WALTHAM, May 10 /PRNewswire/ -- AltaRex Corp. (AXO.TO, ALXFF.OTC) announced today that the Company has obtained an exclusive worldwide license for a family of four U.S issued patents and foreign counterparts from the Alberta Research Council, Inc. (ARC) in Edmonton, Alberta. These additions to the Company's intellectual property portfolio provide AltaRex with a strong foundation for developing novel treatments in the area of autoimmune/inflammatory disease, such as multiple sclerosis, Crohn's disease, and allergy/asthma.
The Company's current proprietary technology applies to a number of disease areas (cancer, infectious disease and autoimmune/inflammatory disease), with current clinical development focused on cancer.
"We believe that we have a broad technology platform, and anticipate generating near term return from our antibodies to treat cancer. We are prudently extending our intellectual property now, with a future focus on promising and synergistic therapeutic areas," commented Richard E. Bagley, President and CEO of AltaRex Corp.
"ARC is very pleased to be able to license Alberta technology to AltaRex. The Company is well positioned to take this technology into the marketplace," said Karen Beliveau, Director Technology Commercialization Office of the Alberta Research Council. "In our ongoing efforts to accelerate innovations in life sciences, the ARC will continue to pursue opportunities which help turn applied research into commercial results."
The family of U.S. issued patents obtained by AltaRex from the ARC includes three method patents titled "Anti Inflammatory Tolerogenic and Immunoinhibiting Properties of Carbohydrate Binding Peptides" and one composition patent titled "Lectin Derived Carbohydrate Binding Peptides". These patents are relevant to the Company's established proprietary expertise in the use of binding agents, specifically antibodies, to alter patients' immune system responses in a therapeutically beneficial manner.
About Alberta Research Council, Inc.
The Alberta Research Council develops and commercializes technologies to give customers a competitive advantage. The corporation performs applied research and development on a contract or fee basis, and co-ventures with others to develop new technologies, deriving a return on investment from the commercialization of new products and processes. ARC also conducts applied research projects for the public good and to support provincial science and technology needs and strategies. The ARC celebrates 80 years of innovation in 2001. For more information see us at http://www.arc.ab.ca.
AltaRex Corp. is primarily focused on the research, development and commercialization of antigen-targeted antibody-based cancer therapies, utilizing monoclonal antibodies as immunotherapeutic agents for the treatment of certain late-stage cancers. OvaRex(R) MAb targets the tumor associated antigen CA 125 and is in the final stages of clinical evaluation for ovarian cancer with commercialization expected in the United States, assuming timely regulatory approval under accelerated provisions, in 2002. Clinical data reported to date evidence a prolongation in time to relapse and/or survival in the treatment of ovarian cancer, without the toxicities seen with chemotherapy. BrevaRex(R) MAb targets the tumor associated antigen MUC1 and has successfully completed a Phase I safety and immunology study. The Company plans to initiate a Phase I/II clinical study of BrevaRex(R) MAb for the treatment of multiple myeloma this year. ProstaRex(TM) MAb targets the tumor associated antigen PSA and has successfully demonstrated robust T and B cell immune responses in preclinical study.
Additional information about AltaRex research and development, news and events can be found at http://www.altarex.com. AltaRex Corp. is traded on the Toronto Stock Exchange under the symbol AXO, and over-the-counter in the United States under the symbol ALXFF. Clinical information can be found at http://www.centerwatch.com. Additional information about ovarian cancer can be found at http://www.nci.nih.gov, http://www.ovarian.org., http://www.ovariancancer.org and at http://www.ovariancanada.org. Additional information about multiple myeloma can be found at http://www.multiplemyeloma.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, 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.
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SOURCE AltaRex Corp.
Web Site: http://www.altarex.com