Document:

Exhibit 10.42  

        THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT ARE SUBJECT TO THE RESTRICTIONS ON TRANSFER SET FORTH IN SECTIONS 4 AND 10 OF
THIS WARRANT.

	Warrant No. 26	 	Number of Shares: 96,296
	 	 	(subject to adjustment)
	Date of Issuance: December 18, 2006	 	 

BIOMIRA, INC. 

Common
Stock Purchase Warrant 

(Void
after 48 months) 

        Biomira Inc.,
a Canadian corporation (the "Company"), for value received, hereby certifies that Rodman & Renshaw, LLC, or its registered assigns (the "Registered Holder"),
is entitled, subject to the terms and conditions set forth below, to purchase from the Company, at any time or from time to time commencing six months after the date of issuance and on or before
5:00 p.m. (Eastern time) on December 18, 2010, 96,296 shares of Common Stock, of the Company, at a purchase price of U.S. $1.86 per share. The shares purchasable upon exercise of this
Warrant, and the purchase price per share, each as adjusted from time to time pursuant to the provisions of this Warrant, are hereinafter referred to as the "Warrant Shares" and the "Purchase Price,"
respectively. 

1.     Exercise.  

        (a)   This
Warrant may be exercised by the Registered Holder, in whole or in part, by surrendering this Warrant, with the purchase form appended hereto as Exhibit I
duly executed by the Registered Holder or by the Registered Holder's duly authorized attorney, at the principal office of the Company, or at such other office or agency as the Company may designate,
accompanied by payment in full, in lawful money of the United States, of the Purchase Price payable in respect of the number of Warrant Shares purchased upon such exercise. 

        (b)   If
the Company is unable for any reason to deliver to the Registered Holder unlegended, freely tradeable Warrant Shares pursuant to the United States Securities Act of
1933 upon exercise of this Warrant, then the Registered Holder may, at its option, elect to pay some or all of the Purchase Price payable upon an exercise of this Warrant by canceling all or a portion
of this Warrant. If the Registered Holder wishes to exercise this Warrant by this method, the number of Warrant Shares purchasable (which shall in no event exceed the total number of Warrant Shares
purchasable under this Warrant as set forth above), subject to adjustment under Section 2 of this Warrant) shall be determined as follows: 

        X=Y[(A-B)/A];
where 

X=
the number of Warrant Shares to be issued to the Holder; 

Y=
the number of Warrant Shares with respect to which this Warrant is being exercised; 

A=
the Fair Market Value of one share of Common Stock; 

B=
the Purchase Price of one share of Common Stock. 

        The
Fair Market Value per share of Common Stock shall be determined as follows: 

          (i)  If
the Common Stock is listed on a national securities exchange, the Nasdaq Global Market or another nationally recognized trading system (including, without
limitation, the OTC Bulletin Board or any successor and, if the average daily trading volume for the preceding 10 days has been at least 100,000 shares, the Pink Sheets) as of the Exercise
Date, the Fair Market Value per share of Common Stock shall be deemed to be the average of the high and low reported sale 

prices
per share of Common Stock thereon on the trading day immediately preceding the Exercise Date (provided that if no such price is reported on such day, the Fair Market Value per share of Common
Stock shall be determined pursuant to clause (ii)). 

         (ii)  If
the Common Stock is not listed on a national securities exchange, the Nasdaq Global Market or another nationally recognized trading system as of the Exercise Date,
the Fair Market Value per share of Common Stock shall be deemed to be the amount most recently determined by the Board of Directors to represent the fair market value per share of the Common Stock
(including without limitation a determination for purposes of granting Common Stock options or issuing Common Stock under an employee benefit plan of the Company); and, upon request of the Registered
Holder, the Board of Directors (or a representative thereof) shall promptly notify the Registered Holder of the Fair Market Value per share of Common Stock. Notwithstanding the foregoing, if the Board
of Directors has not made such a determination within the three-month period prior to the Exercise Date, then (A) the Board of Directors shall make a determination of the Fair Market Value per
share of the Common Stock within 15 days of a request by the Registered Holder that it do so, and (B) the exercise of this Warrant pursuant to this subsection 1(b) shall be delayed until
such determination is made. 

        (c)   Each
exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on the day on which this Warrant shall have been
surrendered to the Company as provided in subsection 1(a) above accompanied by payment in full of the Purchase Price at the offices of the Company or at such other location as may be specified by the
Company to the Holder in writing from time to time (the "Exercise Date"). Subject to Section 4 hereof, at such time, the person or persons in whose name or names any certificates for Warrant
Shares shall be issuable upon such exercise as provided in subsection 1(d) below shall be deemed to have become the holder or holders of record of the Warrant Shares represented by such certificates. 

