-- Reports on Other Current Issues --
WALTHAM, Mass., March 5 /PRNewswire-FirstCall/ --
AltaRex Corp. (AXO.TO, ALXFF.OTC), a developer of foreign antibodies that
activate the immune system to treat cancer, announced today that it has
commenced, as scheduled, its OvaRex(R) human pharmacokinetic study with the
treatment of the first three patients. The Company intends to enroll 24
patients into the trial. The pharmacokinetic study is a final step in
establishing the equivalency of the new OvaRex(R) manufacturing procedure with
the old process used to generate antibody for the Company's clinical trials.
The study is expected to complete in the second quarter of this year.
In order to address the requirements for establishing the equivalency of
the new OvaRex(R) manufacturing process in Europe, the Company has recently
met with regulatory authorities in Italy, the Netherlands and Germany, and the
outcomes of these meetings indicate that the approach already initiated in the
U.S. could fulfill the European requirements as well. The Company plans to
meet with authorities in France and the United Kingdom later this month.
Dr. Antoine Noujaim, founder of AltaRex, has indicated he intends to
resign as Chief Scientific Officer while remaining Chairman of the Board,
effective after this year's annual meeting of shareholders.
The Company continues it efforts to raise enough capital to support
efforts to complete a corporate partnering transaction. "These are difficult
choices where we need to weigh carefully the interests of shareholders and
cancer sufferers alike," commented Richard E. Bagley, President and Chief
Executive Officer of AltaRex. "We believe our course to be sound and
appropriate but nonetheless requiring support from continuing and new
investors. On the scientific front, we are pleased to announce that OvaRex(R)
abstracts have been accepted for poster and/or oral presentation at a number
of important meetings that include the Society for Gynecological Oncologists
(March 16 - 20), the American Association for Cancer Research (April 6 - 10),
the American Association of Immunologists (April 20 - 24) and the American
Society of Clinical Oncology (May 18 - 21)."
For more information about the Company, please visit the recently updated
AltaRex website at 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
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 212-782-2840
Company News On-Call:
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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.
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