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NEORX CORPORATION FILES OFFERING OF 2 MILLION SHARES OF COMMON STOCK AND PROPOSES 1-FOR-4 REVERSE STOCK SPLIT

 SEATTLE, Nov. 2 /PRNewswire/ -- NeoRx Corporation (NASDAQ: NERX) today announced that it has filed a registration statement with the Securities and Exchange Commission relating to a proposed public offering of 2 million shares (adjusted for the reverse split) of common stock. In connection with the offering, the company has proposed to its shareholders that it authorize a 1-for-4 reverse split of its outstanding common stock.
 The company plans to use the proceeds of the offering for research and product development activities, including preclinical studies and clinical trials, and for general corporate purposes.
 An underwriting group managed by Mabon Securities Corp. will offer the shares to the public. A copy of the preliminary prospectus can be obtained from the office of Mabon Securities Corp., One Liberty Plaza, 32nd Floor, 165 Broadway, New York, New York 10006, Attention: Equity Syndicate Department.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of those securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
 Upon approval by the shareholders, the reverse split will become effective on the date of the public offering. The shareholders will vote on the reverse split at a special meeting scheduled for Dec. 7, 1993.
 NeoRx develops targeted biopharmaceuticals that detect and treat human diseases. To date, the company's activities have been primarily devoted to developing monoclonal antibody-based pharmaceutical products for the diagnosis and treatment of certain types of cancer. NeoRx's lead product under development is a lung cancer diagnostic imaging product, for which the company has filed with the FDA a product license application. The company's cancer therapy products under development employ its proprietary pretargeting technology, which is designed to deliver high doses of radiation to tumor calls while minimizing toxicity to normal tissue as compared with conventional chemotherapy and radiation treatment. The company is also developing a product designed to reduce restenosis following coronary balloon angioplasty.
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 /CONTACT: Robert M. Littauer, senior vice president, chief financial officer of NeoRx Corporation, 206-286-2519, or Anthony J. Russo, or Rhonda Chiger, both of Noonan/Russo Communications, 212-696-4455/
 (NERX)


CO: NeoRx Corporation ST: Washington IN: MCT SU: OFR

TM -- NY090 -- 9852 11/02/93 17:36 EST
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Publication:PR Newswire
Date:Nov 2, 1993
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