        (d)   As
soon as practicable after the exercise of this Warrant in full or in part, and in any event within 5 business days thereafter, the Company, at its expense, will cause
to be issued in the name of, and delivered to, the Registered Holder, or as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct: 

          (i)  a
certificate or certificates for the number of full Warrant Shares to which the Registered Holder shall be entitled upon such exercise, as adjusted as required
pursuant to Section 3 hereof; and 

         (ii)  in
case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on the face or faces thereof for the
number of remaining Warrant Shares. 

2.     Adjustments.  

        (a)    Adjustment for Stock Splits and Combinations.    If the Company shall at any time or from time to time after
the date on which this Warrant was first issued (the "Original Issue Date") effect a subdivision of the outstanding Common Stock, the Purchase Price then in effect immediately before that subdivision
shall be proportionately decreased. If the Company shall at any time or from time to time after the Original Issue Date combine the outstanding shares of Common Stock, the Purchase Price then in
effect immediately before the combination shall be proportionately increased. Any adjustment under this paragraph shall become effective at the close of business on the date the subdivision or
combination becomes effective. 

        (b)    Adjustment for Certain Dividends and Distributions.    In the event the Company at any time, or from time to
time after the Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable in
additional shares of Common Stock, then and in each such event the Purchase Price then in effect immediately before such event shall be decreased as of the time of such issuance or, in the event such 

a
record date shall have been fixed, as of the close of business on such record date, by multiplying the Purchase Price then in effect by a fraction: 

        (1)   the
numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business
on such record date, and 

        (2)   the
denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of
business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or distribution; 

provided,
however, if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Purchase Price shall be
recomputed
accordingly as of the close of business on such record date and thereafter the Purchase Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends or
distributions. 

        (c)    Adjustment in Number of Warrant Shares.    When any adjustment is required to be made in the Purchase Price
pursuant to subsections 2(a) or 2(b), the number of Warrant Shares purchasable upon the exercise of this Warrant shall be changed to the number determined by dividing (i) an amount equal to the
number of shares issuable upon the exercise of this Warrant immediately prior to such adjustment, multiplied by the Purchase Price in effect immediately prior to such adjustment, by (ii) the
Purchase Price in effect immediately after such adjustment. 

        (d)    Adjustment for Mergers or Reorganizations, etc.    If there shall occur any reorganization, recapitalization,
consolidation or merger involving the Company in which the Common Stock is converted into or exchanged for securities, cash or other property (other than a transaction covered by subsections 2(a) or
2(b)), then, following any such reorganization, recapitalization, consolidation or merger, the Registered Holder shall receive upon exercise hereof the kind and amount of securities, cash or other
property which the Registered Holder would have been entitled to receive if, immediately prior to such reorganization, recapitalization, consolidation or merger, the Registered Holder had held the
number of shares of Common Stock subject to this Warrant. Notwithstanding the foregoing sentence, if (x) there shall occur any reorganization, recapitalization, consolidation or merger
involving the Company in which the Common Stock is converted into or exchanged for anything other than solely equity securities, and (y) the common stock of the acquiring or surviving company
is publicly traded, then, as part of any such reorganization, recapitalization, consolidation or merger, (i) the Registered Holder shall have the right thereafter to receive upon the exercise
hereof such number of shares of common stock of the acquiring or surviving company as is determined by multiplying (A) the number of shares of Common Stock then subject to this Warrant by
(B) a fraction, the numerator of which is the Fair Market Value per share of Common Stock as of the effective date of such transaction, as determined pursuant to subsection 1(b), and the
denominator of which is the fair market value per share of common stock of the acquiring or surviving company as of the effective date of such transaction, as determined in good faith by the Board of
Directors of the Company (using the principles set forth in subsection 1(b) to the extent applicable), and (ii) the exercise price per share of common stock of the acquiring or surviving
company shall be the Purchase Price divided by the fraction referred to in clause (B) above. In any such case, appropriate adjustment (as determined in good faith by the Board of Directors of
the Company) shall be made in the application of the provisions set forth herein with respect to the rights and interests thereafter of the Registered Holder, to the end that the provisions set forth
in this Section 2 (including provisions with respect to changes in and other adjustments of the Purchase Price) shall thereafter be applicable, as nearly as reasonably may be, in relation to
any securities, cash or other property thereafter deliverable upon the exercise of this Warrant. 

