Biomira Inc. To Web Cast 2006 Annual General Meeting

EDMONTON, May 16 /PRNewswire-FirstCall/ - Biomira Inc. today announced that it will web cast its Annual General meeting tomorrow morning at 11:00 a.m. EDT.

Dr. Alex McPherson, Biomira’s President and CEO will review: - Last year’s highlights, including, the progress and latest update on STIMUVAX(R), the Company’s lead product candidate for non small cell lung cancer and its amended arrangements with collaboration partner, Merck KGaA of Darmstadt, Germany - Plans for broadening Biomira’s pipeline and leveraging its Synthetic Biologics Business Unit to explore out-licensing opportunities - Next steps on its follow-on vaccine, BGLP40 - Business development opportunities

The meeting will take place at the Delta Edmonton South Hotel, Edmonton, Alberta, Canada.

Web Cast Details

To listen to the live web cast of the President’s address please log on at approximately 11:10 a.m. EDT to: http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID(equal sign)1401400. You will be held in queue until Dr. McPherson’s presentation commences, following the business portion of the meeting. A very limited number of telephone lines are available for those without internet access. Participant numbers are 1-800-814-4862 or 1-416-644-3430. Conference replay is available for 48 hours following the meeting and will be available at approximately 2:30 p.m. EDT. The dial in numbers are 1-416-640-1917 or 1-877-289-8525. The passcode is 21182498 followed by the number sign.

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. We are The Cancer Vaccine People(TM).

Except for historical information contained herein, this release contains forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially from the results discussed in the forward-looking statements, particularly those risks and uncertainties surrounding Stimuvax(R) to treat men and women with NSCLC, which may include risks and uncertainties inherent in the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics. Factors that may cause such a difference include the risk that additional trials may not demonstrate the safety and efficacy required to satisfy the regulatory authorities, and other matters required to bringing products to market; dependence on the efforts of third parties, including suppliers and collaborators, dependence on intellectual property rights and the effectiveness thereof, difficulties or delays in manufacturing products, and regulatory developments involving products and manufacturing facilities. For more detailed information on the risks and uncertainties associated with the Company’s product candidates and other activities see the Company’s periodic reports filed with the applicable securities regulatory authorities in Canada and the United States Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statements.

Biomira Inc.

CONTACT: Biomira Company Contacts: Bill Wickson, Director, Communications& Investor Relations, (780) 490-2818, bwickson@biomira.com; U.S. MediaContact: 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; After hours contact:bwickson@biomira.com; To request a free copy of this organization’s annualreport, please go to http://www.newswire.ca and click on Tools forInvestors.