Biomira Inc. receives Nasdaq delisting notification

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[{"type":"text","content":"\n\n\n\nEDMONTON, Nov. 5 /CNW/ - Biomira Inc. (Nasdaq: BIOM) (TSX: BRA) (the\n"Company") today announced that on November 2, 2007, it received a letter from\nThe Nasdaq Stock Market, Inc. ("Nasdaq") notifying the Company that for the\n30 consecutive trading days preceding the date of the letter, the bid price of\nthe Company's common stock had closed below the $1.00 per share minimum\nrequired for continued inclusion on the Nasdaq Global Market pursuant to\nNasdaq Marketplace Rule 4450(a)(5). The letter further notified the Company\nthat, in accordance with Nasdaq Marketplace Rule 4450(e)(2), the Company will\nbe provided 180 calendar days, or until April 30, 2008, to regain compliance\nwith the minimum bid price requirement. Compliance will be achieved if the bid\nprice per share of the Company's common stock closes at $1.00 per share or\ngreater for a minimum of ten (10) consecutive trading days prior to April 30,\n2008.\n\n\n"We expect that we will regain compliance with the minimum bid price rule\nas one result of the reverse stock split included in the plan of arrangement\nto be considered at the upcoming special meeting of our shareholders," said\nRobert L. Kirkman, M.D. President and CEO of Biomira. "Ensuring compliance\nwith this rule was a major reason the Board of Directors of Biomira included\nthe reverse split in the plan. We also believe that a higher trading price may\nallow investment in Biomira by institutional investors whose policies preclude\ninvesting in stock with lower share prices."\n\n\n"The initiatives we have put in place over the last year are each part of\na strategic plan to create long-term sustainable value for our shareholders,"\ncontinued Dr. Kirkman. "These initiatives include the expansion of our\nclinical development pipeline with the acquisition of ProlX Pharmaceuticals\nInc.; the advancement of Stimuvax(R) into a global Phase 3 trial; the signing\nof amended and restated collaboration and supply agreements with Merck KGaA,\nour partner for Stimuvax; and our plan to reincorporate in the United States\nand revise our capital structure. We are looking forward to the future we\nbelieve these steps will make possible, under our planned new name,\nOncothyreon Inc."\n\n\nThe Company has previously announced a special meeting of shareholder...

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