We present a high accuracy Monte Carlo simulation study of the uniaxial nematic (N_{U}) to isotropic (I) phase transition of a lattice dispersion model of uniaxial nematics composed of biaxial molecules. The N_{U}-I coexistence curve terminating at the Landau critical point has been determined using the multiple histogram reweighting technique. A close investigation reveals a sharp departure in the nature of the N_{U}-I coexistence curve in the temperature-biaxiality parameter phase diagram in comparison to the earlier theoretical (either mean-field or computer simulation) predictions. The coexistence curve shows a change in curvature with increasing value of the degree of molecular biaxiality.
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