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EXHIBIT 99.1
Contact:
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Sondra Henrichon
Director, Investor Relations and Corporate Communications
AltaRex Corp.
(781) 672-0138 ext. 228
[email protected]
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www.altarex.com / [email protected]
FOR IMMEDIATE RELEASE
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ALTAREX ANNOUNCES CLOSING OF C$1.2 MILLION OVER-ALLOTMENT OPTION
WALTHAM, MA, AUGUST 31, 2000 - ALTAREX CORP. (TSE: AXO, OTC: ALRXF), a developer
of antibody-based cancer therapeutics, announced today that it has closed the
sale of 1,380,000 shares, at C$0.85 per share, for gross proceeds of C$1.2
million. These shares were issued pursuant to the exercise of an over-allotment
option granted to HSBC Securities (Canada) Inc., the lead agent for the
Company's recently completed C$7.8 million Common Share offering.
AltaRex Corp. is an antibody-based company focused on the development and
commercialization of cancer therapeutics. The Company's proprietary platform
technology is designed to enhance the ability of the human immune system to
produce its own anti-tumor response. The Company has identified five product
candidates for clinical evaluation with OvaRex(TM) MAb in late-stage clinical
development.
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.ovariancanada.org and at
www.ovarian.org.
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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 forgoing, 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 the need for capital, changing market conditions, completion of
clinical trials, patient enrollment rates, uncertainty of preclinical,
retrospective and early clinical trial results, the establishment of
manufacturing processes and 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.
NEITHER THE ONTARIO SECURITIES COMMISSION NOR THE TORONTO STOCK
EXCHANGE HAVE APPROVED OR DISAPPROVED OF THE INFORMATION CONTAINED
HEREIN.
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