AltaRex Announces Financial Results for Third Quarter 2003.Business Editors/Health/Medical Writers EDMONTON, Alberta--(BUSINESS WIRE)--Nov. 17, 2003 AltaRex Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ALXFF)(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :AXO AXO Asianxo (website) AXO Alpha Chi Omega (sorority) AXO Ach So AXO Access Extension Object ), ("AltaRex" or the "Company") today announced its financial results for the third quarter ended September 30, 2003. All amounts reported are in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents unless otherwise stated. The Company recorded net income for the quarter ended September 30, 2003 of $0.09 million, or $0.00 per share, compared to a net loss of $1.4 million, or $0.03 per share, for the same period in 2002. The income for the three months ended September 30, 2003 reflects the continued transition of the corporate office to Canada, the settlement of the ICN ICN International Council of Nurses. lawsuit lawsuit: see procedure; tort. , the payment from United Therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. related to the extension of the Exclusive License Agreement and legal work for intellectual property and general corporate matters. The net loss for the nine months ended September 30, 2003 was $3.1 million, or $0.07 per share, compared to a net loss of $7.6 million, or $0.19 per share, for the same period in 2002. The net loss for the nine months ended September 30, 2002 included a reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. of $2.37 million by United Therapeutics of associated costs, related to the licensed technology, for research and development and clinical regulatory expenses incurred prior to the effective date of the April 17, 2002 License agreement with United Therapeutics. At September 30, 2003, the Company's cash and cash equivalents totaled $0.24 million as compared to $3.6 million at December 31, 2002. On October 20, 2003, The Company completed a Private Placement Offering of 6 million units for aggregate gross proceeds of $2.04 million. The Company believes that its available cash and cash equivalents thereon there·on adv. 1. On or upon this, that, or it. 2. Archaic Following that immediately; thereupon. Adv. 1. thereon - on that; "text and commentary thereon" on it, on that should be sufficient to finance its operations and capital needs to the end of 2004. AltaRex Corp. is focused on the research, development and commercialization of foreign antibodies that modulate To insert a data signal into a carrier wave or direct current. See modulation. the immune system immune system Cells, cell products, organs, and structures of the body involved in the detection and destruction of foreign invaders, such as bacteria, viruses, and cancer cells. Immunity is based on the system's ability to launch a defense against such invaders. for the treatment of certain cancers and other diseases where there exists an unmet un·met adj. Not satisfied or fulfilled: unmet demands. medical need. Additional information about AltaRex Corp. can be found on its website at www.altarex.com. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 the Company's need for capital; the risk that the Company can not raise funds on a timely basis on satisfactory terms or at all; the need to obtain and maintain corporate alliances, such as the alliance with United Therapeutics Corporation, and the risk that the Company cannot establish corporate alliances on a timely basis, on satisfactory terms, or at all; changing market conditions; uncertainties regarding the timely and successful completion of clinical trials and patient enrollment rates, uncertainty of pre-clinical, retrospective LAW, RETROSPECTIVE. A retrospective law is one that is to take effect, in point of time, before it was passed. 2. Whenever a law of this kind impairs the obligation of contracts, it is void. 3 Dall. 391. , early and interim clinical trial results, which may not be indicative of results that will be obtained in ongoing or future clinical trials; whether the Company and/or its collaborators will file for regulatory approval on a timely basis; uncertainties as to when, if at all, the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. and other similar regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. will accept or approve regulatory filings for the Company's products; the need to establish and scale-up manufacturing processes, uncertainty as to the timely development and market acceptance of the Company's products; the risk that the claims allowed under any issued patent owned or licensed by the Company will not be sufficiently broad to protect the Company's technology, that any patents issued to the Company will not be sustained if challenged in court proceedings or otherwise or that third parties will be able to develop products or processes that do not infringe in·fringe v. in·fringed, in·fring·ing, in·fring·es v.tr. 1. To transgress or exceed the limits of; violate: infringe a contract; infringe a patent. 2. valid patents owned or licensed by the Company, and other risks detailed from time-to-time in the Company's filings with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission and Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. securities authorities. The Company does not assume any obligation to update any forward-looking statement.
CONSOLIDATED BALANCE SHEETS
(A Development Stage Company)
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(In Canadian dollars) September 30, 2003 December 31, 2002
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 238,571 $ 3,625,736
Accounts and other receivables 57,433 211,010
Prepaid expenses and other assets 361,464 341,340
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657,468 4,178,086
Deposits and other assets 37,054 42,935
Capital assets, net 20,299 325,846
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$ 714,821 $ 4,546,867
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Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and
accrued liabilities $ 986,682 $ 1,646,759
Note Payable 590,320 674,763
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1,577,002 2,321,522
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Shareholders' equity:
Share capital 106,430,741 106,430,741
Accumulated deficit during
the development stage (107,292,922) (104,205,396)
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Total shareholders' equity (deficit) (862,181) 2,225,345
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$ 714,821 $ 4,546,867
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CONSOLIDATED STATEMENTS OF LOSS
(A Development Stage Company)
(unaudited)
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For the three months ended For the nine months ended
September 30, September 30,
(In Canadian
dollars, except
share amounts) 2003 2002 2003 2002
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(unaudited) (unaudited) (unaudited) (unaudited)
Revenues
Interest income $ - $ 1,505 $ 1,948 $ 29,050
License Income 348,925 - 348,925 -
Contract Income 54,149 - 54,149 -
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Total revenues 403,074 1,505 405,022 29,050
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Expenses
Research &
development (231,894) 189,920 211,725 537,637
Clinical &
regulatory - (21,291) 23,797 2,506,304
General &
administrative 547,333 1,301,152 3,257,026 4,621,240
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Total expenses 315,439 1,469,781 3,492,548 7,665,181
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Net income (loss)
for the period $ 87,635 $ (1,468,276) $ (3,087,526) $ (7,636,131)
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Net loss per
common share
(basic and
diluted) $ 0.00 $ (0.03) $ (0.07) $ (0.19)
Weighted average
number of
common shares 45,896,936 43,801,413 45,896,936 40,448,881
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The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. Has Not Approved or Disapproved of the Information Contained Herein. |
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