Biomira Inc, said its shareholders have approved a plan to change its name to Oncothyreon Inc and move it from Edmonton to the United States.
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. Oncothyreon intends to establish its headquarters in or near Seattle, Washington.
The approval came at as, "We are very pleased to have received the strong support of our shareholders for our relocation and the revision of our capital structure," said Robert L. Kirkman, M.D., president and chief executive officer, Biomira. "The management and Board of Directors of Biomira believe these steps are essential elements of our vision to create long term sustainable value for our shareholders, and we are gratified that our shareholders have agreed. We will continue to work to advance our exciting pipeline of anti-cancer product candidates to justify the confidence in our future represented by this vote."
Implementation of the plan of arrangement remains subject to receipt of a Final Order from the Alberta Court of Queen's Bench. 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. Letters of transmittal are expected to be mailed to registered shareholders commencing December 5, 2007, said the company officials at a special meeting of shareholders held in Edmonton.
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 commercialise novel synthetic vaccines and targeted small molecules that have the potential to improve the lives and outcomes of cancer patients.