BIOMIRA AND SCIOS NOVA RESEARCH OVERVIEW

Biomira has announced in its annual report for 1993 that current cash and short term investments in the company of $35.2 million, together with the $13.5 million received from the sales of HealthVision and other expected revenues, are anticipated to be sufficient to finance the planned research and development, clinical trials, capital expenditures and working capital requirements into the first quarter of 1996.

However, adds the company, the sufficiency of available cash in hand will depend on several factors including the nature and speed of scientific progress, the advancement of preclinical and clinical studies and timing and costs in obtaining regulatory approval for products. These factors may mean that Biomira may be required to secure additional funds but, it adds, given the nature of the business there can be no assurances that adequate funds will be available from the investment markets.

On the product front, Tru-Scint AD and Tru-Scint SQ are Biomira's principal products for the in vivo diagnostic imaging of cancer. Tru-Scint AD is under study for adenocarcinomas of breast, gynecologic and colorectal origins. Tru-Scint SQ is in clinical studies for squamous cell cancers of the head and neck, cervix and lung. Both products have advanced through Phase I/II. An important yardstick for the company was the reporting of preliminary data from the Canadian breast cancer study, which showed that Tru-Scint AD was able to image 87.3% of all related cancers and 94.9% of breast cancer in the lymph nodes and chest wall. A Phase III trial is expected to begin towards the end of this year. Tru-Scint SQ is currently under evaluation in Germany in Phase I/II for cervical cancer, and results are expected shortly. A third variation, Tru-Scint OV, is under active investigation in Canada and Germany. The company notes that there is a certain overlap in the potential of the agents, and other cancer indications are being considered.