Small Canadian biotech moving to Seattle
Wednesday September 12, 5:42 pm ET
Saying it needs to be closer to capital and key personnel, Biomira Corp., a small biotech company that concentrates on cancer treatments, is moving its headquarters from Edmonton, Alberta, to the Seattle area.
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The company will also reincorporate from a Canadian to a U.S. company.
"This move is intended to raise our profile in the U.S. financial markets, with the goals of increasing the visibility of our exciting product pipeline among U.S. institutional investors and providing access to a larger pool of investment capital. Additionally, we believe that relocating to a major biotechnology center such as Seattle will provide greater opportunity to attract and retain key personnel," said Dr. Robert Kirkman, president and CEO, in a statement. He added that the company will maintain an Edmonton presence and the move is an effort to "increase long-term shareholder value."
Shares in the company (NASDAQ: BIOM - News) fell nearly 14 percent in Wednesday trading, falling 15 cents to 93 cents.
Biomira currently employs 68 in Edmonton, 10 in Tucson, Ariz. and four in a Bellevue office.
Published September 12, 2007 by the Puget Sound Business Journal