        (e)    Certificate as to Adjustments.    Upon the occurrence of each adjustment or readjustment of the Purchase Price
pursuant to this Section 2, the Company at its expense shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to the Registered Holder a
certificate setting forth such adjustment or readjustment (including the kind and amount of securities, 

cash
or other property for which this Warrant shall be exercisable and the Purchase Price) and showing in detail the facts upon which such adjustment or readjustment is based. The Company shall, upon
the written request at any time of the Registered Holder, furnish or cause to be furnished to the Registered Holder a certificate setting forth (i) the Purchase Price then in effect and
(ii) the number of shares of Common Stock and the amount, if any, of other securities, cash or property which then would be received upon the exercise of this Warrant. 

3.    Fractional Shares.    The Company shall not be required upon the exercise of
this Warrant to issue any fractional shares. If any fraction of a Warrant Share would, except for the provisions of this Section, be issuable upon the exercise of the Warrant (or specified portions
thereof), the Company shall round such calculation to the nearest whole number and disregard the fraction. 

4.    Requirements for Transfer.    For a period of six months after the issuance
date of this Warrant (which shall not be earlier than the closing date of the offering pursuant to which this Warrant is being issued), neither this Warrant nor any Warrant Shares issued upon exercise
of this Warrant shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective
economic disposition of the securities by any person for a period of 180 days immediately following the date of effectiveness or commencement of sales of the offering pursuant to which this
Warrant is being issued, except the transfer of any security: 

          (i)  by
operation of law or by reason of reorganization of the Company; 

         (ii)  to
any NASD member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up
restriction described above in this Section 4 for the remainder of the time period; 

        (iii)  if
the aggregate amount of securities of the Company held by the Registered Holder or related persons do not exceed 1% of the securities being offered; 

        (iv)  that
is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise
directs investments by the fund, and participating members in the aggregate do not own more than 10% of the equity in the fund; 

         (v)  the
exercise or conversion of any security, if all securities received remain subject to the lock-up restriction described above in this Section 4 for
the remainder of the time period. 

5.    No Impairment.    The Company will not, by amendment of its charter or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of
the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect
the rights of the holder of this Warrant against impairment. 

6.     Notices of Record Date, etc. In the event:  

        (a)   the
Company shall take a record of the holders of its Common Stock (or other stock or securities at the time deliverable upon the exercise of this Warrant) for the
purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of stock of any class or any other securities, or
to receive any other right; or of any capital reorganization of the Company, any reclassification of the Common Stock of the Company, any consolidation or merger of the Company with or into another
corporation (other than a consolidation or merger in which the Company is the surviving entity and its Common Stock is not converted into or exchanged for any other securities or property), or any
transfer of all or substantially all of the assets of the Company; or 

        (b)   of
the voluntary or involuntary dissolution, liquidation or winding-up of the Company, 

then,
and in each such case, the Company will mail or cause to be mailed to the Registered Holder a notice specifying, as the case may be, (i) the record date for such dividend, distribution or
right, and 

the
amount and character of such dividend, distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution,
liquidation or winding-up is to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such other stock or securities at the time
deliverable upon the exercise of this Warrant) shall be entitled to exchange their shares of Common Stock (or such other stock or securities) for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up. Such notice shall be mailed at least ten days prior to the record date or
effective date for the event specified in such notice. 

7.    Reservation of Stock.    The Company will at all times reserve and keep
available, solely for issuance and delivery upon the exercise of this Warrant, such number of Warrant Shares and other securities, cash and/or property, as from time to time shall be issuable upon the
exercise of this Warrant. 

8.    Exchange of Warrants.    Upon the surrender by the Registered Holder, properly
endorsed, to the Company at the principal office of the Company, the Company will, subject to the provisions of Section 4 hereof, issue and deliver to or upon the order of such Holder, at the
Company's expense, a new Warrant or Warrants of like tenor, in the name of the Registered Holder or as the Registered Holder (upon payment by the Registered Holder of any applicable transfer taxes)
may direct, calling in the aggregate on the face or faces thereof for the number of shares of Common Stock (or other securities, cash and/or property) then issuable upon exercise of this Warrant. 

9.    Replacement of Warrants.    Upon receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably
required) in an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of
like tenor. 

10.   Transfers, etc.  

        (a)   The
Company will maintain a register containing the name and address of the Registered Holder of this Warrant. The Registered Holder may change its or his address as
shown on the warrant register by written notice to the Company requesting such change. 

        (b)   Subject
to the provisions of Section 4 hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant with a
properly executed assignment (in the form of Exhibit II hereto) at the principal office of the Company. 

