-- Positions Company for Future Funding and Partnering --
WALTHAM, Mass., Nov. 1 /PRNewswire/ -- AltaRex Corp.
(Toronto: AXO; OTC: ALRXF) today announced that the Company intends to
implement a 1 for 4 share consolidation subject to regulatory approval. The
consolidation was previously approved by the Company's shareholders at the
Annual and Special Meeting of Shareholders held in May of this year. As a
result of the share consolidation, the Company's approximately 74 million
shares outstanding will become approximately 18.5 million shares. Investors
will maintain their pro-rata percentage ownership except for minor differences
resulting from fractional shares.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000831/ALTREXLOGO)
"This share consolidation represents an important step by the Company,
which we believe will enhance our ability to continue to raise the funds
necessary to move OvaRex(TM) MAb closer to the anticipated filing for U.S.
regulatory approval by end of 2001," said Richard E. Bagley, President and CEO
of AltaRex Corp. "A stronger balance sheet will better position the Company
during ongoing corporate partnership discussions and, in conjunction with the
share consolidation, is designed to allow us to access global capital markets
as appropriate in the future."
"We have been greatly encouraged by recent announcements of clinical data
for both OvaRex(TM) MAb and BrevaRex(R) MAb, and believe that our proprietary
technology, our unique antibody-based approach to immunotherapy and our
pipeline of products in development offer real promise for safe and effective
treatment for specific cancers," Mr. Bagley said.
OvaRex(TM) MAb is the Company's lead product, currently in late-stage
clinical development for the treatment of ovarian cancer. OvaRex(TM) MAb has
received Fast Track designation from the U.S. Food and Drug Administration
(FDA) which can allow for accelerated review. The Company recently completed
a Phase I clinical study of BrevaRex(R) MAb and expects to conduct clinical
trials of BrevaRex(R) MAb for the treatment of multiple myeloma in 2001.
Pursuant to the consolidation, every four pre-consolidation common shares
will be exchanged for one post-consolidation common share. No fractional
shares will be issued as a result of the consolidation. In order to obtain
certificates representing post-consolidation common shares, shareholders will
be required to complete and return a letter of transmittal together with
certificates representing the holder's pre-consolidation common shares. Upon
receipt of all necessary regulatory approvals, AltaRex will announce the
effective date of the consolidation and mail letters of transmittal to
shareholders.
AltaRex Corp. is focused exclusively on the research, development and
commercialization of antibody-based immunotherapeutic products to prolong life
and reduce the suffering associated with late-stage cancers. Data from
clinical studies suggest that through multiple mechanisms, AltaRex's
proprietary platform technology enhances the ability of the human immune
system to produce an anti-tumor response. The Company has five antibody-based
products in various stages of development. Its most advanced product is
OvaRex(TM) MAb, in late-stage clinical development for the treatment ovarian
cancer.
Additional information about AltaRex research and development, news and
events can be found on its web site at http://www.altarex.com. Clinical information
can also be found on the CenterWatch web site at http://www.centerwarch.com.
Additional information about ovarian cancer can be found at http://www.nci.nih.gov,
http://www.ovariancanada.org and at http://www.ovarian.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, such as the results described above which may not be indicative of
results that will be obtained in ongoing or future clinical trials, the
establishment of manufacturing processes and new corporate alliances, 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., 781-672-0138, ext. 5110,
shenrichon@altarex.com
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