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Biomira exercises rights in Prima BioMed Ltd.
Biomira exercises rights in Prima BioMed Ltd..
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[{"type":"text","content":"\n\n\n\n\nEDMONTON, July 19 /CNW/ - Biomira Inc. (Nasdaq:BIOM) (TSX:BRA) announced\ntoday that it has exercised its put option to acquire an equity position in\nPrima BioMed Ltd. (ASX: PRR) (\"Prima\"), an Australian biotech company. In\nMarch 2004, Biomira announced a technology licensing and commercial agreement\nwith CancerVac, a subsidiary of Prima, acquiring a 10 per cent equity stake in\nCancerVac. Biomira had the right to convert this stake to shares in Prima,\nwhich it has now exercised.\nIn 2004, Biomira announced a commercial agreement for the development and\ncommercialization of a cancer vaccine belonging to CancerVac. Biomira provided\nCancerVac with access to its licensed, exclusive worldwide rights to the MUC1\nprotein for use in CancerVac's Mannan-MUC1 fusion protein therapeutic vaccine.\nCancerVac initiated a Phase IIa trial in patients with metastatic ovarian\ncancer in the second quarter of 2004.\n\"Prima Biomed has a diverse portfolio of products, including the Mannan-\nMUC1 fusion protein technology. This development agreement and equity stake in\nPrima underline the variety of ways in which we are seeking to maximize the\npotential of our MUC1 technology, and we look forward to results from the\nPhase IIa clinical trial expected later this year,\" said Alex McPherson, MD,\nPhD, President and CEO of Biomira.\n\nBiomira Inc.\nBiomira is a biotechnology company specializing in the development of\ninnovative therapeutic approaches to cancer management. Biomira's commitment\nto the treatment of cancer currently focuses on the development of synthetic\nvaccines and novel strategies for cancer immunotherapy. We are The Cancer\nVaccine People(TM).\n\nPrima BioMed Ltd.\nPrima Biomed is a biotechnology company based in Melbourne, Australia and\nis developing technologies in the fields of immunology and cancer\nimmunotherapy originating from the Austin Research Institute in Melbourne.\n\nThis release may contain forward-looking statements. Various factors\ncould cause actual results to differ materially from those projected in\nforward-looking statements, including those predicting the potential of the\nnew CancerVac product candidate or the importance of our equity position in\nthe parent company. .Although the Company believes that the forward-looking\nstatements contained herein are reasonable, it can give no assur...