ALTAREX LOGO AltaRex Logo. (PRNewsFoto)[AG] WALTHAM, MA USA

                        - Highlights Key Objectives -

    WALTHAM, Mass., Dec. 20 /PRNewswire/ --
AltaRex Corp. (TSE: AXO) (OTC: ALRXF) reported today that it has engaged
US Oncology, Inc. (Nasdaq: USON) of Houston, Texas to participate in the
Company's recently initiated OvaRex(R) MAb Phase II clinical trial for the
"watchful waiting" stage of ovarian cancer.  US Oncology is the nation's most
extensive network of physicians, clinicians and administrators focused
exclusively on oncology.  The Research group, within US Oncology, offers an
integrated platform for conducting Phase I -- IV clinical trials for new and
approved cancer therapies through US Oncology's community-based physician
practices and cancer centers.  The US Oncology network operates in 26 states
with over 850 affiliated physicians and 450 locations, including 70 integrated
cancer centers.
    (Photo:  http://www.newscom.com/cgi-bin/prnh/20000831/ALTREXLOGO )
    The US Oncology relationship brings over 20 satellite sites to the
OvaRex(R) study, in addition to 13 sites that had already begun enrolling
patients.  To date, 23 patients have been enrolled and the Company believes
that the addition of US Oncology will help provide for the full enrollment of
102 patients by the end of the first quarter of 2001.
    The objective of this study is to confirm the previous observations from
the lead study interim analysis regarding immunity and efficacy.  That interim
analysis established that 51% of OvaRex(R) MAb treated patients mounted a
specific immune response (Ab2 > 100 ng/ml) with a median time to disease
relapse of 18.9 months, as compared with 7.4 months for treated patients that
did not mount this immune response.  This difference is highly significant.
    A separate 12-patient Phase II recurrent disease trial is also open for
enrollment at the US Oncology Center in Dallas, Texas.  Enrollment stands at
7 patients and is expected to be completed early next year.  This study is
assessing the value of combining OvaRex(R) MAb immunotherapy and salvage
chemotherapy in late stage patients.
    "The Company is finishing a year of important milestone accomplishments.
We will continue to address the enrollment of these two open trials and the
transfer of manufacturing technology," noted Richard Bagley, President and CEO
of AltaRex.  "The announcement today puts us solidly on track with our
enrollment goals and in January, following the completion of the Dompe
Farmaceutici and other public equity investments, we expect to be in a strong
position to complete our final manufacturing arrangements for OvaRex(R) MAb.
Importantly, we remain in close communication with the U.S. Food and Drug
Administration regarding both our clinical trial program and our manufacturing
plans."
    The Company continues to conduct multiple OvaRex(R) clinical trials that
are fully enrolled and are near completion for primary analysis.  The
Company's lead study is a 345-patient double-blind placebo-controlled
Phase IIb trial of OvaRex(R) MAb in the "watchful waiting" stage and is
scheduled for primary analysis in mid 2001.  The second Phase IIb study of
55 patients, also in "watchful waiting," is scheduled for primary analysis
during the second quarter of 2001.  The Company has completed a 13-patient
Phase II trial in the recurrent disease stage and will be releasing the final
analyses in January 2001.
    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 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(R) 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 at http://www.centerwatch.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.

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http://www.prnewswire.com/comp/128163.html or fax,
800-758-5804, ext. 128163
CONTACT:
Sondra Henrichon, Director, Investor
Relations and Corporate Communications, of AltaRex Corp.,
781-672-0138, ext. 5110, or shenrichon@altarex.com; or Wayne
Hendry, Investor Relations of The Equicom Group, 416-815-0700,
ext. 238, or whendry@equicomgroup.com, for AltaRex

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