        (c)   Until
any transfer of this Warrant is made in the warrant register, the Company may treat the Registered Holder as the absolute owner hereof for all purposes; provided,
however, that if and when this Warrant is properly assigned in blank, the Company may (but shall not be obligated to) treat the bearer hereof as the absolute owner hereof for all purposes,
notwithstanding any notice to the contrary. 

11.    Representations of the Registered Holder.    The Registered Holder of this
Warrant represents and warrants to the Company as follows: 

        (a)    Investment.    The Registered Holder is acquiring this Warrant and the Warrant Shares issuable upon the
exercise of this Warrant, for its own account for investment and not with a view to, or for sale in connection with, any distribution thereof, nor with any present intention of distributing or selling
the same, except as otherwise may be permitted under applicable securities laws. 

        (b)    Authority.    The Registered Holder has full power and authority to enter into and to perform this Warrant in
accordance with its terms. The Registered Holder has not been organized specifically for the purpose of investing in the Company. 

        (c)    Accredited Investor.    The Registered Holder is an Accredited Investor within the definition set forth in
Rule 501(a) promulgated under the Securities Act. 

        (d)    Residency.    The Registered Holder is not a resident of Canada. 

12.    Acknowledgments of the Registered Holder.    The Registered Holder
acknowledges the follows: 

        (a)    Risks.    The Registered Holder is capable of evaluating the risks and merits of an investment in this Warrant
and the Warrant Shares by virtue of its experience as an investor and its knowledge, experience and sophistication in financial and business matters. 

        (b)    No Canadian Insurance.    There is no government or other insurance in Canada covering this Warrant or the
Warrant Shares. 

13.    Mailing of Notices, etc.    All notices and other communications from the
Company to the Registered Holder shall be mailed by first-class certified or registered mail, postage prepaid, to the address last furnished to the Company in writing by the Registered Holder. All
notices and other communications from the Registered Holder or in connection herewith to the Company shall be mailed by first-class certified or registered mail, postage prepaid, to the Company at its
principal office set forth below. If the Company should at any time change the location of its principal office to a place other than as set forth below, it shall give prompt written notice to the
Registered Holder and thereafter all references in this Warrant to the location of its principal office at the particular time shall be as so specified in such notice. 

14.    No Rights as Stockholder.    Until the exercise of this Warrant, the
Registered Holder shall not have or exercise any rights by virtue hereof as a stockholder of the Company. Notwithstanding the foregoing, in the event (i) the Company effects a split of the
Common Stock by means of a stock dividend and the Purchase Price of and the number of Warrant Shares are adjusted as of the date of the distribution of the dividend (rather than as of the record date
for such dividend), and (ii) the Registered Holder exercises this Warrant between the record date and the distribution date for such stock dividend, the Registered Holder shall be entitled to
receive, on the distribution date, the stock dividend with respect to the shares of Common Stock acquired upon such exercise, notwithstanding the fact that such shares were not outstanding as of the
close of business on the record date for such stock dividend. 

15.    Change or Waiver.    Any term of this Warrant may be changed or waived only
by an instrument in writing signed by the party against which enforcement of the change or waiver is sought. 

16.    Section Headings.    The section headings in this Warrant are for the
convenience of the parties and in no way alter, modify, amend, limit or restrict the contractual obligations of the parties. 

17.    Governing Law.    This Warrant will be governed by and construed in
accordance with the laws of Alberta and the laws of Canada applicable therein. 

        EXECUTED
as of the Date of Issuance indicated above. 

	 	 	BIOMIRA INC.
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	/s/ Edward Taylor
 Edward A. Taylor
	 	 	Title:	 	Chief Financial OfficerQuickLinks
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Exhibit 10.43  

 
  SECURITY AGREEMENT    
    

        This Security Agreement (as amended, modified or otherwise supplemented from time to time, this "Security
Agreement"), dated as of November 8, 2006, is executed by Jeffrey Millard (together with its successors and assigns,
"Debtor"), in favor of Biomira Inc., as secured party (together with its successors and assigns,
"Secured Party"). 

RECITALS  

        A.    Debtor
has executed a promissory note, dated as of the date hereof (as amended, modified or otherwise supplemented from time to time, (the
"Note") in the principal amount of $127,391 in favor of the Secured Party. 

        B.    In
order to induce Secured Party to extend the credit evidenced by the Note, Debtor has agreed to enter into this Security Agreement and to grant Secured Party the
security interest in the Collateral described below. 

AGREEMENT  

        NOW, THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
Debtor hereby agrees with Secured Party as follows: 

        1.    Definitions and Interpretation.    When used in this Security Agreement, the following terms have the following
respective meanings: 

        "Collateral" has the meaning given to that term in Section 2 hereof. 

