SAN FRANCISCO (Thomson Financial) - Biomira Inc. said Tuesday shareholders approved a plan of arrangement under which the company will move to the U.S. and change its name to Oncothyreon Inc.
The biotechnology company, which is based in Edmonton, Alberta, plans to establish its headquarters in or near Seattle.
Under the plan, which remains subject to court approval, Oncothyreon will be the ultimate parent corporation of a successor corporation of the current Biomira.
Biomira shareholders will receive one-sixth of a share of common stock of Oncothyreon in exchange for each common share of Biomira.
Assuming court approval, Biomira said it plans to file amendments for the plan of arrangement on or about Dec. 10, and to begin trading as Oncothyreon on the Nasdaq National Market under the symbol 'ONTY' and on the Toronto Stock Exchange under the symbol 'ONY' shortly thereafter.
Shares of Biomira fell 1 cent to 34 cents. Gabriel Madway gm/jw COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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