Trading in Biomira Inc. stock, which was halted on Tuesdayafter a sharp increase in the share price, resumed onWednesday and closed up another 75 cents to $16.25. Thestock has gained $4.38 since Monday.
The Canadian company (NASDAQ:BIOMF), is developing cancerdiagnostic and therapeutic products, including radiolabelledmonoclonal antibody-based agents.
James Devaney, vice president of finance, noted thatSoundview Financial Group Inc., its U.S. underwriter, onTuesday issued a "buy" recommendation when the mandatoryquiet period expired 25 days after the company's recentlycompleted public offering.
After trading was halted, Biomira said it had reached anagreement in principle with an undisclosed "majorpharmaceutical company." The companies have been discussinglicense and research agreements for development of antibody-based products that recognize carbohydrate antigens associatedwith human malignancies.
The products are in Phase I and II trials in Canada and Europe,Devaney told BioWorld. Details of the agreement should beannounced "within the next couple of weeks," he said.
The Edmonton, Alberta, company is marketing an in vitro kitfor diagnosing and monitoring cancer. It has a therapeuticvaccine for cancer in Phase I trials in the United States andCanada, and an imaging diagnostic in Phase I and II trials inCanada and Europe.
-- Kris Herbst BioWorld Washington Bureau
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