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Exhibit 10.38  

        THIS SECURITY IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN SECTION 2.

	Issuance Date: January 30, 2006	 	No.            

 
 

BIOMIRA INC.    
    
    PURCHASE WARRANT    
    
    WARRANT ("WARRANT") TO PURCHASE SHARES OF
  COMMON STOCK, WITHOUT PAR VALUE    

        This is to certify that, FOR VALUE RECEIVED,
                        ("Warrantholder"), is entitled to purchase, subject to the provisions of this Warrant, from
Biomira Inc., a corporation organized under the laws of the Canada Business Corporations Act ("Company"), at any time after July 30, 2006 ("Commencement Date") but not later than
8:00 P.M., Eastern time, on July 30, 2009 ("Expiration Date"),            shares ("Warrant Shares") of Common Stock, without par value ("Common Stock"), of the Company, at an
exercise price per share equal to $2.50 U.S. Dollars (the exercise price in effect from time to time hereafter being herein called the "Warrant Price"). The number of Warrant Shares purchasable upon
exercise of this Warrant and the Warrant Price shall be subject to adjustment from time to time as described herein. 

        Section 1.    Registration.    The Company shall maintain books for the transfer and registration of the
Warrant. Upon the initial issuance of the Warrant, the Company shall issue and register the Warrant in the name of the Warrantholder. 

        Section 2.    Transfers.    This Warrant may only be transferred to an "affiliate" of the Warrantholder (as
defined under the United States Securities Act of 1933, as amended (the "Securities Act")). Any other transfer shall require the prior written consent of the Company, which consent shall not be
unreasonably withheld or delayed. Subject to such restrictions, the Company shall transfer this Warrant from time to time, upon the books to be maintained by the Company for that purpose, upon
surrender hereof for transfer properly endorsed or accompanied by appropriate instructions for transfer upon any such transfer, and a new Warrant shall be issued to the transferee and the surrendered
Warrant shall be canceled by the Company. 

        Section 3.

        (a)    Exercise of Warrant.    Subject to the provisions hereof, the Warrantholder may exercise this Warrant in whole
or in part at any time and from time to time after the Commencement Date upon surrender of the Warrant, together with delivery of the duly executed Warrant exercise form attached hereto (the "Exercise
Agreement") (which may be by fax), to the Company on any business day at the Company's principal executive offices (or such other office or agency of the Company as it may designate by notice to the
holder hereof), and upon (i) payment to the Company in cash, by certified or official bank check or by wire transfer of immediately available funds for the account of the Company of the Warrant
Price for the Warrant Shares specified in the Exercise Agreement or (ii) if permitted, delivery to the Company of a written notice of an election to effect a "Cashless Exercise" (as defined
below) for the Warrant Shares specified in the Exercise Agreement. The Warrant Shares so purchased shall be deemed to be issued to the holder hereof or such holder's designee, as the record owner of
such shares, as of the close of business on the date on which the completed Exercise Agreement shall have been delivered to the Company (or such later date as may be specified in the Exercise
Agreement). Certificates for the Warrant Shares so purchased, representing the aggregate number of shares specified in the Exercise Agreement, shall be delivered to the holder hereof within a
reasonable time, not exceeding three (3) business days, after this Warrant shall have been so exercised. The certificates so delivered shall be in such denominations as may be requested by the
holder hereof and shall be registered in the name of 

 

such
holder or such other name as shall be designated by such holder. If this Warrant shall have been exercised only in part, then, unless this Warrant has expired, the Company shall (subject to
Section 3(b) below), at its expense, at the time of delivery of such certificates, deliver to the holder a new Warrant representing the number of shares with respect to which this Warrant shall
not then have been exercised. 

        As
used herein, "business day" shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the cities of New York, New York or Edmonton, Alberta are authorized
or required by law or executive order to remain closed. 

        The
Company shall permit this Warrant to be exercised by means of a "Cashless Exercise" if and only if the Company is not able, at the time of any attempted exercise, to issue to the
Warrantholder unlegended, freely tradeable shares of Common Stock pursuant to the Securities Act. To effect a "Cashless Exercise", the Warrantholder shall indicate on the Exercise Agreement, notice of
the holder's intention to do so, including a calculation of the number of shares of Common Stock to be issued upon such exercise in accordance with the terms hereof. In the event of a Cashless
Exercise, in lieu of paying the Warrant Price in cash, the holder shall surrender this Warrant or the portion thereof being exercised for that number of shares of Common Stock determined by
multiplying the number of Warrant Shares to which it would otherwise be entitled by a fraction, the numerator of which shall be the difference between the then current Fair Market Value per share of
the Common Stock and the Warrant Price, and the denominator of which shall be the then current Fair Market Value per share of the Common Stock. For this purpose, the "Fair Market Value" of the Common
Stock shall be the closing price of the Common Stock as reported by the Nasdaq Stock Market (or other exchange or market on which the Common Stock is principally traded) on the trading day immediately
preceding the date of the Exercise Agreement. 

        (b)    Book-Entry.    Notwithstanding anything to the contrary set forth herein, upon exercise of any
portion of this Warrant in accordance with the terms hereof, the Warrantholder shall not be required to physically surrender this Warrant to the Company unless such holder is purchasing the full
amount of Warrant Shares represented by this Warrant. The Warrantholder and the Company shall maintain records showing the number of Warrant Shares so purchased hereunder and the dates of such
purchases or shall use such other method, reasonably satisfactory to the Warrantholder and the Company, so as not to require physical surrender of this Warrant upon each such exercise. The
Warrantholder and any assignee, by acceptance of this Warrant or a new Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following exercise of any portion of this
Warrant, the number of Warrant Shares which may be purchased upon exercise of this Warrant may be less than the number of Warrant Shares set forth on the face hereof. 

