WALTHAM, Mass., May 25 /PRNewswire/ -- AltaRex Corp.
(Toronto: AXO, OTC: ALXFF), a developer of antigen-targeted monoclonal
antibodies for the treatment of certain cancers, today announced a private
placement of special warrants which, upon closing, will result in gross
proceeds to the Company of approximately C$8.4 million. Net proceeds of the
private placement will be used for the continued funding of OvaRex(R) MAb,
which is in late-stage clinical development for the treatment of ovarian
cancer, and for working capital purposes.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000831/ALTREXLOGO )
HSBC Securities (Canada) Inc. is acting as agent to the Company in this
private placement. Investors in this private placement are from the United
States, Canada and Europe. Each special warrant is priced at C$2.80 and will
automatically convert into one common share of AltaRex, for no additional
consideration, upon the occurrence of certain events. The private placement
is expected to close within several weeks.
The special warrants and the common shares issuable upon conversion of the
special warrants have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or applicable exemption from registration
requirements.
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 212-782-2840
Company News On-Call:
http://www.prnewswire.com/comp/128163.html or fax,
800-758-5804, ext. 128163
CONTACT:
Sondra Henrichon, Director, Investor
Relations and Corporate Communications of AltaRex Corp.,
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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