        "Event of Default" has the meaning given to that term in the Note. 

        "Lien" shall mean, with respect to any property, any security interest, mortgage, pledge, lien, claim, charge or other encumbrance in, of,
or on such property or the income therefrom, including, without limitation, the interest of a vendor or lessor under a conditional sale agreement, capital lease or other title retention agreement, or
any agreement to provide any of the foregoing. 

        "Obligations" means all loans, advances, debts, liabilities and obligations owed by Debtor to the Secured Party, now existing or hereafter
arising under or pursuant to the terms of the Note and this Security Agreement, including, all interest, fees, charges, expenses, attorneys' fees and costs chargeable to and payable by Debtor
hereunder and thereunder, in each case, whether direct or indirect, absolute or contingent, due or to become due, and whether or not arising after the commencement of a proceeding under Title 11 of
the United States Code (11 U.S.C. Section 101 et seq.), as amended from time to time (including post-petition interest) and whether or not allowed or allowable as a claim in any
such proceeding. 

        "Person" shall mean and include an individual, a partnership, a corporation, a business trust, a joint stock company, a limited liability
company, an unincorporated association or other entity and any domestic or foreign national, state or local government, any political subdivision thereof, and any department, agency, authority or
bureau of any of the foregoing. 

        "Pledged Securities" shall have the meaning given to such term in Exhibit A. 

        "Transaction Documents" shall mean the Note and this Security Agreement. 

        "UCC" means the Uniform Commercial Code as in effect in the State of Washington from time to time. 

Terms
defined in the UCC and not otherwise defined herein shall have the respective meanings set forth in the UCC. 

 

        2.    Security Interest.    

        (a)    Grant of Security Interest.    As security for the Obligations, Debtor hereby grants to Secured Party and
pledges to Secured Party, a security interest of first priority in all right, title and interests of Debtor in and to the property described in  Exhibit A hereto, whether now existing or hereafter
from time to time acquired (collectively, the
"Collateral"). 

        (b)    Delivery of Pledged Collateral; Financing Statements.    All certificates or instruments representing or
evidencing the Pledged Securities shall immediately be delivered to Secured Party and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of
transfer or assignment in blank, in the form set forth as Exhibit B. Debtor hereby covenants to immediately deliver to Secured Party any Pledged
Securities distributed to Debtor pursuant to the terms of the Escrow Agreement (as defined in Exhibit A). 

        (c)    Voting Rights.    

        (i)    Rights Prior to an Event of Default.    So long as no Event of Default shall have occurred and be continuing,
Debtor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Pledged Securities or any part thereof for any purpose not inconsistent with the terms of this
Security Agreement. 

        (ii)    Rights Following an Event of Default.    Upon the occurrence and during the continuance of an Event of
Default, all rights of Debtor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 2(c)(i) and all such rights shall
thereupon become vested in Secured Party which shall thereupon have the sole right, but not the obligation, to exercise such voting and other consensual rights. 

        (d)    Dividends.    Debtor agrees that any and all (A) dividends and interest paid or payable, and instruments
and other property received, receivable or otherwise distributed in respect of, or in exchange for any Pledged Securities, (B) dividends and other distributions paid or payable in cash in
respect of any Pledged Securities in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or
paid-in-surplus, and (C) cash paid, payable or otherwise distributed in respect of principal of, or in redemption of, or in exchange for, any Pledged Securities, shall
be, and shall be forthwith delivered to Secured Party to hold as, Collateral and shall, if received by Debtor, be received in trust for the benefit of Secured Party, be segregated from the other
property or funds of Debtor and be forthwith delivered to Secured Party as Collateral in the same form as so received (with any necessary endorsement) to be held as part of the Collateral. 

        (e)    Request For Release.    At any time that Secured Party holds any Pledged Securities as Collateral for the
Obligations, Debtor may sell all or part of the Pledged Securities, provided that Debtor provides ten (10) days prior written notice of such sale and that the proceeds of such sale are used to
prepay the Note and provided further that such sale is upon fair and reasonable terms and as part of an arm's length transaction. Secured Party agrees to release its security interest with respect to
any Pledged Securities subject to such sale and to take all further action necessary to effect the intent of the foregoing. 

