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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 February, 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 February 24, 1999, Altarex Corp. (the "Company") issued a press release
announcing that Biomira Inc. intends to commence legal action against the
Company on Tuesday, March 2, 1999 concerning the ownership of one of the
Company's patents.
INDEX TO EXHIBITS
EXHIBIT NO. DESCRIPTION
- ----------- -----------
99.1 Press Release dated February 24, 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/ RICHARD E. BAGLEY
--------------------------------
Name: Richard E. Bagley
Title: President and Chief Executive Officer
Date: February 24, 1999
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EXHIBIT 99.1
CONTACT:
Edward M. Fitzgerald
Senior Vice President and Chief
Financial Officer
AltaRex Corp.
(781) 672-0138
[email protected]
WWW.ALTAREX.COM
ALTAREX ANNOUNCES POTENTIAL LEGAL ACTION
WALTHAM, MA, USA, February 24, 1999 - ALTAREX CORP. (AXO:TSE) announced today
that it has been advised by Biomira Inc. that Biomira intends to commence legal
action against the Company on Tuesday, March 2, 1999 concerning the ownership of
one of the Company's patents. The Company had previously received correspondence
from Biomira regarding the patent matter and had been engaged in discussions
with Biomira in an effort to resolve the companies' differences amicably.
The Company believes that the potential claims of Biomira are without
merit. Although there can be no assurance that Biomira will commence legal
action against the Company regarding this patent matter or that such action will
not be successful, the Company intends to vigorously contest and defend any such
action and will consider any appropriate counterclaims.
As a result of today's announcement, the Company has determined to delay
the acceptance of subscriptions for Common Shares pursuant to the proper
exercise of Rights under the Company's current Rights Offering until 5:00 p.m.
(Toronto time) on Wednesday, March 3, 1999. Any holder of Rights who has
properly subscribed for Common Shares prior to February 23, 1999 will be
entitled to revoke his subscription by advising Montreal Trust Company of Canada
in writing prior to 5:00 p.m. (Toronto time) on March 3, 1999. Any subscriptions
which have not been revoked by such time will thereafter be irrevocable.
AltaRex Corp. is an emerging biotechnology company focused on research,
development and commercialization of unique antibody-based immunotherapeutics
for the treatment of late-stage cancers. The Company's products are based on its
unique proprietary platform technology, Anti-idiotype Induction Therapy
("AIT(R)"). The Company believes that its AIT(R) technology enhances the ability
of the human immune system to produce its own anti-tumor response. AIT(R)
products are developed to target specific antigens that are associated with
various cancers.
The Company has four AIT(R)-based products in various stages of research
and development. These include OvaRex(TM) MAb for tumors expressing the CA 125
antigen,
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BrevaRex(TM) MAb for tumors expressing the MUC1 antigen, GivaRex(TM) MAb for
tumors expressing the CA 19.9 antigen and ProstaRex(TM) MAb for tumors
expressing the PSA antigen. The Company's most advanced product, OvaRex(TM) MAb
for ovarian cancer, is in two potentially pivotal Phase IIb clinical trials,
while BrevaRex(TM) MAb has recently entered a Phase I study.
Additional information about AltaRex can be found on its web site at
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 factors include, but are not limited to
changing market conditions, completion of clinical trials, patient enrollment
rates, uncertainty of preclinical 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.
