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NEORX COMPLETES $9 MILLION FINANCING

 SEATTLE, Aug. 26 /PRNewswire/ -- NeoRx Corporation (NASDAQ: NERX) today reported it has completed its previously announced $9 million private placement of 4,500,000 shares of newly issued common stock at $2.00 per share. This represents a discount of 11 percent from the price of stock on the day subscriptions were received. In connection with the private placement, the company also canceled 5 million shares each of its $1.75 and $2.50 per share warrants held by David Blech in return for 3 million shares of its common stock. After giving effect to these transactions, the company has approximately 37.2 million common shares outstanding. Shares of the company's common stock closed at $2.469 on Aug. 25, 1993, the day the financing closed. The financing was arranged by Daiwa Securities America Inc. and D. Blech & Company Incorporated.
 "NeoRx now has sufficient funds to continue the development of effective cancer therapy products using its proprietary pretargeting technology and to operate into 1995," said Paul G. Abrams, M.D., J.D., president and chief executive officer. "Our strengthened financial condition, to be enhanced by a $3.6 million milestone investment expected from Boehringer Ingelheim during this quarter, will enable us to stay on track with the filing of an Investigational New Drug application (IND) for our pretargeted cancer therapy. We will also be able to aggressively pursue strategic alliances to maximize the value of all our therapeutic products."
 NeoRx Corporation develops targeted biopharmaceutical products that detect and treat human illnesses with a primary focus on cancer. The company has three cancer therapy trials in progress, has filed for marketing approval with the FDA its OncoTrac(R) Small Cell Lung Cancer Imaging Kit and has completed a phase III trial for a non-small cell lung cancer imaging agent. Targeted biopharmaceuticals to treat cancer and restenosis after angioplasty are in preclinical testing.
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 /CONTACT: Robert M. Littauer, senior vice president and CFO of NeoRx Corporation, 206-286-2519, or Bonnie K. Sterling of Noonan/Russo Communications, 212-979-9180/
 (NERX)


CO: NeoRx Corporation ST: Washington IN: MTC SU:

LG-SH -- NY006 -- 6437 08/27/93 01:25 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
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