        3.    Representations and Warranties.    Debtor represents and warrants to Secured Party that: 

        (a)   Debtor
is the owner of the Collateral (or, in the case of after-acquired Collateral, at the time Debtor acquires rights in the Collateral, will be the owner thereof) and
that no other Person has (or, in the case of after-acquired Collateral, at the time Debtor acquires rights therein, will have) any right, title, claim or interest (by way of Lien or otherwise) in,
against or to the Collateral; 

2

 

        (b)   Debtor's
full legal name is Jeffrey Millard; 

        (c)   Debtor's
primary residence is the same as its address for notices as set forth in Section 7(a) below; and 

        (d)   Debtor's
date of birth is January 21, 1975. 

        4.    Covenants Relating to Collateral.    Debtor hereby agrees (a) to perform all acts that may be necessary
to maintain, preserve, protect and perfect the Collateral, the Lien granted to Secured Party therein and the perfection and priority of such Lien; (b) without 30 days' prior written
notice to Secured Party, not to change Debtor's legal name or primary residence, (c) to procure, execute and deliver from time to time any endorsements, assignments, financing statements and
other writings reasonably deemed necessary or appropriate by Secured Party to perfect, maintain and protect its Lien hereunder and the priority thereof and to deliver promptly to Secured Party all
certificated securities constituting Collateral; and (d) except as explicitly permitted by this Security Agreement, not to surrender or lose possession of (other than to Secured Party), sell,
encumber, lease, rent, or otherwise dispose of or transfer any Collateral or right or interest therein, and to keep the Collateral free of all Liens. 

        5.    Authorized Action by Secured Party.    Debtor hereby irrevocably appoints Secured Party as its
attorney-in-fact (which appointment is coupled with an interest) and agrees that Secured Party may perform (but Secured Party shall not be obligated to and shall incur no
liability to Debtor or any third party for failure so to do) any act which Debtor is obligated by this Security Agreement to perform, and to exercise such rights and powers as Debtor might exercise
with respect to the Collateral, including the right to (a) collect by legal proceedings or otherwise and endorse, receive and receipt for all dividends, interest, payments, proceeds and other
sums and property now or hereafter payable on or on account of the Collateral; (b) deposit, surrender, accept, hold or apply other property in exchange for the Collateral; (c) make any
compromise or settlement, and take any action it deems advisable, with respect to the Collateral; (d) insure, process and preserve the Collateral; and (e) execute UCC financing
statements and other documents, instruments and agreements required hereunder; provided, however, that Secured Party shall not exercise any such powers
granted pursuant to subsections (a) through (c) prior to the occurrence of an Event of Default and shall only exercise such powers during the continuance of an Event of Default. Debtor
agrees to reimburse Secured Party upon demand for any reasonable costs and expenses, including attorneys' fees, Secured Party may incur while acting as Debtor's
attorney-in-fact hereunder, all of which costs and expenses are included in the Obligations. It is further agreed and understood between the parties hereto that such care as
Secured Party gives to the safekeeping of its own property of like kind shall constitute reasonable care of the Collateral when in Secured Party's possession. 

        6.    Default and Remedies.    

        (a)    Default.    Debtor shall be deemed in default under this Security Agreement upon the occurrence and during the
continuance of an Event of Default. 

        (b)    Remedies.    Upon the occurrence and during the continuance of any such Event of Default, Secured Party shall
have the rights of a secured creditor under the UCC, all rights granted by this Security Agreement and by applicable law. Debtor hereby agrees that ten (10) days' notice of any intended sale or
disposition of any Collateral is reasonable. 

        (c)    Sale of Pledged Securities.    Debtor acknowledges and recognizes that Secured Party may be unable to effect a
public sale of all or a part of the Pledged Securities and may be compelled to resort to one or more private sales to a restricted group of purchasers who will be obligated to agree, among other
things, to acquire the Pledged Securities for their own account, for investment and not with a view to the distribution or resale thereof. Debtor acknowledges that any such private sales may be at
prices and on terms less favorable to Secured Party than those of public 

3

 

sales,
and agrees that so long as such sales are made in good faith such private sales shall be deemed to have been made in a commercially reasonable manner and that Secured Party has no obligation to
delay sale of any Pledged Securities to permit the issuer thereof to register it for public sale under any applicable securities laws. 

        7.    Miscellaneous.    

        (a)    Notices.    Except as otherwise provided herein, all notices, requests, demands, consents, instructions or
other communications to or upon Debtor or Secured Party under this Security Agreement shall be by telecopy or in writing and telecopied, mailed or delivered to each party at telecopier number or its
address set forth below (or to such other telecopy number or address as the recipient of any notice shall have notified the other in writing). All such notices and communications shall be effective
(a) when sent by Federal Express or other overnight service of recognized standing, on the business day following the deposit with such service; (b) when mailed, by registered or
certified mail, first class postage prepaid and addressed as aforesaid through the United States Postal Service, upon receipt; (c) when delivered by hand, upon delivery; and (d) when
telecopied, upon confirmation of receipt. 

