WALTHAM, Mass., Oct. 23 /PRNewswire/ --
AltaRex Corp. (AXO.TO, ALXFF.OTC), a developer of foreign monoclonal
antibodies for the treatment of cancer, today announced a private placement of
7.2 million Special Units to acquire common shares and common share purchase
warrants ("warrants") of the Company for gross proceeds of C$12.6 million,
subject to regulatory approval. Each Special Unit, priced at C$1.75, entitles
the holder to acquire one common share and one warrant. Each warrant is
exercisable at C$2.00 into one common share for a period of 24 months. The
warrants will not be listed for trading. The private placement is expected to
close on or about October 31, 2001. Proceeds from the financing 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 )
The financing is led by Yorkton Securities Inc. and the syndicate includes
Wells Fargo Van Kasper. The Special Units will be sold in the United States
and Canada. The warrants and common shares issuable upon conversion of the
Special Units and the exercise of the 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/gh/cnoc/comp/128163.html
CONTACT:
Sondra Henrichon, Director, Investor
Relations and Corporate Communications of AltaRex Corp.,
+1-781-672-0138, ext. 1510, shenrichon@altarex.com; or Wayne
Hendry, Investor Relations of The Equicom Group, Inc,
+1-416-815-0700 ext. 238, whendry@equicomgroup.com
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