EDMONTON, June 20 /PRNewswire-FirstCall/ - Biomira Inc. today announced that it has retained Janney Montgomery Scott to help the Company explore pipeline development options.
Janney will work with Biomira to identify in-licensing and acquisition opportunities that are a natural fit with the Company’s core competencies and resources in the development of innovative, targeted therapeutics that extend the quality and duration of patients’ lives. Biomira is seeking mid-stage products with good safety and efficacy data, and option rights to or license earlier stage product candidates. The immediate focus is on oncology products.
In January, Biomira announced that its partner Merck KGaA of Darmstadt, Germany, would take full control of the phase 3 study program for its lead cancer vaccine product, Stimuvax(R) (formerly L-BLP25) with effect from March 1. Without the costs and risks associated with the future development of Stimuvax(R), Biomira’s resources will now be deployed on the development of the follow-on vaccine L-BGLP40 and on other late pre-clinical and clinical product candidates to be acquired through in-licensing.
“With the phase 3 development program for Stimuvax(R) now being led by Merck KGaA, we are focusing our efforts and resources on building a comprehensive and diversified pipeline that will take advantage of our product development and clinical trial expertise,” said Edward Taylor, Biomira’s interim President and CEO. “Janney has extensive experience and understanding of the biotechnology space and has already started to identify promising opportunities for Biomira, which we are actively exploring. Our goal is to complete our due diligence in the next few months and then be able to discuss our expanded pipeline more fully. We look forward to updating the market on our progress in due course.”
Stephen Hurly, Managing Director and Head of the Life Sciences Group at Janney, commented, “Biomira has strong proprietary immunology and organic chemistry technologies as well as excellent research, development, regulatory and clinical expertise which we believe make it an attractive partner for many other companies and products. We look forward to assisting Biomira with the important task of developing a high quality pipeline to complement its leading position in the cancer vaccine field.”
About Biomira
Biomira is a biotechnology company specializing in the development of innovative therapeutic approaches to cancer management. Biomira’s commitment to the treatment of cancer currently focuses on the development of synthetic vaccines and novel strategies for cancer immunotherapy.
Biomira is also looking at out-licensing opportunities pertaining to its Synthetic Biologics Business Unit (SBBU). This business unit was created to take advantage of the tremendous potential in chemically synthesized biologicals for use in protective and therapeutic vaccines. The SBBU has several synthetic adjuvants and compounds available for out-licensing.
About Janney Montgomery Scott
Janney Montgomery Scott LLC is a full-service investment bank serving an international client base of emerging growth and middle market companies. Janney’s Healthcare Investment Banking Group assists life sciences clients in all aspects of raising capital through private placements and public offerings as well as providing strategic advisory services in areas such as mergers and acquisitions, fairness opinions and partnering discussions. Janney traces its roots to 1832 and holds the second oldest seat on the New York Stock Exchange. Janney is a subsidiary of the Penn Mutual Life Insurance Company, one of the 15 largest mutual insurance companies in the United States, with assets of more than $13 billion.
This release may contain forward-looking statements. Various factors could cause actual results to differ materially from those projected in forward-looking statements, including those predicting the timing, duration and results of clinical trials, trial reviews and analyses and regulatory reviews, the safety and efficacy of the product, and the ability to identify and partner with owners of possible products through in-licensing arrangements. Although the Company believes that the forward-looking statements contained herein are reasonable, it can give no assurance that the Company’s expectations are correct or that the Company will have sufficient resources to fund clinical trials. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.
Biomira Inc.
CONTACT: Biomira Company Contacts: Investor and Media Relations, BillWickson, Director, Communications & Investor Relations, (780) 490-2818;U.S. Media Contact: Jonathan Birt, Financial Dynamics, (212) 850-5634,jbirt@fd-us.com; U.S. Investor Contact: John Capodanno, Financial Dynamics,(212) 850-5705, jcapodanno@fd-us.com; To request a free copy of thisorganization’s annual report, please go to http://www.newswire.ca and clickon Tools for Investors.
