AltaRex Announces Restructuring and Management Changes
WALTHAM, Mass., and EDMONTON, Alberta, May 15 /PRNewswire-FirstCall/ --
AltaRex Corp. (TSE: AXO, OTC Bulletin Board: ALXFF) ("AltaRex" or the
"Company") announced today that, effective immediately, Richard Bagley will
step down as President and Chief Executive Officer of the Company and will
resign from the Board of Directors to pursue other interests. AltaRex would
like to extend its appreciation to Mr. Bagley for the dedication and
commitment he has demonstrated during his tenure with the Company. The
Company has appointed Dr. Antoine Noujaim, the founder of AltaRex, as
President and Chief Executive Officer and a director and Vice-Chairman of the
Company and Rob Salmon as its Chief Financial Officer.
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"I am delighted to assume this new challenge and look forward to working
with our strategic partner in moving the Company forward to realize its full
potential," said Dr. Noujaim.
In connection with the management changes announced today, the Company
announced a restructuring program to prioritize its initiatives and reduce
operating costs. This program includes a reduction of the Company's full-time
employees, the planned closure of the Company's Boston-area offices and the
relocation of its executive and administrative offices to Edmonton, Alberta.
Mr. Jacques R. Lapointe, Chairman of the Board said, "This refocusing of
activities puts AltaRex in a much stronger position to preserve capital and
pursue its strategic alternatives."
The Company also announced that Ron McMahan and Robert Uhl have advised
the Company that they do not intend to seek re-election as directors of
AltaRex at its annual meeting of shareholders to be held on June 20, 2003.
The Company intends to nominate the following persons as directors of AltaRex
at the annual meeting: Bruce D. Brydon, Jean-Guy Lambert, Jacques R. Lapointe,
Dr. Antoine A. Noujaim and Rob Salmon.
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.
Contact:
Robert Newman
Vice President, Business Operations
(781) 672-0138 ext. 1502
bnewman@altarex.com
SOURCE AltaRex Corp.
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Related links:
http://www.altarex.com
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CONTACT:
Robert Newman, Vice President, Business
Operations, +1-781-672-0138 ext. 1502, bnewman@altarex.com
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