WALTHAM, Mass., May 1 /PRNewswire-FirstCall/ --
AltaRex Corp. (Toronto: AXO, OTC: ALXFF.PK) reported today that Edward
Fitzgerald, current Senior Vice President and Chief Financial Officer, will be
stepping down from his position effective May 3, 2002 to join another emerging
biotechnology company. Kathleen Theriault, current Controller for AltaRex
Corp., will be responsible for the principal financial and accounting
functions of the Company.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000831/ALTREXLOGO )
"Ed has served us well since September 1998. In light of our recently
announced licensing agreement with United Therapeutics, which allows the
Company to focus its resources on its technology platform and offers an
opportunity to further streamline operations, this is perhaps the best time to
undergo such a transition," commented Richard Bagley, President and Chief
Executive Officer of AltaRex. "Ed will continue to consult with the Company
for a period of time and we wish him the very best with his new endeavors."
AltaRex Corp. is focused on the research, development and
commercialization of antigen-targeted antibody-based therapies for life
threatening diseases, utilizing foreign monoclonal antibodies as
immunotherapeutic agents. AltaRex has established proprietary expertise for
the use of antigen-binding agents, specifically foreign monoclonal antibodies,
to alter patients' immune system responses in a therapeutically beneficial
manner for conditions that include cancer, infectious diseases and autoimmune
diseases. OvaRex(R), BrevaRex(R), ProstaRex(TM), GivaRex(TM) and AR54 are
being developed in collaboration with United Therapeutics Corporation.
For more information about the Company, please visit the 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
Contact:
Sondra Henrichon
Investor Relations and Corporate Communications
(781) 672-0138 ext. 1510
shenrichon@altarex.com
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:
http://www.prnewswire.com/comp/128163.html
CONTACT:
Sondra Henrichon, Investor Relations and
Corporate Communications for AltaRex Corp., +1-781-672-0138, ext.
1510, shenrichon@altarex.com
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