        Section 4.    Intentionally Omitted.    

        Section 5.    Payment of Taxes.    The Company will pay any documentary stamp taxes attributable to the initial
issuance of Warrant Shares issuable upon the exercise of the Warrant; provided, however, that the
Company shall not be required to pay any tax or taxes which may be payable in respect of any transfer involved in the issuance or delivery of any certificates for Warrant Shares in a name other than
that of the registered holder of this Warrant in respect of which such shares are issued. The holder shall be responsible for income taxes due under federal or state law, if any such tax is due. 

        Section 6.    Mutilated or Missing Warrants.    In case this Warrant shall be mutilated, lost, stolen, or
destroyed, the Company shall issue in exchange and substitution of and upon cancellation of the mutilated Warrant, or in lieu of and substitution for the Warrant lost, stolen or destroyed, a new
Warrant of like tenor and for the purchase of a like number of Warrant Shares, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction of the
Warrant, 

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and
with respect to a lost, stolen or destroyed Warrant, reasonable indemnity or bond with respect thereto, if reasonably requested by the Company. 

        Section 7.    Reservation of Common Stock.    The Company hereby represents and warrants that there have been
reserved, and the Company shall at all applicable times keep reserved, out of the authorized and unissued Common Stock, a number of shares sufficient to provide for the exercise of the rights of
purchase represented by the Warrant in full (without regard to any restrictions on beneficial ownership contained herein), and the transfer agent for the Common Stock, including every subsequent
transfer agent for the Common Stock or other shares of the Company's capital stock issuable upon the exercise of any of the right of purchase aforesaid ("Transfer Agent"), shall be irrevocably
authorized and directed at all times to reserve such number of authorized and unissued shares of Common Stock as shall be requisite for such purpose. The Company agrees that all Warrant Shares issued
upon exercise of the Warrant in accordance with its terms shall be, at the time of delivery of the certificates for such Warrant Shares, duly authorized, validly issued, fully paid and
non-assessable shares of Common Stock of the Company. The Company will keep a conformed copy of this Warrant on file with its Transfer Agent. The Company will supply from time to time the
Transfer Agent with duly executed stock certificates required to honor the outstanding Warrant. 

        Section 8.    Warrant Price.    The Warrant Price, subject to adjustment as provided in Section 9,
shall, except for a cashless exercise if otherwise permitted, be payable in lawful money of the United States of America. 

        Section 9.    Adjustments.    Subject and pursuant to the provisions of this Section 9, the Warrant
Price and number of Warrant Shares subject to this Warrant shall be subject to adjustment from time to time as set forth hereinafter. 

        (a)   If
the Company or any of its subsidiaries shall at any time or from time to time while the Warrant is outstanding, pay a dividend or make a distribution on its capital
stock in shares of Common Stock, subdivide its outstanding shares of Common Stock into a greater number of shares or combine its
outstanding shares into a smaller number of shares or issue by reclassification of its outstanding shares of Common Stock any shares of its capital stock (including any such reclassification in
connection with a consolidation or merger in which the Company is the continuing corporation), then the number of Warrant Shares purchasable upon exercise of the Warrant and the Warrant Price in
effect immediately prior to the date upon which such change shall become effective, shall be adjusted by the Company so that the Warrantholder thereafter exercising the Warrant shall be entitled to
receive the number of shares of Common Stock or other capital stock which the Warrantholder would have received if the Warrant had been exercised immediately prior to such event. Such adjustment shall
be made successively whenever any event listed above shall occur. 

        (b)   If
any capital reorganization, reclassification of the capital stock of the Company, consolidation or merger of the Company with another corporation, or sale, transfer
or other disposition of all or substantially all of the Company's assets to another corporation shall be effected, then, as a condition of such reorganization, reclassification, consolidation, merger,
sale, transfer or other disposition, lawful and adequate provision shall be made whereby each Warrantholder shall thereafter have the right to purchase and receive upon the basis and upon the terms
and conditions herein specified and in lieu of the Warrant Shares immediately theretofore issuable upon exercise of the Warrant, such shares of stock, securities or assets as would have been issuable
or payable with respect to or in exchange for a number of Warrant Shares equal to the number of Warrant Shares immediately theretofore issuable upon exercise of the Warrant, had such reorganization,
reclassification, consolidation, merger, sale, transfer or other disposition not taken place, and in any such case appropriate provision shall be made with respect to the rights and interests of each
Warrantholder to the end that the provisions hereof (including, without 

3

 

limitations,
provision for adjustment of the Warrant Price) shall thereafter be applicable, as nearly equivalent as may be practicable in relation to any shares of stock, securities or properties
thereafter deliverable upon the exercise hereof. The Company shall not effect any such consolidation, merger, sale, transfer or other disposition unless prior to or simultaneously with the
consummation thereof the successor corporation (if other than the Company) resulting from such consolidation or merger, or the corporation purchasing or otherwise acquiring such assets or other
appropriate corporation or entity shall assume, by written instrument executed and delivered to the Company, the obligation to deliver to the holder of the Warrant such shares of stock, securities or
assets as, in accordance with the foregoing provisions, such holder may be entitled to purchase and the other obligations under this Warrant. The provisions of this paragraph (b) shall
similarly apply to successive reorganizations, reclassifications, consolidations, mergers, sales, transfers or other dispositions. 

        (c)   Intentionally
Omitted. 

        (d)   Intentionally
Omitted. 

        (e)   An
adjustment shall become effective immediately after the record date in the case of each dividend or distribution and immediately after the effective date of each
other event which requires an adjustment. 

