WALTHAM, Mass., July 30 /PRNewswire/ --
AltaRex Corp. (TSE: AXO.; OTC: ALXFF), a developer of antigen-targeted
antibody-based cancer therapeutics, today announced the issuance of 3,000,000
Common Shares upon the exercise of Special Warrants of the Company, priced at
C$2.80 and sold in a private placement that closed on June 6, 2001. The net
proceeds of C$7.9 million are being used primarily for the continued funding
of OvaRex(R) MAb, the Company's lead product in final stages of clinical
development for the treatment of advanced ovarian cancer. HSBC Securities
(Canada) Inc. acted as agent to AltaRex in this financing.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000831/ALTREXLOGO )
"This financing strengthens our balance sheet at this important stage of
development as we approach the initiation of the filing of our Biologics
License Application for OvaRex(R)," stated Richard Bagley, President and Chief
Executive Officer of AltaRex. "We are continuing to pursue additional sources
of funding through ongoing discussion with potential corporate partners, as
well as through the capital markets, in order to best position the Company as
we proceed with the regulatory approval process for OvaRex(R) MAb."
More about AltaRex research and development of antigen-targeted
anti-cancer antibodies, clinical trials, 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. 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. Information about multiple myeloma can be found at the
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, uncertainties regarding the
timely and successful 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, whether the Company will file for regulatory approval
on a timely basis, uncertainties as to when, if at all, the FDA will approve
the Company's regulatory filings for its products, the need to establish and
scale-up manufacturing processes, the need to obtain and maintain corporate
alliances, 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 TORONTO STOCK EXCHANGE HAS NOT APPROVED
OR DISAPPROVED OF THE INFORMATION CONTAINED HEREIN
Contacts:
Sondra Henrichon Wayne Hendry
Director, Investor Relations Investor Relations
and Corporate Communications The Equicom Group Inc
AltaRex Corp. Toronto, ON Canada
Waltham, MA USA +1-416-815-0700 ext. 238
+1-781-672-0138 ext. 1510 whendry@equicomgroup.com
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/gh/cnoc/comp/128163.html
CONTACT:
Sondra Henrichon, Director, Investor
Relations and Corporate Communications, of AltaRex,
+1-781-672-0138, ext. 1510, or shenrichon@altarex.com; or Wayne
Hendry, Investor Relations, of The Equicom Group Inc,
+1-416-815-0700, ext. 238, or whendry@equicomgroup.com, for
AltaRex
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