<PAGE> 1
EXHIBIT 99.1
[ALTAREX LOGO]
CONTACT:
--------
Sondra Henrichon
Director, Investor Relations
AltaRex Corp.
(781) 672-0138 ext. 5110
[email protected]
----------------------
www.altarex.com / [email protected]
FOR IMMEDIATE RELEASE
AltaRex to Implement 1 for 4 Share Consolidation
-- Positions Company for Future Funding and Partnering --
WALTHAM, MA, NOVEMBER 01, 2000 - ALTAREX CORP. (TSE: 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.
"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.
-more-
ALTAREX CORP.
610 LINCOLN STREET
WALTHAM, MA 02451
TEL. 784.672.0138 FAX. 781.672.0142
<PAGE> 2
November 1, 2000
AltaRex to Implement 1 for 4 Share Consolidation
Page 2 of 2
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 of ovarian cancer.
Additional information about AltaRex research and development, news and events
can be found on its web site at www.altarex.com. Clinical information can also
be found on the CenterWatch web site at www.centerwarch.com. Additional
information about ovarian cancer can be found at www.nci.nih.gov,
www.ovariancanada.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 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.
###
ALTAREX CORP.
610 LINCOLN STREET
WALTHAM, MA 02451
TEL. 781-672-0138 FAX. 781-672-0142
