WALTHAM, Mass., Feb. 26 /PRNewswire-FirstCall/ --
AltaRex Corp. (AXO.TO, ALXFF.OTC), a developer of foreign antibodies that
activate the immune system to treat cancer, announced its financial results
for the fourth quarter and year ended December 31, 2001. All dollars reported
are Canadian.
The Company recorded a net loss of $10.1 million, or $0.31 per share, for
the three months ended December 31, 2001 compared to a net loss of $5.4
million, or $0.29 per share, for the same period in 2000. For the year ended
December 31, 2001, the Company recorded a net loss of $33.8 million, or $1.21
per share, compared to a net loss of $17.7 million, or $1.08 per share, for
the same period in 2000. The increased net loss in both periods is due
primarily to the increased spending in manufacturing and clinical development
for the Company's lead product, OvaRex(R) MAb (oregovomab) for ovarian cancer.
At December 31, 2001, the Company's cash, cash equivalents and short-term
investments totaled $9.1 million as compared to $13.3 million at December 31,
2000. The Company is currently pursuing corporate alliances and financing
options required to continue to fund its operations and, in particular, to
fund the necessary manufacturing and clinical development to support a
anticipated filing for regulatory approval of OvaRex(R) MAb with the U.S. Food
and Drug Administration (FDA).
"The recently announced results from our 345-patient phase IIb trial
demonstrated statistically significant OvaRex(R) efficacy in a well-defined
patient population, along with safety and quality of life. We believe these
lead study results, together with results from supportive OvaRex(R) clinical
studies, will provide a basis for applying for regulatory approval of
OvaRex(R) under Fast Track and accelerated approval provisions of the FDA,"
commented Richard E. Bagley, President and CEO of AltaRex. "On that basis, we
intend to continue our development program and believe we will raise the
capital necessary to do so."
More about AltaRex research and development, clinical trials, news and
events can be found on the Company website http://www.altarex.com.
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 need to obtain corporate alliances and the risk that the Company cannot
establish corporate alliances on a timely basis, on satisfactory terms, or at
all, changing market conditions, uncertainties regarding the timely and
successful completion of clinical trials, patient enrollment rates,
uncertainty of pre-clinical, retrospective, early and interim clinical trial
results, which may not be indicative of results that will be obtained in
ongoing or future clinical trials, whether the Company will file for
regulatory approval on a timely basis, uncertainties as to when, if at all,
the FDA will accept or approve the Company's regulatory filings for its
products, the need to establish and scale-up manufacturing processes,
uncertainty as to the timely development 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
Company does not assume any obligation to update any forward-looking
statement.
The Toronto Stock Exchange Has Not Approved Or Disapproved Of
The Information Contained Herein
Financial Tables To Follow
Condensed Consolidated Statement of Operations
(In Canadian dollars, Unaudited)
Three months ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2001 2000 2001 2000
Revenues $69,737 $81,807 $523,095 $389,826
Expenses
Research &
development 8,361,566 3,586,631 26,919,785 12,022,218
General &
administration 1,803,827 1,895,316 7,405,677 6,091,686
10,165,393 5,481,947 34,325,462 18,113,904
Net loss for
the period $(10,095,656) $(5,400,140) $(33,802,367) $(17,724,078)
Net loss per
common share $(0.31) $(0.29) $(1.21) $(1.08)
Weighted average
number of common
shares outstanding 32,473,156 18,854,087 27,962,625 16,433,031
Condensed Consolidated Balance Sheet
(In Canadian dollars, Unaudited)
As of, As of
Dec.31 Dec. 31,
2001 2000
ASSETS
Cash and cash equivalents $8,211,313 $9,665,187
Short-term investments 856,051 3,591,323
Other current assets 853,152 429,704
Capital assets, net 634,870 490,115
Other assets 235,671 578,227
Total assets $10,791,057 $14,754,556
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 7,383,751 $3,793,766
Total shareholder's equity 3,407,306 10,960,790
Total liabilities and
shareholders' equity $10,791,057 $14,754,556
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 212-782-2840
Company News On-Call:
http://www.prnewswire.com/comp/128163.html
CONTACT:
Peter Gonze, Operations/Investor Relations,
+1-781-672-0138 ext. 1503, pgonze@altarex.com; or Sondra
Henrichon, Investor Relations, +1-781-672-0138 ext. 1510,
shenrichon@altarex.com, both of AltaRex Corp.
|
