EDMONTON, Alberta, Aug. 11 /PRNewswire-FirstCall/ -- AltaRex Corp.
(TSX: AXO, OTC: ALXFF) (the "Corporation") is pleased to announce that it has
entered into an agreement with its major strategic partner, United
Therapeutics Corporation ("United"), to expand the territory granted to United
under the existing Exclusive License Agreement to include Germany. The
extension of the license offers United entry into European market. United's
existing license covers all countries with the exception of countries of the
European Union and certain other countries covered by AltaRex's previous
agreements with Dompe Farmaceutici S.p.A, Genesis Pharma and Medison Pharma.
(Logo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000831/ALTREXLOGO )
United has made an initial payment and has agreed on milestone payments in
consideration for this license of rights to Germany. It has also agreed to
the same royalty payment structure on sales of products in Germany, as has
already been agreed with respect to the United States and other countries, as
provided for in the Exclusive License Agreement. The Exclusive License
Agreement grants the right to United to sublicense, develop, make, have made,
use, import, market, provide, sell and have sold certain of AltaRex's products
including OvaRex, BrevaRex, ProstaRex and GivaRex among others.
AltaRex will continue to work with Dompe, Genesis and Medison for Italy,
Spain, Portugal, Switzerland, Austria, Ukraine, Hungary, Poland, Greece,
Turkey, Romania, Bulgaria, Egypt and the Middle East among others.
Dr. Antoine Noujaim, President and Chief Executive Officer commented, "I
am very pleased to have further synchronized global manufacturing and
marketing efforts for the Corporation's products with United, our major
strategic partner. AltaRex intends to continue collaborating with United on
future development of licensed products."
Dr. Martine Rothblatt, Chairman and Chief Executive Officer of United,
said, "I am pleased that United Therapeutics is able to expand its territory
for these promising cancer therapies to include Europe's largest market."
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 any
unmet medical need. Additional information about AltaRex Corp. can be found
on the Corporation's website at http://www.altarex.com.
United Therapeutics is a biotechnology company focused on combating
chronic and life-threatening cardiovascular, infectious and oncological
diseases with unique therapeutic products.
Contact:
Jeff Fetterly
Manager, Finance & Investor Relations
(780) 989-6701
jfetterly@altarex.com
SOURCE AltaRex Corp.
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Related links:
http://www.altarex.com
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NewsCom:
http://www.newscom.com/cgi-bin/prnh/20000831/ALTREXLOGO
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CONTACT:
Jeff Fetterly for AltaRex Corp., Manager,
Finance & Investor Relations, +1-780-989-6701,
jfetterly@altarex.com
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