WALTHAM, Mass., May 25 /PRNewswire/ -- AltaRex Corp.
(Toronto: AXO, OTC: ALXFF), announced today the election to its Board of
Directors of Bruce Brydon, current Chief Executive Officer and recent
President of Biovail Corporation (Mississauga, Ontario), at the Company's
Annual and Special Meeting of Shareholders held yesterday, May 24, 2001.
( Photo: http://www.newscom.com/cgi-bin/prnh/20000831/ALTREXLOGO )
Bruce Brydon brings to the AltaRex board more than 27 years of operational
experience in biotechnology, pharmaceuticals and diagnostics. During his more
than six years with Biovail, a New York Stock Exchange listed company with
annual revenues of greater than $300 million U.S., he has played an
instrumental role in the growth and development of the organization. Mr.
Brydon possesses pertinent successful experience in certain key industry
areas, particularly, the registration and approval of several products in the
U.S., Canada and Europe, the completion of significant product licensing
agreements, and the raising of capital in U.S./Canadian equity and debt
markets.
Prior to Biovail, Mr. Brydon served as President and Chairman of
Boerhinger Mannheim's Canadian operations and as President of Beirsdorf AG's
Canadian health care and industrial business entities.
"Mr. Brydon represents an executive talent with a record of profit
building and with successful experience in virtually every aspect of
commercializing pharmaceuticals, including research and development,
intellectual property, clinical trials, regulatory submission procedures,
manufacturing and marketing," noted Richard E. Bagley, President and CEO of
AltaRex Corp. "We welcome Mr. Brydon and anticipate that he will provide
valuable insight and experience during this exciting time period at AltaRex,
as we prepare for our first BLA and NDS filings for regulatory approval of
OvaRex(R) MAb in the United States and Canada."
About AltaRex
AltaRex Corp. is focused on the research, development and
commercialization of antigen-targeted antibody-based cancer therapies,
utilizing monoclonal antibodies as immunotherapeutic agents for the treatment
of certain late-stage cancers. OvaRex(R) MAb targets the tumor associated
antigen CA 125 and is in the final stages of clinical evaluation for ovarian
cancer with commercialization expected in the United States, assuming timely
regulatory approval under accelerated provisions, in 2002. Clinical data
reported to date evidence a prolongation in time to relapse and/or survival in
the treatment of ovarian cancer, without the toxicities seen with
chemotherapy. BrevaRex(R) MAb targets the tumor associated antigen MUC1 and
has successfully completed a Phase I safety and immunology study. The Company
plans to initiate a Phase I/II clinical study of BrevaRex(R) MAb for the
treatment of multiple myeloma this year. ProstaRex(TM) MAb targets the tumor
associated antigen PSA and has successfully demonstrated robust T and B cell
immune responses in preclinical study.
Additional information about AltaRex research and development, news and
events can be found on its web site at http://www.altarex.com. AltaRex Corp. is
traded on the Toronto Stock Exchange under the symbol AXO, and over-the-
counter in the United States under the symbol ALXFF. Clinical information can
be found at http://www.centerwatch.com. Additional information about ovarian cancer
can be found at http://www.nci.nih.gov, http://www.ovarian.org., http://www.ovariancancer.org and
at http://www.ovariancanada.org. Additional information about multiple myeloma can be
found at http://www.multiplemyeloma.org.
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,
changing market conditions, completion of clinical trials, patient enrollment
rates, uncertainty of pre-clinical, retrospective and early clinical trial
results which may not be indicative of results that will be obtained in
ongoing or future clinical trials, new corporate alliances, the establishment
of manufacturing processes and the scale up of cell culture material, the
timely development, regulatory approval 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 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 201-369-3467
Company News On-Call:
http://www.prnewswire.com/comp/128163.html or fax,
800-758-5804, ext. 128163
CONTACT:
Sondra Henrichon, Director, Investor
Relations of AltaRex Corp. and Corporate Communications,
781-672-0138, ext. 1510, shenrichon@altarex.com; or Wayne
Hendry, Investor Relations of The Equicom Group, Inc,
416-815-0700, ext. 238, whendry@equicomgroup.com
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