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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16A, 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Month of October, 1999
ALTAREX CORP.
(Exact name of Registrant as specified in its charter)
CAMPUS TOWER
#300, 8625 - 112 STREET
EDMONTON, ALBERTA, CANADA T6G 1K8
(Address of principal executive offices)
Indicate by check mark whether the registrant files or
will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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On October 14, 1999, Altarex Corp. (the "Company") issued a press release
announcing that Purdue Pharma L.P. will not exercise its option to license the
Company's OvaRex(TM) and BrevaRex(TM) MAbs.
INDEX TO EXHIBITS
EXHIBIT NO. DESCRIPTION
- ----------- -----------
99.1 Press Release dated October 14, 1999
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ALTAREX CORP.
By: /s/ Edward M. Fitzgerald
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Name: Edward M. Fitzgerald
Title: Senior Vice President and Chief
Financial Officer
Date: October 25, 1999
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EXHIBIT 99.1
CONTACTS:
Edward M. Fitzgerald Marcia Kean
Senior Vice President and Chief Financial Officer Feinstein Kean Partners
(781) 672-0138 (617) 577-8110
[email protected] www.fkpi.com
FOR IMMEDIATE RELEASE
ALTAREX ANNOUNCES NEW PARTNERING PLANS FOR OVAREX(TM) MAb:
PURDUE FOREGOES OPTION
WALTHAM, MA, USA, OCTOBER 14, 1999 - ALTAREX CORP. (AXO:TSE) announced today
that Purdue Pharma L.P. will not exercise its option to license AltaRex's
OvaRex(TM) and BrevaReX(TM) MAbs. As the Company had been in early due diligence
or discussions with other pharmaceutical and biotechnology companies prior to
the issuance of the option, AltaRex will focus on reopening those interactions
and initiating others. This will begin as early as next Monday at the
Biopartnering Europe Conference in London.
AltaRex believes the OvaRex(TM) MAb program is progressing as planned. Treatment
with OvaRex(TM) MAb in late stage ovarian cancer patients with residual disease
has been well tolerated in an ongoing open label Phase II study in Vancouver. Of
twelve patients, nine have experienced a period of disease stabilization of
eight weeks or longer. Immunological responses are consistent with prior
European studies with OvaRex(TM) MAb reported earlier this year at the American
Society of Clinical Oncology meeting. The rate of stabilization for these
patients receiving chemotherapy and OvaRex(TM) MAb therapy is greater than would
be expected from patients receiving chemotherapy alone.
Presently, enrollment in the lead, potentially pivotal trial for OvaRex(TM) MAb
is over 300 patients out of a total enrollment of approximately 380. An interim
analysis is scheduled for December 1999. Manufacturing development of cell
culture product is progressing well at Lonza Biologics.
Assuming ongoing clinical trials continue to the primary endpoint, time to
disease relapse, it is anticipated that a BLA could be filed in late 2001 with
U.S. commercialization in 2002 based on the product's current Fast Track
designation. Additional clinical trials have been developed for European
registration as well as for back-up purposes related to U.S. registration.
However, these trials will likely not be conducted until a corporate partner is
secured.
In light of Purdue's decision and the capital resources of the Company, coupled
with the encouraging OvaRex(TM) MAb clinical trial results, the Company will
focus its efforts on the development of its lead OvaRex(TM) product and securing
a corporate partner for its commercialization.
AltaRex Corp. is an antibody-based company focused on the development and
commercialization of unique products for the treatment of late stage cancers.
The Company's most advanced product, OvaRex(TM) MAb, is in two potentially
pivotal Phase IIb clinical trials for the treatment of ovarian cancer. Ovarian
cancer is the fifth leading cause of cancer deaths in
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women and there is a 1:55 chance of contracting this disease in a woman's
lifetime.
The Company's proprietary technology, Anti-idiotype Induction Therapy, or
AIT(R), enhances the ability of the human immune system to produce its own
anti-tumor response. This AIT(R) proprietary platform allows for a
cost-effective and timely evaluation of preclinical candidates and has already
resulted in a pipeline of additional product opportunities. Additional
information about AltaRex and its clinical trials can be found on its web site
at www.altarex.com or on the CenterWatch web site at www.centerwatch.com.
Additional information about ovarian cancer can be found at
www.corrineboyerfund.org and at 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 factors include, but are not limited to
changing market conditions, completion of clinical trials, patient enrollment
rates, uncertainty of preclinical and clinical trial results, the establishment
of new corporate alliances, the timely development, regulatory approval and
market acceptance of the Company's products, 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 NEITHER APPROVED NOR DISAPPROVED OF THE
INFORMATION CONTAINED HEREIN.
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