Originally published September 13, 2007 at 12:00 AM | Page modified September 13, 2007 at 2:04 AM
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
Landmark Smith Tower mostly vacant
Toyota's Toyoda scolds execs for emulating U.S. car companies' mistakes
Money Makeover: Financial makeover: A "go-getter" goes after her spending habit
Do your homework before buying brokered CDs
Mutual-fund deposits shift into low gear

2009 fireworks time lapse
With strict parking rules enforced at this year's July 4th celebration on Wallingford Ave North, less cars and more spectators filled the streets.
Entertainment | Top Video | World | Offbeat Video | Sci-Tech
nwjobs

Post a comment

Michelle Goodman blogs about work/life balance.
Tax tips for new independent professionals
Post a comment
nwautos

Choosing a new sedan? Weigh the impact of your choice on your wallet and on the planet.
Post a comment
nwhomes

Find a new home or condo that fits your lifestyle.
Search New Developments
Builder Directory
- Plasma and LCD beware; OLED screens ready to go mainstream
- Former NFL MVP McNair killed
- Russell Branyan, Mariners fight off the Red Sox
- Palin takes to Web for hints of political future
- Fourth of July festivals and fireworks in Seattle, the suburbs and beyond
- Landmark Smith Tower mostly vacant
- The Blotter | Man pistol-whipped after argument at nightclub
- Property taxes: Appeals shoot up in King, Snohomish Counties
- Desert-lobster dispute turns pair into sagebrush heroes
- Larry Stone | Mariners deserve big All-Star contingent
- Palin resigning as Alaska governor
768 - Seattle Mariners at Boston Red Sox: 07/04 game thread
244 - Seattle Mariners at Boston Red Sox: 07/05 game thread
224 - Former NFL MVP McNair killed
101 - Palin links resignation to 'higher calling' and blasts media in Facebook posting
99 - Hatred for the NBA runs deep, but don't take it out on the players
92 - Tukwila residents rally against light-rail noise
82 - Property taxes: Appeals shoot up is King, Snohomish Counties
71 - Mariners score unlikely win over Red Sox in battle of bullpens
58 - Tent City on campus: UW stalls decision
55
- Plasma and LCD beware; OLED screens ready to go mainstream
- Merchant Marine veterans fight for recognition
- Property taxes: Appeals shoot up in King, Snohomish Counties
- Hard times for tourist towns means good deals for travelers
- Close-up | Prison guards intercept carrier pigeon with a cellphone
- Pre-grill drill: marinate steaks
- Concert Review | Green Day blasts off 4th weekend with KeyArena show
- Amtrak cleared for 2nd daily train to Vancouver, B.C.
- Lake Washington's sockeye run may hit a record low
- The People's Pharmacy | Estrogen mimicker found in sunscreen





