WALTHAM, Mass., Feb. 13 /PRNewswire/ -- AltaRex Corp.
(Toronto: AXO, OTC: ALXFF), a developer of antigen-targeted antibody cancer
therapeutics, announced today that it has completed the sale of 4.4 million
Common Shares at a price of C$1.90 per share, resulting in gross proceeds of
C$8.3 million. The net proceeds of this offering will be used to further the
product development and clinical trials of OvaRex(R) MAb. HSBC Securities
(Canada) Inc. and Roth Capital Partners, Inc. (U.S.) acted as agents in the
offering. The majority of the proceeds from this round of financing was
raised from institutional investors in the United States and Canada.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000831/ALTREXLOGO )
"This round of financing strengthens our balance sheet and positions the
Company well as we move towards filing our Biologics License Application with
the U.S. Food and Drug Administration at the end of this year," commented
Richard E. Bagley, President and CEO of AltaRex Corp.
AltaRex Corp. is focused on the research, development and
commercialization of five antigen-targeted monoclonal 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 expects to initiate a Phase I/II clinical study of
BrevaRex(R) MAb for the treatment of multiple myeloma 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 our need for capital and the risk that the
Company can not raise funds on a timely basis on satisfactory terms or at all,
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 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.
 back to top
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
|
