Smaller shots on goal

Biomira Inc. has languished since its Theratope breast cancer vaccine failed a Phase III trial in September 2002. The company's initial response was to switch focus to a follow-on vaccine program, Stimuvax, which produced promising Phase IIb data for non-small cell lung cancer, but that never lured investors back to the company. Indeed, since Theratope's failure, the shares have bumped along in a range rarely exceeding C$2.50, and the pipeline has dwindled to a single clinical program.

Biomira (TSX:BRA; BIOM, Edmonton, Alberta) now has changed direction. Following a management shake-up in September, BRA has decided to diversify its focus to include small molecules because of the difficulties involved in developing cancer vaccines. Last month, the company acquired ProlX Pharmaceuticals Corp., which will add one cancer compound set to enter Phase II and another on the verge of entering the clinic...