        (f)    In
the event that, as a result of an adjustment made pursuant to Section 9, the holder of this Warrant shall become entitled to receive any shares of capital
stock of the Company other than shares of Common Stock, the number of such other shares so receivable upon exercise of this Warrant shall be subject thereafter to adjustment from time to time in a
manner and on terms as nearly equivalent as practicable to the provisions with respect to the Warrant Shares contained in this Warrant. 

        (g)   In
the event of any adjustment in the Warrant Price hereunder, the number of Warrant Shares issuable hereunder under exercise shall be inversely proportionately
increased or decreased, as the case may be, such that the aggregate purchase price for Warrant Shares upon full exercise of this Warrant shall remain the same. Similarly, in the event of any
adjustment in the number of Warrant Shares issuable hereunder upon exercise, the Warrant Price shall be inversely proportionately increased or decreased, as the case may be, such that the aggregate
purchase price for Warrant Shares upon full exercise of this Warrant shall remain the same. 

        Section 10.    Fractional Interest.    The Company shall not be required to issue fractions of Warrant Shares
upon the exercise of the Warrant. 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. 

        Section 11.    Benefits.    Nothing in this Warrant shall be construed to give any person, firm or corporation
(other than the Company and the Warrantholder) any legal or equitable right, remedy or claim, it being agreed that this Warrant shall be for the sole and exclusive benefit of the Company and the
Warrantholder. 

        Section 12.    Notices to Warrantholder.    Upon the happening of any event requiring an adjustment of the
Warrant Price, the Company shall forthwith give written notice thereof to the Warrantholder at the address appearing in the records of the Company, stating the adjusted Warrant Price and the adjusted
number of Warrant Shares resulting from such event and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. In the event of a dispute with
respect to any such calculation, the certificate of the Company's independent auditors shall be conclusive evidence of the correctness of any computation made, absent manifest error. Failure to give
such notice to the Warrantholder or any defect therein shall not affect the legality or validity of the subject adjustment. At the Warrantholder's request, the Company shall deliver to the
Warrantholder as 

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of
a requested date a notice specifying the Warrant Price and the number of Warrant Shares into which this Warrant is exercisable as of such date. 

        Section 13.    Identity of Transfer Agent.    The initial Transfer Agent for the Common Stock is: 

Computershare
Trust Inc.

12039 West Alameda Parkway

Suite Z-2

Lakewood, CO 80228

Phone: (303) 984-4100

Fax: (303) 984-4110 

        Forthwith
upon the appointment of any subsequent transfer agent for the Common Stock or other shares of the Company's capital stock issuable upon the exercise of the rights of purchase
represented by the Warrant, the Company will fax to the Warrantholder a statement setting forth the name and address of such transfer agent. 

        Section 14.    Notices.    Any notice pursuant hereto to be given or made by the Warrantholder to or on behalf
of the Company shall be sufficiently given or made if delivered personally or by facsimile or if sent by an internationally recognized courier, addressed as follows: 

Biomira Inc.

Edmonton Research Park

2011-94th Street

Edmonton, Alberta T6N 1H1

Telephone: (780) 490-2806

Fax: (780) (780) 450-4772

Attention: Edward A. Taylor, Chief Financial Officer 

or
such other address as the Company may specify in writing by notice to the Warrantholder complying as to delivery with the terms of this Section 14. 

        Any
notice pursuant hereto to be given or made by the Company to or on the Warrantholder shall be sufficiently given or made if personally delivered or if sent by an internationally
recognized courier service by overnight or two-day service, to the address set forth on the books of the Company or, as to each of the Company and the Warrantholder, at such other address
as shall be designated by such party by written notice to the other party complying as to delivery with the terms of this Section 14. 

        All
such notices, requests, demands, directions and other communications shall, when sent by courier, be effective two (2) days after delivery to such courier as provided and
addressed as aforesaid. All faxes shall be effective upon receipt. 

        Section 15.    Intentionally Omitted.    

        Section 16.    Successors.    All the covenants and provisions hereof by or for the benefit of the
Warrantholder shall bind and inure to the benefit of its respective successors and assigns hereunder. 

        Section 17.    Governing Law.    This Warrant shall be deemed to be a contract made under the laws of the
Province of Alberta, without giving effect to its conflict of law principles, and for all purposes shall be construed in accordance with the laws of said Province. 

        Section 18.    9.9% and 19.9% Limitations.    

        (a)   Notwithstanding
anything to the contrary contained herein, the number of shares of Common Stock that the Warrantholder shall have the right to acquire upon exercise
pursuant to the terms hereof shall not exceed a number that, when added to the total number of shares of Common Stock deemed beneficially owned by such holder at such time (other than by virtue of 

5

 

the
ownership of convertible securities or rights to acquire securities (including the Warrant Shares) that have limitations on the holder's right to convert, exercise or purchase similar to the
limitation set forth herein), together with all shares of Common Stock deemed beneficially owned (other than by virtue of the ownership of convertible securities or rights to acquire securities that
have limitations on the right to convert, exercise or purchase similar to the limitation set forth herein) by the Warrantholder's "affiliates" at such time (as defined in Rule 144 of the Act)
("Aggregation Parties") that would be aggregated for purposes of determining whether a group under Section 13(d) of the Securities Exchange Act of 1934, as amended
("Exchange Act"), exists, would exceed 9.9% of the total issued and outstanding shares of the Common Stock (the "Restricted
Ownership Percentage"). Each holder shall have the right (x) at any time and from time to time to reduce its Restricted Ownership Percentage immediately upon notice to
the Company in the event and only to the extent that Section 16 of the Exchange Act or the rules promulgated thereunder (or any successor statute or rules) is changed to reduce the beneficial
ownership percentage limitation thereunder from 10% and (y) (subject to waiver) at any time and from time to time, to increase its Restricted Ownership Percentage immediately upon the happening
of a change of control transaction (including without limitation a transaction that results in a transfer of more than 50% of the Company's voting power or equity, or a sale of all or substantially
all of the Company's assets, or a transaction that results in a person or "group" being deemed the beneficial owner of 50% or more of the Company's voting power or equity). 

