NEORX STOCKHOLDERS APPROVE COMMON SHARE INCREASE
NEORX STOCKHOLDERS APPROVE COMMON SHARE INCREASE SEATTLE, Nov. 5 /PRNewswire/ -- NeoRx Corporation (NASDAQ: NERX)
announced today that at a special meeting of shareholders, the company's authorized common stock was increased from 30 million to 60 million shares. Holders of 92 percent of the company's outstanding common stock voted in favor of the increase.
Paul G. Abrams, president and chief executive officer of NeoRx stated, "We are very gratified that the shareholders overwhelmingly supported the proposed transaction, enabling us to complete our previously announced $10 million private placement. Coupled with the extinguishment of $7 million of our debentures, the balance sheet is the strongest it has been since our IPO in 1988. Despite an increase in research and product development activities, we are operating at the lowest expense level since 1986. NeoRx Corporation, incorporated in May 1984, is a leading company developing monoclonal antibody-based pharmaceutical products for in vivo detection and treatment of certain types of cancer. The company has three cancer therapy trials in progress and has filed for marketing approval with the FDA for OncoTrac(R) imaging products to detect metastatic melanoma and small cell lung cancer. -0- 11/5/91 /CONTACT: Robert M. Littauer, vice president, chief financial officer and treasurer of NeoRx, 206-286-2519, or Anthony J. Russo, Ph.D. or Susan A. Noonan of Noonan/Russo Communications, 212-979-9180, for NeoRx/ (NERX) CO: NeoRx Corporation ST: Washington IN: MTC SU: PS -- NY010 -- 1084 11/05/91 08:27 EST
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|Date:||Nov 5, 1991|
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