	Secured Party:	 	Biomira Inc.

2011-94 Street

Edmonton, Alberta, Canada

T6N 1H1

Telephone: (780) 450-3761

Facsimile: (780) 450-4772	 	 
	
Debtor:	
 	

Jeffrey Millard

    
 Tucson, AZ 85719	
 	

 
	 	 	Telephone:	 	 	 	 
	 	 	 	 	
	 	 
	 	 	Facsimile:	 	 	 	 
	 	 	 	 	
	 	 

        (b)    Nonwaiver.    No failure or delay on Secured Party's part in exercising any right hereunder shall operate as a
waiver thereof or of any other right nor shall any single or partial exercise of any such right preclude any other further exercise thereof or of any other right. 

        (c)    Amendments and Waivers.    This Security Agreement may not be amended or modified, nor may any of its terms be
waived, except by written instruments signed by Debtor and Secured Party. Each waiver or consent under any provision hereof shall be effective only in the specific instances for the purpose for which
given. 

        (d)    Assignments.    This Security Agreement shall be binding upon and inure to the benefit of Secured Party and
Debtor and their respective successors and assigns; provided, however, that Debtor may not sell, assign or delegate rights and obligations hereunder
without the prior written consent of Secured Party. 

        (e)    Cumulative Rights, etc.    The rights, powers and remedies of Secured Party under this Security Agreement shall
be in addition to all rights, powers and remedies given to Secured Party by virtue of any applicable law, rule or regulation of any governmental authority, the Transaction Documents or any other
agreement, all of which rights, powers, and remedies shall be cumulative and may be exercised successively or concurrently without impairing Secured Party's rights hereunder. Debtor waives any right
to require Secured Party to proceed against any Person or to exhaust any Collateral or to pursue any remedy in Secured Party's power. 

        (f)    Payments Free of Taxes, Etc.    All payments made by Debtor under the Transaction Documents shall be made by
Debtor free and clear of and without deduction for any and all 

4

 

present
and future taxes, levies, charges, deductions and withholdings. In addition, Debtor shall pay upon demand any stamp or other taxes, levies or charges of any jurisdiction with respect to the
execution, delivery, registration, performance and enforcement of this Security Agreement. Upon request by Secured Party, Debtor shall furnish evidence satisfactory to Secured Party that all requisite
authorizations and approvals by, and notices to and filings with, governmental authorities and regulatory bodies have been obtained and made and that all requisite taxes, levies and charges have been
paid. 

        (g)    Partial Invalidity.    If at any time any provision of this Security Agreement is or becomes illegal, invalid
or unenforceable in any respect under the law or any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Security Agreement nor the legality, validity or
enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby. 

        (h)    Expenses.    Debtor shall pay on demand all reasonable fees and expenses, including reasonable attorneys' fees
and expenses, incurred by Secured Party in connection with custody, preservation or sale of, or other realization on, any of the Collateral or the enforcement or attempt to enforce any of the
Obligations which is not performed as and when required by this Security Agreement. 

        (i)    Headings.    Headings in this Security Agreement and each of the other Transaction Documents are for
convenience of reference only and are not part of the substance hereof or thereof. 

        (j)    Plural Terms.    All terms defined in this Security Agreement or any other Transaction Document in the singular
form shall have comparable meanings when used in the plural form and vice versa. 

        (k)    Construction.    Each of this Security Agreement and the other Transaction Documents is the result of
negotiations among, and has been reviewed by, Debtor, Secured Party and their respective counsel. Accordingly, this Security Agreement and the other Transaction Documents shall be deemed to be the
product of all parties hereto, and no ambiguity shall be construed in favor of or against Debtor or Secured Party. 

        (l)    Entire Agreement.    This Security Agreement and each of the other Transaction Documents, taken together,
constitute and contain the entire agreement of Debtor and Secured Party and supersede any and all prior agreements, negotiations, correspondence, understandings and communications among the parties,
whether written or oral, respecting the subject matter hereof. 

        (m)    Other Interpretive Provisions.    References in this Security Agreement and each of the other Transaction
Documents to any document, instrument or agreement (a) includes all exhibits, schedules and other attachments thereto, (b) includes all documents, instruments or agreements issued or
executed in replacement thereof, and (c) means such document, instrument or agreement, or replacement or predecessor thereto, as amended, modified and supplemented from time to time and in
effect at any given time. The words "hereof," "herein" and "hereunder" and words of similar import when used in this Security Agreement or any other Transaction Document refer to this Security
Agreement or such other Transaction Document, as the case may be, as a whole and not to any particular provision of this Security Agreement or such other Transaction Document, as the case may be. The
words "include" and "including" and words of similar import when used in this Security Agreement or any other Transaction Document shall not be construed to be limiting or exclusive. 