        The
Company's obligation to issue Common Stock which would exceed such limits referred to in this Section 18 shall be suspended to the extent necessary until such time, if any, as
shares of Common Stock may be issued in compliance with such restrictions. 

        (b)   Notwithstanding
anything contained herein, in the event that the Warrantholder has timely exercised this Warrant and the issuance of all or a portion of the Warrant
Shares to be issued pursuant to such exercise would either (i) constitute a breach of the Company's obligations under the rules or regulations of the Nasdaq Stock Market and the Toronto Stock
Exchange as they apply to the Company, or any other principal securities exchange or market ("Principal Market") upon which the Common Stock is or becomes traded (the "Cap Regulations") or
(ii) would exceed the Restricted Ownership Percentage of the Warrantholder, then the Company shall not be obligated to issue any such Warrant Shares to the extent such shares are in excess of
the maximum permissible amount under such Cap Regulations ("Excess Shares") or in excess of the Restricted Ownership Percentage. However, if the Company, within five (5) days following any
occurrence of Excess Shares, does not issue such Excess Shares to the Warrantholder, then the Company shall promptly pay to the Purchaser, in lieu of the Purchaser's right to receive such Excess
Shares, an amount of cash (in U.S. Dollars) equal to 100% of the difference between (a) the number of Excess Shares multiplied by the closing sale price per share of Common Stock on the
Principal Market on the trading day immediately preceding the date of the exercise of this Warrant, and (b) the aggregate exercise price for such Excess Shares. 

        Section 19.    Replacement Warrants.    The Company agrees that within ten (10) business days after any
request from time to time of the Warrantholder, it shall deliver to such holder a new Warrant in substitution of this Warrant which is identical in all respects except that the then Warrant Price
shall be appropriately specified in the Warrant, and the Warrant shall specify the fixed number of Warrant Shares into which this Warrant is then exercisable. Such changes are intended not as
amendments to the Warrant but only as clarification of the foregoing numbers for convenience purposes, and such changes shall not affect any provisions concerning adjustments to the Warrant Price or
number of Warrant Shares contained herein. 

        Section 20.    Obligation to Issue Warrant Shares.    The Company's obligations to issue and deliver Warrant
Shares in accordance with the terms hereof are not subject to the taking of any action or inaction by the holder hereof to enforce the same, any waiver or consent with respect to any provision 

6

 

hereof,
the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the
holder hereof or any other Person of any obligation to the Company or any violation or alleged violation of law by the holder or any other Person, and irrespective of any other circumstance which
might otherwise limit such obligation of the Company to the holder hereof in connection with the issuance of Warrant Shares. The Company will at no time close its shareholder books or records in any
manner which interferes with the timely exercise of this Warrant. 

        IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the date first written above. 

	 	 	BIOMIRA INC.
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	 	
 Name: Edward A. Taylor

Title: Vice President & CFO

7

 
 
 

Schedule 1    
    

	Warrantholder
 
	 	Warrant Shares

	Bristol Investment Fund, Ltd.	 	82,237
	Castle Creek Technology Partners LLC	 	49,342
	Cimarron Biomedical Equity Master Fund L.P.	 	46,052
	Topwater Exclusive Fund II LLC	 	19,737
	Cranshire Capital, L.P.	 	82,237
	D.E. Shaw Valence Portfolios, L.L.C.	 	411,184
	Diamond Opportunity Fund, LLC	 	82,237
	DKR Sound Shore Oasis Holding Fund Ltd.	 	49,342
	Eagle Rock Institutional Partners, L.P.	 	87,500
	Eagle Rock Master Fund, L.P.	 	162,500
	Enable Growth Partners LP	 	192,105
	Enable Opportunity Partners LP	 	31,579
	Pierce Diversified Strategy Master Fund LLC	 	39,474
	Hudson Bay Fund, LP	 	164,474
	Iroquois Master Fund, Ltd.	 	57,566
	James R. Davis	 	49,342
	Nite Capital, LP	 	246,711
	Radcliffe SPC, Ltd.	 	164,474
	RAQ, LLC	 	49,342
	Red Abbey Fund L.P. *cancelled*	 	16,447
	Frank A. Bonsal (issue date Dec. 29, 2006)	 	5,482
	Christopher Goelet (issue date Dec. 29, 2006)	 	5,482
	Philip Goelet (issue date Dec. 29, 2006)	 	5,483
	RHP Master Fund, Ltd.	 	82,237
	Spectra Capital Management LLC	 	41,118
	Springvest Corporation	 	82,237
	The Tail Wind Fund Ltd.	 	98,684
	Truk International Fund, LP	 	11,842
	Truk Opportunity Fund, LLC	 	119,737
	Whalehaven Capital Fund Limited	 	123,355

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BIOMIRA INC. PURCHASE WARRANT WARRANT ("WARRANT") TO PURCHASE SHARES OF COMMON STOCK, WITHOUT PAR VALUE

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Exhibit 10.39  

RODMAN & RENSHAW, LLC
  Serving Emerging Growth Sectors for Over 50 Years

December 1, 2006 

CONFIDENTIAL  

Edward
Taylor

Vice President of Finance, Chief Financial Officer

Biomira Inc.

