WALTHAM, Mass., Jan. 26 /PRNewswire/ -- AltaRex Corp.
(Toronto: AXO, OTC: ALXFF), a developer of antibody-based cancer therapeutics,
announced today that it has filed a final prospectus with the securities
regulatory authorities in the provinces of Alberta, Ontario, Quebec and
British Columbia to raise up to C$12 million through the sale of Common Shares
at a price of C$1.90 per share. This offering is expected to close on or
about February 8, 2001.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000831/ALTREXLOGO )
The net proceeds of this offering will be used to support the final
stages of OvaRex(R) clinical and product development as well as further
BrevaRex(R) development and general working capital needs.
HSBC Securities (Canada) Inc. and Roth Capital Partners, Inc. (U.S.) are
acting as lead agents in this offering. The proceeds from this round of
financing are expected to come from institutional investors in the United
States and Canada, continuing the Company's focus on broadening its
shareholder base.
AltaRex Corp. is focused on the research, development and
commercialization of five antigen-targeted antibodies to treat late-stage
cancers. OvaRex(R) MAb targets the tumor associated antigen CA 125 and is in
the final stages of clinical evaluation for ovarian cancer with
commercialization expected in the United States in 2002. Clinical data
reported to date, in OvaRex(R) MAb responders, evidence a prolongation in time
to relapse and/or survival in the watchful waiting and recurrent disease
indications of ovarian cancer. BrevaRex(R) MAb targets the tumor associated
antigen MUC1 and has successfully completed a Phase I safety and immunology
study. The Company will initiate a Phase I/II clinical study of BrevaRex(R)
MAb for the treatment of multiple myeloma in the second quarter of this year.
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 uncertainty of pre-clinical, retrospective and
early clinical trial results, such as the results described above which may
not be indicative of results that will be obtained in ongoing or future
clinical trials, our need for capital and the risk that the Company cannot
raise funds on a timely basis on satisfactory terms or at all, changing market
conditions, completion of clinical trials, patient enrollment rates, the
establishment of manufacturing processes and new corporate alliances, 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.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 Corp.,
781-672-0138, ext. 5110, shenrichon@altarex.com; or Wayne Hendry,
Investor Relations of The Equicom Group, Inc, 416-815-0700, ext.
238, whendry@equicomgroup.com; or Brandon Lewis, Investor
Relations of The Trout Group, 212-477-9007, ext. 15
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