heaviest volume in months, page-55

re: directors buying

Biomira jumps on positive ovarian cancer study
Tue May 16, 2006 12:58 PM EDT
Printer Friendly


TORONTO (Reuters) - Shares of biotechnology firm Biomira Inc. surged more than 10 percent on Tuesday after its commercial partner said results for a Phase 2 study of an ovarian cancer treatment were favorable, enabling it to speed up Phase 3 studies.

The stock of Edmonton-based Biomira, which develops cancer treatments, jumped 8 Canadian cents a share, or 5.8 percent, to C$1.46, on volume of 88,200 shares, after climbing as high as $1.52 in early trading.

"This is encouraging for Biomira because it gives them another opportunity within their pipeline showing the role of immunotherapy in various forms of cancer," said Karen Boodram, an analyst at Pacific International Securities in British Columbia.

Boodram, who has a 12-month stock target of C$2.75 and a "buy" recommendation on Biomira, said it was too early to evaluate the latest results.

Biomira's commercial partner Prima BioMed of Australia has reported favorable results in ongoing Phase 2 trials of CVac, an ovarian cancer treatment.

In the trials, 21 percent of patients either responded to the treatment or achieved disease stabilization.

The positive findings spurred Prima's scientific advisory panel to recommend that it accelerates Phase 3 trials in Australia.

In an agreement between the two parties, Biomira may license the exclusive worldwide commercialization rights -- excluding Asia, Australia and New Zealand -- or only the North American region for the product, following conclusion of the Phase 2a trial, or Biomira may license the technology to Prima BioMed.

Biomira will make a decision following its review of the clinical trial data.

The company will meet with clinical experts and the principal investigator of the trial to discuss the results with Prima management, once all the data is available. Prima BioMed expects to complete the trial in the fourth quarter of 2006.

($1=$1.11 Canadian)