This morning Biomira (OTCPK:BIOM) announced that the first patient has been enrolled in a global Phase III clinical trial assessing the efficacy and safety of Stimuvax for treatment of non-small cell lung cancer. The trial is being conducted by Merck KGaA and its US affiliate EMD Pharmaceuticals. This event entitles Biomira to receive a milestone payment from Merck, but the amount of the milestone is not being disclosed at this time.
This is the event we were looking for and although this event did not have a large effect on the share price, we sold our shares this morning. Stimuvax looks like a promising drug and we will consider buying Biomira shares again in the future, but for now we don’t see any short term catalysts for Biomira so we will watch from the sidelines.
The next important event for Biomira will be either a new SEC filing or the next quarterly earnings announcement. One of these events will give investors the chance to find out the amount of the milestone payment by examining Biomira’s financial statements. This milestone payment amount is important because it could also shed some light on the royalty payment percentages Biomira would receive if Stimuvax is approved.