2011-94th. Street

Edmonton, AB T6N 1H1, Canada 

Dear
Mr. Taylor: 

        This
letter (the "Agreement") constitutes the agreement between Rodman & Renshaw, LLC
("R&R" or the "Placement Agent") and Biomira Inc. (the
"Company"), that R&R shall serve as the exclusive placement agent for the Company, on a "reasonable best efforts" basis, in connection with the
currently proposed placement to one or more investors to which R&R introduces the Company on or before December 31, 2006 (the "Placement") of
registered securities (the "Securities") of the Company, including shares (the "Shares") of the
Company's common shares (the "Common Shares"). For the avoidance of doubt, the term "Placement" shall not include the sale or proposed sale by the
Company of Securities after January 31, 2007. The terms of such Placement and the Securities shall be mutually agreed upon by the Company and the purchasers (each, a
"Purchaser" and collectively, the "Purchasers") and nothing herein constitutes that R&R would have the
power or authority to bind the
Company or any Purchaser or an obligation for the Company to issue any Securities or complete the Placement. This Agreement and the documents executed and delivered by the Company and the Purchasers
in connection with the Placement shall be collectively referred to herein as the "Transaction Documents." The date of the closing of the Placement shall
be referred to herein as the "Closing Date." The Company expressly acknowledges and agrees that R&R's obligations hereunder are on a reasonable best
efforts basis only and that the execution of this Agreement does not constitute a commitment by R&R to purchase the Securities and docs not ensure the successful placement of the Securities or any
portion thereof or the success of R&R with respect to securing any other financing on behalf of the Company. 

        SECTION 1.    Compensation and other Fees.

        As
compensation for the services provided by R&R hereunder, the Company agrees to pay to R&R: 

        (A)  The
fees set forth below with respect to the Placement: 

        a)    A
cash fee payable immediately upon the closing of the Placement and equal to 4% of the aggregate gross proceeds raised in the Placement. 

        b)    Warrants
to purchase that number of Common Shares equal to 1% of the aggregate number of Shares sold in the Placement. Such warrants shall have the same terms as the
warrants (if any) issued to the Purchasers in the Placement except that such warrants shall not be transferable except as permitted by NASD Rule 2710(g)(l). 

        (B)  The
Company also agrees to reimburse R&R's expenses (with supporting invoices/receipts) up to a maximum of $10,000. Such reimbursement shall be payable immediately upon
(but only in the event of) the closing of the Placement. 

 

        SECTION 2.    REGISTRATION STATEMENT.

        The
Company represents and warrants to, and agrees with, the Placement Agent that: 

        (A)  The
Company has filed with the Securities and Exchange Commission (the "Commission") a registration statement on Form F-10 (Registration File
No. 333-137342) under the Securities Act of 1933, as amended (the "Securities Act"), which became effective on September 29, 2006, for the registration under the Securities
Act of the Securities. At the time of such filing, the Company met the requirements of Form F-10 under the Securities Act. Such registration statement meets the requirements set
forth in Form F-10 under the Securities Act. The Company will file with the Commission pursuant to General Instruction II.L of Form F-10, and the rules and
regulations (the "Rules and Regulations") of the Commission promulgated under the Securities Act, a supplement to the form of prospectus included in such registration statement relating to the
placement of the Shares and the plan of distribution thereof and has advised the Placement Agent of all further information (financial and other) with respect to the Company required to be set forth
therein. Such registration statement, including the exhibits thereto, as amended at the date of this Agreement, is hereinafter called the "Registration Statement"; such prospectus in the form in which
it appears in the Registration Statement is hereinafter called the "Base Prospectus"; and the supplemented form of prospectus, in the form in which it will be filed with the Commission pursuant to
General Instruction II.L of Form F-10 (including the Base Prospectus as so supplemented) is hereinafter called the "Prospectus Supplement." Any reference in this Agreement to the
Registration Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include the documents incorporated by reference therein (the "Incorporated Documents") pursuant
to Item 4 of Form F-10 which were filed under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on or before the date of this Agreement, or the issue date of the
Base Prospectus or the Prospectus Supplement, as the case may be; and any reference in this Agreement to the terms "amend," "amendment" or "supplement" with respect to the Registration Statement, the
Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include the filing of any document under the Exchange Act after the date of this Agreement, or the issue date of the Base
Prospectus or the Prospectus Supplement, as the case may be, deemed to be incorporated therein by reference. All references in this Agreement to financial statements and schedules and other
information which is "contained," "included," "described," "referenced," "set forth" or "stated" in the Registration Statement, the Base Prospectus or the Prospectus Supplement (and all other
references of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is or is deemed to be incorporated by reference in the
Registration Statement, the Base Prospectus or the Prospectus Supplement, as the case may be. No stop order suspending the effectiveness of the Registration Statement or the use of the Base Prospectus
or the Prospectus Supplement has been issued, and no proceeding for any such purpose is pending or has been initiated or, to the Company's knowledge, is threatened by the Commission. 

        (B)  The
Registration Statement (and any further documents to be filed with the Commission) contains all exhibits and schedules as required by the Securities Act. Each of the
Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects with the Securities Act and the applicable Rules and
Regulations and did not and, as amended or supplemented, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading. The Base Prospectus and the Prospectus Supplement, each as of its respective date, comply or will comply in all material respects with the
Securities Act and the Exchange Act and the applicable Rules and Regulations. Each of the Base Prospectus and the Prospectus Supplement, as amended or supplemented, did not and will not contain as of
the date thereof any untrue statement of a material fact or omit to state a material fact necessary in order 

2

 

to
make the statements therein, in light of the circumstances under which they were made, not misleading. The Incorporated Documents, when they were filed with the Commission, conformed in all
material respects to the requirements of the Exchange Act and the applicable Canadian securities laws, rules and regulations, and none of such documents, when they were filed with the applicable
Canadian securities commissions, contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein (with respect to Incorporated Documents
incorporated by reference in the Base Prospectus or Prospectus Supplement), in light of the circumstances under which they were made not misleading; and any further documents so filed and incorporated
by reference in the Base Prospectus or Prospectus Supplement, when such documents are filed with the Commission, will conform in all material respects to the requirements of the Exchange Act and the
applicable Rules and Regulations, as applicable, and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising after the date thereof which
represent, individually or in the aggregate, a fundamental change in the information set forth therein is required to be filed with the Commission. There are no documents required to be filed with the
Commission in connection with the transaction contemplated hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will not be filed within the requisite
time period. There are no contracts or other documents required to be described in the Base Prospectus or Prospectus Supplement, or to be filed as exhibits or schedules to the Registration Statement,
which have not been or will not be described or filed as required. 

