Biomira chief executive resigns as lead product nears phase 3 trial

By E. Janene Geiss

Philadelphia, April 3 - Biomira Inc. said Monday that its chief executive officer and president, Alex McPherson, will step down following the annual meeting scheduled for May 17.

The board has started a search to hire his replacement, according to a company statement.

Company chief financial officer and vice president of finance and administration Edward Taylor has agreed to assume the role of president and chief executive officer on an interim basis if a successor is not identified by the date of McPherson's departure, officials said.

McPherson joined the company in 1991 as president and chief executive.

"We would like to thank Alex for his tireless work and dedication to Biomira. As a result of the recent Merck KgaA transaction, Biomira can now embark on a new path and we believe we have the resources to focus on growing our pipeline and leveraging our scientific expertise in the development of peptide-based synthetic-defined antigen vaccines," Eric Baker, the company's chairman, said in the statement.

The company said its lead product for non-small cell lung cancer, L-BLP25, is slated to begin a phase 3 trial this summer in the hands of Merck KgaA.

Biomira is an Edmonton, Alta., biotechnology company specializing in the development of innovative therapeutic approaches to cancer management.

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