5

 

        (n)    Governing Law.    This Security Agreement shall be governed by and construed in accordance with the laws of the
State of Washington without reference to conflicts of law rules (except to the extent governed by the UCC). 

        (o)    WAIVER OF JURY TRIAL.    TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE
PARTIES HERETO HEREBY WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY CIVIL ACTION IN ANY FORUM IN RESPECT OF ANY ISSUE
OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY
CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY. THE PARTIES HERETO ACKNOWLEDGE THAT THIS SECTION CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL
RELY IN ENTERING INTO THIS AGREEMENT AND ANY OTHER AGREEMENTS RELATING HERETO OR CONTEMPLATED HEREBY. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS
WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

[The
remainder of this page is intentionally left blank] 

6

 

        IN
WITNESS WHEREOF, Debtor has caused this Security Agreement to be executed as of the day and year first above written. 

	

 	

 	
 	

By:	
/s/ Jeffrey Millard

	 	 	 	 	Jeffrey Millard
	

AGREED:	
 	

 	

 
	
BIOMIRA INC.,
 As Secured Party	
 	

 	

 
	

By:	
/s/ Robert D. Aubrey
	
 	

 	

 
	Name:	Robert D. Aubrey	 	 	 
	Title:	V.P. Business Development	 	 	 

7

 
 

EXHIBIT A    
    
    To Security Agreement    
    

        All right, title, interest, claims and demands of Debtor in and to the following property: 

        (a)   its
contractual right to receive its Pro Rata Portion of the Aggregate Escrow Amount, including the Stock Escrow Amount and the Special Escrow Amount pursuant to the
terms of that certain Agreement and Plan of Reorganization, dated as of October 30, 2006 (the "Merger Agreement"), by and among,
Biomira Inc., Biomira Acquisition Corporation, Pro1X Pharmaceuticals Corporation, D. Lynn Kirkpatrick and Garth Powis; 

        (b)   its
contractual right to receive its Pro Rata Portion of the Aggregate Escrow Amount, including the Stock Escrow Amount and the Special Escrow Amount pursuant to the
terms of that certain Escrow Agreement, dated as of October 30, 2006 (the "Escrow Agreement"), by and among, Biomira Inc., D. Lynn
Kirkpatrick, Garth Powis and ComputerShare Trust Company of Canada; 

        (c)   All
proceeds of any and all of the foregoing, and all substitutions to and replacements for, each of the foregoing, including, without limitation: 

          (i)  any
Common Stock of Biomira Inc. that constitutes Debtor's Pro Rata Portion of the Aggregate Escrow Amount that is distributed pursuant to the Merger Agreement
and Escrow Agreement (the "Pledged Securities"); 

         (ii)  all
dividends (including cash dividends), other distributions (including redemption proceeds), or other property, securities or instruments in respect of or in exchange
for the Pledged Securities, whether by way of dividends, stock dividends, recapitalizations, mergers, consolidations, split-ups, combinations or exchanges of shares or otherwise; 

        (iii)  all
proceeds of the foregoing. 

        The
following terms shall have the following meanings: 

        "Pro
Rata Portion" shall have the meaning given to such term in the Merger Agreement. 

        "Aggregate
Escrow Amount" shall have the meaning given to such term in the Merger Agreement. 

        "Stock
Escrow Amount" shall have the meaning given to such term in the Merger Agreement. 

        "Special
Escrow Amount" shall have the meaning given to such term in the Merger Agreement. 

 
 

EXHIBIT B    
    

[See
Attached.] 

 
 

STOCK POWER    
    

        FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto                                         
       (1) [No. of
Shares—written out] ([No. of Shares—numerals]) Shares of Common
Stock, $[par value] par value, of Biomira Inc., a corporation organized under the laws of Canada, standing in the
undersigned's name on the books of the corporation represented by Certificate No. [Cert. No.]. 

        The
undersigned hereby irrevocably constitutes and appoints                        (2) attorney to transfer said stock on the books of
said corporation with full power of substitution in the
premises. 

        Dated:                        (3) 

	

 	

    
[Name of Registered Owner]

	(1)
	Leave
this space blank.

	(2)
	Leave
this space blank.

	(3)
	Leave
this space blank. 

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SECURITY AGREEMENT

EXHIBIT A To Security Agreement

EXHIBIT B

STOCK POWER

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