        (C)  The
Company has delivered, or will as promptly as practicable deliver, to the Placement Agent complete conformed copies of the Registration Statement and of each consent
and certificate of experts, as applicable, filed as a part thereof, and conformed copies of the Registration Statement (without exhibits), the Base Prospectus and the Prospectus Supplement, as amended
or supplemented, in such quantities and at such places as the Placement Agent reasonably requests. Neither the Company nor any of its directors and officers has distributed and none of them will
distribute, prior to the Closing Date, any offering material in connection with the offering and sale of the Securities other than the Base Prospectus, the Prospectus Supplement, the Registration
Statement, copies of the documents incorporated by reference therein and any other materials permitted by the Securities Act. 

        SECTION 3.    REPRESENTATIONS, WARRANTIES AND COVENANTS.    The Company agrees that it will perform and comply with
the covenants and other obligations set forth in the purchase agreement and
related transaction documents between the Company and the investors in the Offering, and that the Placement Agent will be entitled to rely on the representations, warranties, agreements and covenants
of the Company contained in such purchase agreement and related transaction documents as if such representations, warranties, agreements and covenants were made directly to the Placement Agent by the
Company. Additionally, the Company makes the following representations and warranties to the Company: 

        (A)  Regulation M Compliance.    The Company has not, and to its knowledge no one acting on its behalf has,
(i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of
any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Securities (other than for the placement agent's placement of the
Securities), or (iii) paid or agreed to pay to any person any compensation for soliciting another to purchase any other securities of the Company. 

3

 

        (B)  Approvals.    Subject to compliance with the requirements of the Toronto Stock Exchange, the issuance and
listing on the Nasdaq Global Market of the Shares requires no further approvals, including but not limited to, the approval of shareholders. 

        (C)  NASD Affiliations.    There are no affiliations with any NASD member firm among the Company's officers,
directors or, to the knowledge of the Company, any five percent (5%) or greater shareholder of the Company, except as set forth in the Base Prospectus. 

        SECTION 4.    INDEMNIFICATION.    The Company agrees to the indemnification and other agreements set forth in the
Indemnification Provisions (the "Indemnification") attached hereto as Addendum A, the provisions of which are incorporated herein by reference and shall
survive the termination or expiration of this Agreement. 

        SECTION 5.    ENGAGEMENT TERM.    R&R's engagement hereunder will be for the period of 5 days from and after
approval of the terms of this Agreement by the NASDR Regulation Corporation Financing Department under NASD Rule 2710 as described in Section 8(K). The engagement may be terminated by
either the Company or R&R at any time upon 5 days' written notice. Notwithstanding anything to the contrary contained herein, the provisions concerning confidentiality, indemnification,
contribution and the Company's obligations to pay fees and reimburse expenses contained herein and the Company's obligations contained in the Indemnification Provisions will survive any expiration or
termination of this Agreement. R&R agrees not to use any information concerning the Company provided to them by the Company for any purposes other than those contemplated under this Agreement unless
such information is publicly available. During the engagement term, R&R agrees with and covenants to the Company that its service to the Company in connection with the Placement
will comply in all material respects with R&R's obligations pursuant to the Securities Act, the Rules and Regulations, the Exchange Act, the rules and regulations of the Commission promulgated under
the Exchange Act, NASD regulations and other applicable law. 

        SECTION 6.    R&R INFORMATION.    The Company agrees that any information or advice rendered by R&R in connection with
this engagement is for the confidential use of the Company only in its evaluation of the Placement and, except as otherwise required by law, the Company will not disclose or otherwise refer to the
advice or information in any manner without R&R's prior written consent. 

        SECTION 7.    NO FIDUCIARY RELATIONSHIP.    This Agreement does not create, and shall not be construed as creating
rights enforceable by any person or entity not a party hereto, except those entitled hereto by virtue of the Indemnification Provisions hereof. The Company acknowledges and agrees that R&R is not and
shall not be construed as a fiduciary of the Company and shall have no duties or liabilities to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or
the retention of R&R hereunder, all of which are hereby expressly waived. 

        SECTION 8.    CLOSING.    The obligations of the Placement Agent, and the closing of the sale of the Securities
hereunder are subject to the accuracy, when made and on the Closing Date, of the representations and warranties on the part of the Company and its Subsidiaries contained herein, to the accuracy of the
statements of the Company and its Subsidiaries made in any certificates pursuant to the provisions hereof, to the performance by the Company and its Subsidiaries of their obligations hereunder, and to
each of the following additional terms and conditions: 

        (A)  No
stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall have been initiated or
threatened by the Commission, and any request for additional information on the part of the Commission (to be included in the Registration Statement, the Base Prospectus or the Prospectus Supplement
or otherwise) shall have been complied with to the reasonable satisfaction of the Placement Agent. 

4

 

Any
filings required to be made by the Company in shall have been timely filed with the Commission. 

        (B)  The
Placement Agent shall not have discovered and disclosed to the Company on or prior to the Closing Date that the Registration Statement, the Base Prospectus or the
Prospectus Supplement or any amendment or supplement thereto contains an untrue statement of a fact which, in the opinion of counsel for the Placement Agent, is material or omits to state any fact
which, in the opinion of such counsel, is material and is required to be stated therein or is necessary to make the statements therein not misleading. 

