WALTHAM, Mass., April 9 /PRNewswire-FirstCall/ --
AltaRex Corp. (TSE: AXO.TO, ALXFF.OTC) announced its financial results for the
fourth quarter and year ended December 31, 2002. All dollars reported are
Canadian.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000831/ALTREXLOGO )
The Company recorded a net loss of $0.8 million, or $0.02 per share, for
the three months ended December 31, 2002 compared to a net loss of $10.1
million, or $0.31 per share, for the same period in 2001. For the year ended
December 31, 2002, the Company recorded a net loss of $8.5 million, or $0.20
per share, compared to a net loss of $33.8 million, or $1.21 per share, for
the same period in 2001. The decreased net loss for each of the 2002 periods
primarily reflects the April 17, 2002 license to United Therapeutics
Corporation of the Company's OvaRex(R) and certain other MAb products for
North America, Japan, and other countries, United's assumption of ongoing
development responsibilities and associated expenses of OvaRex(R) MAb in the
licensed territory, United's hiring of certain former personnel of the Company
and a resulting significant decrease in the Company's research and development
and supporting general administrative expenses in the third and fourth
quarters of 2002.
At December 31, 2002, the Company's cash, cash equivalents and short-term
investments totaled $3.6 million as compared to $9.1 million at December 31,
2001. The Company believes that its available cash and cash equivalents and
interest earned thereon should be sufficient to finance its operations and
capital needs into the third quarter of 2003. The Company is currently
pursuing corporate alliances and financing options in order to raise the cash
required to continue to fund its operations.
AltaRex Corp. is focused on the research, development and
commercialization of foreign antibodies that modulate the immune system for
the treatment of certain cancers and other diseases where there exists an
unmet medical need. Additional information about AltaRex Corp. can be found on
its 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 the Company's need for capital; the risk that
the Company can not raise funds on a timely basis on satisfactory terms or at
all; the need to obtain and maintain corporate alliances, such as the alliance
with United Therapeutics Corporation, 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 and 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 and/or its
collaborators will file for regulatory approval on a timely basis;
uncertainties as to when, if at all, the FDA and other similar regulatory
agencies will accept or approve regulatory filings for the Company's products;
the need to establish and scale-up manufacturing processes, uncertainty as to
the timely development and market acceptance of the Company's products; the
risk that the claims allowed under any issued patent owned or licensed by the
Company will not be sufficiently broad to protect the Company's technology,
that any patents issued to the Company will not be sustained if challenged in
court proceedings or otherwise or that third parties will be able to develop
products or processes that do not infringe valid patents owned or licensed by
the Company, 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,
2002 2001 2002 2001
Revenues $5,715 $69,737 $34,765 $523,095
Expenses
Research &
development (150,506) 8,361,566 2,893,435 26,919,785
General &
administration 989,351 1,803,827 5,610,591 7,405,676
838,845 10,165,393 8,504,026 34,325,461
Net loss for
the period $(833,130) $(10,095,656) $(8,469,261) $(33,802,366)
Net loss per
common share $(0.02) $(0.31) $(0.20) $(1.21)
Weighted average number of
common shares
outstanding 45,896,936 32,473,156 41,821,767 27,962,625
Condensed Consolidated Balance Sheet
(In Canadian dollars, Unaudited)
As of As of
December 31, December 31,
2002 2001
ASSETS
Cash and cash
equivalents $3,625,736 $8,211,313
Short-term
investments -? 856,051
Other current assets 552,350 853,152
Capital assets, net 325,846 634,870
Other assets 42,935 235,671
Total assets $4,546,867 $10,791,057
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
liabilities $ 1,646,759 $ 7,383,751
Debt 674,763 -?
Total shareholders'
equity 2,225,345 3,407,306
Total liabilities and
shareholders'
equity $4,546,867 $10,791,057
Contact:
Robert Newman
Vice President, Business Operations
(781) 672-0138
investor@altarex.com
SOURCE AltaRex Corp.
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Related links:
http://www.altarex.com
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Company News On-Call:
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CONTACT:
Robert Newman, Vice President, Business
Operations for AltaRex Corp., +1-781-672-0138,
investor@altarex.com
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