Biomira Inc. announced Thursday that it has raised $14.2million (U.S.) in a public offering in Canada of 2 million sharesof common stock priced at $7.5 million.
The shares were offered through a Canadian syndicate led byRBC Dominion Securities Inc., which included ScotiaMcLeod Inc.and Nesbitt Thomson Inc. The shares may not be offered orsold in the U.S. absent registration or an applicable exemptionfrom the registration requirements. With completion of theoffering, Biomira (NASDAQ:BIOMF) will have 21.3 millionshares of common stock outstanding.
The Edmonton, Alberta, company raised about $41 million in itslast offering, sold in the U.S. and Canada, in December 1991.Biomira's current burn rate is $940,000 a month, but Biomira'sinvestor relations coordinator, Jane Jack, said that amount isexpected to increase as the company's products go into PhaseIII clinicals.
As of Sept. 30, the company had $15.9 million in cash. Biomirasaid proceeds from the offering will be used to funddevelopment of the company's two products. Its Theratopecancer vaccine is in Phase II trials in Canada for breast cancer,and a Phase II breast cancer trial is set to begin in the U.S. (seeBioWorld, Oct. 5).
The vaccine, which consists of an antigen commonly found onmany types of solid tumors, is also being tested for colorectal,ovarian and pancreatic cancer.
Biomira's radioimmunoimaging agent, Tru-Scint, may enterPhase III trials in 1994, Jack said. Several different imagingagents under the Tru-Scint trade name, each using a differentmonoclonal antibody, are being developed for various types ofcancer.
Biomira's stock closed unchanged Thursday at $7.13 a share.
-- Brenda Sandburg News Editor
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