        (C)  All
corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each of this Agreement, the Securities, the
Registration Statement, the Base Prospectus and the Prospectus Supplement and all other legal matters relating to this Agreement and the transactions contemplated hereby shall be reasonably
satisfactory in all material respects to counsel for the Placement Agent, and the Company shall have furnished to such counsel all documents and information that they may reasonably request to enable
them to pass upon such matters. 

        (D)  The
Placement Agent shall have received from outside counsel to the Company such counsel's written opinion, addressed to the Placement Agent and the Purchasers dated as
of the Closing Date, in form and substance reasonably satisfactory to the Placement Agent. 

        (E)  Neither
the Company nor any of its Subsidiaries shall have sustained since the date of the latest financial statements included or incorporated by reference in the Base
Prospectus, any loss or interference with its business from fire, explosion, flood, terrorist act or other calamity, whether or not covered by insurance, or from any labor dispute or court or
governmental action, order or decree, otherwise than as set forth in or contemplated by the Base Prospectus and (ii) since such date there shall not have been any change in the share capital
(other than as a result of the exercise of options granted under the Company's employee benefit plans) or long-term debt of the Company or any of its Subsidiaries or any change in or
affecting the business, general affairs, management, financial position, shareholders' equity, results of operations or prospects of the Company and its Subsidiaries, otherwise than as set forth in or
contemplated by the Base Prospectus, the effect of which, in any such case described in clause (i) or (ii), is, in the judgment of the Placement Agent, so material and adverse as to make it
impracticable or inadvisable to proceed with the sale or delivery of the Securities on the terms and in the manner contemplated by the Base Prospectus, the Time of Sale Prospectus, if any, and the
Prospectus Supplement. 

        (F)  The
Common Shares are registered under the Exchange Act and, as of the Closing Date, the Shares shall be listed and admitted and authorized for trading on Nasdaq, and
satisfactory evidence of such actions shall have been provided to the Placement Agent. The Company shall have taken no action designed to, or likely to have the effect of terminating the registration
of the Common Shares under the Exchange Act or delisting or suspending from trading the Common Shares from Nasdaq, nor has the Company received any information suggesting that the Commission or Nasdaq
is contemplating terminating such registration or listing. 

        (G)  Subsequent
to the execution and delivery of this Agreement, there shall not have occurred any of the following: (i) trading in securities generally on the New
York Stock Exchange, the Nasdaq National Market or the American Stock Exchange or in the over-the-counter market, or trading in any securities of the Company on any exchange or
in the over-the-counter market, shall have been suspended or minimum or maximum prices or maximum ranges for prices shall have been established on any such exchange or such
market by the Commission, by such exchange or by any other regulatory body or governmental authority having jurisdiction, (ii) a banking moratorium shall have been declared by federal or state
authorities or a material disruption has occurred in commercial banking or securities settlement or clearance services in the United States, 

5

 

(iii) the
United States shall have become engaged in hostilities in which it is not currently engaged, the subject of an act of terrorism, there shall have been an escalation in hostilities
involving the United States, or there shall have been a declaration of a national emergency or war by the United States, or (iv) there shall have occurred any other calamity or crisis or any
change in general economic, political or financial conditions in the United States or elsewhere, if the effect of any such event in clause (iii) or (iv) makes it, in the sole judgment of
the Placement Agent, impracticable or inadvisable to proceed with the sale or delivery of the Securities on the terms and in the manner contemplated by the Base Prospectus and the Prospectus
Supplement. 

        (H)  No
action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental agency or body which would, as
of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect the business or operations of the Company; and no injunction, restraining order or order of any
other nature by any federal or state court of competent jurisdiction shall have been issued as of the Closing Date which would prevent the issuance or sale of the Securities or materially and
adversely affect the business or operations of the Company. 

        (I)   The
Company shall have prepared and filed with the Commission a Current Report on Form 6-K with respect to the Placement, including as an exhibit
thereto this Agreement. 

        (J)   The
Company shall have entered into subscription agreements with each of the Purchasers and such agreements shall be in full force and effect and shall contain
representations and warranties of the Company as agreed between the Company and the Purchasers. 

        (K)  The
NASD shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement. In addition, the Company shall, if requested
by the Placement Agent, make or authorize Placement Agent's counsel to make on the Company's behalf, an Issuer Filing with the NASDR, Inc. Corporate Financing Department pursuant to NASD
Rule 2710 with respect to the Registration Statement and pay all filing fees required in connection therewith. 

        (L)  Prior
to the Closing Date, the Company shall have furnished to the Placement Agent such further information, certificates and documents as the Placement Agent may
reasonably request. 

        All
opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form
and substance reasonably satisfactory to counsel for the Placement Agent. 

        SECTION 9.    Governing Law.    This Agreement will be governed by, and construed in accordance with, the laws of the
State of New York applicable to agreements made and to be performed entirely in such State. This Agreement may not be assigned by either party without the prior written consent of the other party.
This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns. Any right to trial by jury with respect to any dispute
arising under this Agreement or any transaction or conduct in connection herewith is waived. Any dispute arising under this Agreement may be brought into the courts of the State of New York or into
the Federal Court located in New York, New York and, by execution and delivery of this Agreement, the Company hereby accepts for itself and in respect of its property, generally and unconditionally,
the jurisdiction of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by delivering
a copy thereof via overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If either party shall 

6

 

commence
an action or proceeding to enforce any provisions of a Transaction Document, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. 

        SECTION 10.    Entire Agreement/Misc.    This Agreement (including the attached Indemnification Provisions) embodies
the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. If any provision of this Agreement is
determined to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect or any other provision of this Agreement, which will remain in roll
force and effect. This Agreement may not be amended or otherwise modified or waived except by an instrument in writing signed by both R&R and the Company. The representations, warranties, agreements
and covenants contained herein shall survive the closing of the Placement and delivery and/or exercise of the Securities, for a period of two years, as applicable. This Agreement may be executed in
two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to
the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or a .pdf format file, such signature
shall create a valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such facsimile signature page were an original thereof. 

