Advertising

The Seattle Times Company

NWjobs | NWautos | NWhomes | NWsource | Free Classifieds | seattletimes.com

Business / Technology


Our network sites seattletimes.com | Advanced

Originally published September 13, 2007 at 12:00 AM | Page modified September 13, 2007 at 2:04 AM

Print

Biotech firm Biomira moving here

Biomira, a small biotechnology company based in Edmonton, Alberta, plans to reincorporate in the United States and move its headquarters...

Biomira, a small biotechnology company based in Edmonton, Alberta, plans to reincorporate in the United States and move its headquarters to the Seattle area, officials said Wednesday.

The developer of cancer therapies believes relocating its executive offices to "a major biotechnology center" will raise its profile among potential investors and employees, President and CEO Robert Kirkman said on a conference call.

"We have a great story to tell, and we want to tell it from a higher pulpit," he said.

Biomira's lead product candidate is Stimuvax, a cancer vaccine currently in a Phase 3 clinical trial for non-small-cell lung cancer.

The company, which already trades on Nasdaq under the symbol BIOM, has a market capitalization of about $109 million at current prices. It posted a loss of $36.4 million last year and has never been profitable.

It shares fell 15 cents, or 13.9 percent, to 93 cents today after it announced the relocation plan.

The reincorporation, and a planned 6-to-1 reverse split of the company's stock, require shareholder approval.

The company had 82 employees as of Aug. 31, according to a regulatory filing, and Kirkman said the planned move won't disrupt its current Canadian work force.

But he added that "we have historically experienced substantial difficulty in attracting key management and scientific talent to Edmonton. ... As we build out our clinical development team," especially for small-molecule drugs, "we intend to do that in the Seattle area."

The company has a one-year lease on office space in Bellevue at 110 110th Ave. N.E., according to a regulatory filing.

Copyright © 2007 The Seattle Times Company

More Business & Technology headlines...

Print      Share:    Digg     Newsvine

advertising

UPDATE - 09:46 AM
Exxon Mobil wins ruling in Alaska oil spill case

UPDATE - 09:32 AM
Bank stocks push indexes higher; oil prices dip

UPDATE - 08:04 AM
Ford CEO Mulally gets $56.5M in stock award

UPDATE - 07:54 AM
Underwater mortgages rise as home prices fall

NEW - 09:43 AM
Warner Bros. to offer movie rentals on Facebook

Advertising

Video

Marketplace

 
Most read
Most commented
Most e-mailed
 
 

Most viewed imagesMore

Advertising