, and BLP25 Liposomal vaccine, currently in phase II trials. Theratope vaccine is being studied in a phase III metastatic breast cancer trial and the company anticipates that the final survival analysis of the phase III trial data will be in mid-2003. "The strategic decision, supported by our board, is to focus our resources on our two late-stage product candidates closest to possible commercialization, while de-emphasizing our earlier-stage research programs. Our decision to maximize our resource allocation in this way was reinforced by the downturn in the biotech sector and specifically our share price. This downturn substantially impacts the potential for financing opportunities, as we move forward," said Alex McPherson, MD, PhD, president and chief executive officer. "The resulting strategy will conserve our resources, while keeping us at the forefront of therapeutic cancer vaccine development. This move will help us ensure that the company has approximately two years of cash as of the end of 2002. Our ultimate goal is to be in a position to succeed well past the final analysis for Theratope vaccine, expected in mid-2003." The decision by Biomira to initiate a cost-reduction program comes after a recent review of its operating cost structure. The plan includes approximately a 30-per-cent reduction of staff and curtailment of expenditures in 2003 and 2004 to ensure the company has approximately two years of cash at the end of this fiscal year. Biomira will retain a United States presence as it continues to build a marketing organization, prior to a potential launch of Theratope vaccine. The company's cash position was $60.1-million (Canadian) in cash and short-term investments as at June 30, 2002. The third quarter 2002 financial results are expected to be announced on Oct. 31, 2002. Biomira has a collaboration for the development of its two lead product candidates, Theratope vaccine and BLP25 Liposomal vaccine with Merck KGaA of Darmstadt, Germany, with substantial milestone payments payable upon filing and subsequent commercialization of its two lead product candidates. Conference call details On Friday, Oct. 11, 2002, at 9 a.m. (EDT), Biomira will Webcast an analyst and media conference call hosted by Alex McPherson, MD, PhD, president and chief executive officer. Analysts and media who wish to participate in the conference call may telephone 1-877-888-3855 (North America toll-free) approximately 10 minutes before the start of the call. Others wishing to access the live call or the archive via the Internet, please log on to www.biomira.com, or 207.61.47.20. Connect to the site prior to the conference call. Should you have difficulty accessing the Internet connection, you may call in on listen-only mode. The archive of the analyst conference call will be available on the Biomira Web site for approximately 10 days following the live call. WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com