WALTHAM, Mass., Jan. 15 /PRNewswire/ --
AltaRex Corp. (TSE: AXO, OTC: ALRXF) announced today that the Company will
transfer its proprietary cell culture manufacturing processes and the
development responsibilities for OvaRex(R) MAb from Lonza Biologics plc to
Abbott Laboratories.
(Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000831/ALTREXLOGO)
Moving to Abbott Laboratories for antibody manufacturing is, the Company
believes, an important accomplishment in today's competitive manufacturing
environment.
"The selection of Abbott puts us in a position of simultaneously
leveraging the expertise and proprietary know-how of Lonza with the scale and
capabilities of large pharma," commented Richard Bagley, President and CEO of
AltaRex. "Lonza has generated a cell culture manufacturing process that will
result in a low cost of antibody manufacture that we believe we can transfer
successfully to Abbott. We believe the Abbott organization will devote
substantial resources to this project which will allow us to move
aggressively."
AltaRex Corp. is focused exclusively on the research, development and
commercialization of antibody-based immunotherapeutic products to prolong life
and reduce the suffering associated with late-stage cancers. Data from
clinical studies of its product candidates suggest that through multiple
mechanisms, AltaRex's proprietary technology enhances the ability of the human
immune system to produce an anti-tumor response. The Company has five
antibody-based products in various stages of development. The most advanced
product is OvaRex(R) MAb, in late stage clinical development for the treatment
of ovarian cancer.
Additional information about AltaRex research and development, news and
events can be found on its web site at http://www.altarex.com . Clinical information
can also be found at http://www.centerwatch.com. Additional information about
ovarian cancer can be found at http://www.nci.nih.gov , http://www.ovariancanada.org and at
http://www.ovarian.org.
This news release contains forward-looking statements that involve risks
and uncertainties, which may cause actual results to differ materially from
the statements made. For this purpose, any statements that are contained
herein that are not statements of historical fact may be deemed to be
forward-looking statements. Without limiting the foregoing, the words
"believes," "anticipates," "plans," "intends," "expects" and similar
expressions are intended to identify forward-looking statements. Such risks
and uncertainties include, but are not limited to, our need for capital and
the risk that the Company can not raise funds on a timely basis on
satisfactory terms or at all, the establishment of manufacturing processes and
new corporate alliances and reliance on third parties, such as the
manufacturing arrangement referred to above and the Company's resulting
reliance on Abbott, changing market conditions, completion of clinical trials,
patient enrollment rates, uncertainty of pre-clinical, retrospective and early
clinical trial results, which may not be indicative of results that will be
obtained in ongoing or future clinical trials, the timely development,
regulatory approval and market acceptance of the Company's products,
uncertainty as to whether patents will issue from pending patent applications
and, if issued, as to whether such patents will be sufficiently broad to
protect the Company's technology, and other risks detailed from time-to-time
in the Company's filings with the United States Securities and Exchange
Commission and Canadian securities authorities.
THE TORONTO STOCK EXCHANGE HAS NOT APPROVED OR DISAPPROVED OF THE
INFORMATION CONTAINED HEREIN.
SOURCE AltaRex Corp.
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Related links:
http://www.centerwatch.com.
http://www.nci.nih.gov http://www.ovariancanada.org
http://www.ovarian.org. http://www.altarex.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20000831/ALTREXLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 201-369-3467
Company News On-Call:
http://www.prnewswire.com/comp/128163.html or fax,
800-758-5804, ext. 128163
CONTACT:
Sondra Henrichon, Director, Investor
Relations and Corporate Communications of AltaRex, 781-672-0138,
ext. 5110, or shenrichon@altarex.com; or Wayne Hendry, Investor
Relations of The Equicom Group, 416-815-0700, ext. 238, or
whendry@equicomgroup.com, for AltaRex
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