WALTHAM, Mass., Nov. 26 /PRNewswire/ -- AltaRex Corp. (AXO.TO, ALXFF.OTC),
a developer of foreign antibodies that activate the immune system for the
treatment of cancer, today announced the issuance of 7.2 million common shares
and 7.2 million warrants upon the exercise of Special Units of the Company,
pursuant to a final prospectus filed with applicable securities regulatory
authorities in Canada. The Special Units were sold in a private placement
completed on October 31, 2001 at a price of C$1.75 per Special Unit. Each
warrant is exercisable for a period of 24 months at a price of C$2.00 into one
common share of the Company. The net proceeds of C$11.2 million are being
used primarily for the continued funding of OvaRex(R) MAb, the Company's lead
product in late-stage development for the treatment of advanced ovarian
cancer, and for working capital purposes. The financing was led by Yorkton
Securities Inc. and the syndicate included Wells Fargo Van Kasper.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000831/ALTREXLOGO )
"This financing strengthens our balance sheet as we focus on pending
pivotal trial results, a pharmacokinetic (PK) study and 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 discussions with potential corporate partners, as
well as through the capital markets."
More about AltaRex research and development of foreign antibodies that
activate the immune system, the Company's clinical trials, news and events can
be found at http://www.altarex.com.
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, early and interim 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 Company does not assume any obligation to update
any forward-looking statement.
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
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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