        SECTION 11.    Notices.    Any and all notices or other communications or deliveries required or permitted to be
provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile number specified on the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a business day, (b) the next business day after the date of transmission, if
such notice or communication is delivered via facsimile at the facsimile number on the signature pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New York City
time) on any business day, (c) the business day following the date of mailing, if sent by a recognized overnight courier service, or (d) upon actual receipt by the party to whom such
notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages hereto. 

7

 

        Please
confirm that the foregoing correctly sets forth our agreement by signing and returning to R&R the enclosed copy of this Agreement. 

	 	 	 	 	Very truly yours,
	

 	
 	

 	
 	
RODMAN & RENSHAW, LLC
	

 	
 	

 	
 	

By:	
 	

/s/ John Borer
 Name: John Borer

Title: CEO
	

 	
 	

 	
 	
Address for notice:

1270 Avenue of the Americas, 16th Floor

New York, NY, 10020
	

Accepted and Agreed to as of the date first written above:	
 	

 	
 	

 
	
BIOMIRA INC.	
 	

 	
 	

 
	

By:	
 	

/s/ Edward A. Taylor
 Edward A. Taylor

Vice President & CFO	
 	

 	
 	

 
	
Address for notice:	
 	

 	
 	

 

8

 
 

ADDENDUM A    
    
    INDEMNIFICATION PROVISIONS    
    

        In connection with the engagement of Rodman & Renshaw, LLC ("R&R") by Biomira Inc. (the
"Company") pursuant to a letter agreement dated December 1, 2006, between the Company and R&R, as it may be amended from time to time in writing
(the "Agreement"), the Company hereby agrees as follows: 

        1.     To
the extent permitted by law, the Company will indemnify R&R and its affiliates, stockholders, directors, officers, employees and controlling persons (within the
meaning of Section 15 of the Securities Act of 1933, as amended, or Section 20 of the Securities Exchange Act of 1934) against all losses, claims, damages, expenses and liabilities, as
the same are incurred (including the reasonable fees and expenses of counsel), relating to or arising out of its activities hereunder or pursuant to the Agreement, except to the extent that any
losses, claims, damages, expenses or liabilities (or actions in respect thereof) are found in a final judgment (not subject to appeal) by a court of law to have resulted primarily and directly from
R&R's misconduct or negligence in performing the services described herein; and provided, further, that
the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission
or alleged omission made in the Registration Statement, the Base Prospectus, the Prospectus Supplement or any amendment or supplement thereto, in reliance upon and in conformity with information
furnished to the Company by R&R expressly for use therein. 

        2.     Promptly
after receipt by R&R of notice of any claim or the commencement of any action or proceeding with respect to which R&R is entitled to indemnity hereunder, R&R
will notify the Company in writing of such claim or of the commencement of such action or proceeding, and the Company will assume the defense of such action or proceeding and will employ counsel
reasonably satisfactory to R&R and will pay the fees and expenses of such counsel. Notwithstanding the preceding sentence, R&R will be entitled to employ counsel separate from counsel for the Company
and from any other party in such action if counsel for R&R reasonably determines that it would be inappropriate under the applicable roles of professional responsibility for the same counsel to
represent both the Company and R&R due to an actual conflict of interest between the Company and R&R with respect to the subject matter of such claim. In such event, the reasonable fees and
disbursements of no more than one such separate counsel will be paid by the Company. The Company will have the exclusive right to settle the claim or proceeding provided that the Company will not
settle any such claim, action or proceeding without the prior written consent of R&R, which will not be unreasonably withheld. 

        3.     The
Company agrees to notify R&R promptly of the assertion against it or any other person of any claim or the commencement of any action or proceeding relating to a
transaction contemplated by the Agreement. 

        4.     If
for any reason the foregoing indemnity is unavailable to R&R or insufficient to hold R&R harmless, then the Company shall contribute to the amount paid or payable by
R&R as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect not only the relative benefits received by the Company on the one hand and R&R on the
other, but also the relative fault of the Company on the one hand and R&R on the other that resulted in such losses, claims, damages or liabilities, as well as any relevant equitable considerations.
The amounts paid or payable by a party in respect of losses, claims, damages and liabilities referred to above shall be deemed to include any legal or other fees and expenses incurred in defending any
litigation, proceeding or other action or claim. Notwithstanding the provisions hereof, R&R's share of the liability hereunder shall not be in excess of the amount of fees actually received, or to be
received, by R&R under the Agreement (excluding any amounts received as reimbursement of expenses incurred by R&R). 

        5.     These
Indemnification Provisions shall remain in full force and effect whether or not the transaction contemplated by the Agreement is completed and shall survive the
termination of the 

 

Agreement,
and shall be in addition to any liability that the Company might otherwise have to any indemnified party under the Agreement or otherwise. 

	 	 	 	 	RODMAN & RENSHAW, LLC
	

 	
 	

 	
 	

By:	
 	

/s/ John Borer
 Name: John Borer

Title: CEO
	

 	
 	

 	
 	
Address for notice:

1270 Avenue of the Americas, 16th Floor

New York, NY 10020
	

Accepted and Agreed to as of the date first written above:	
 	

 	
 	

 
	
BIOMIRA INC.	
 	

 	
 	

 
	

By:	
 	

/s/ Edward A. Taylor
 Edward A. Taylor

Vice President & CFO	
 	

 	
 	

 

2

QuickLinks

ADDENDUM A INDEMNIFICATION PROVISIONS

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