UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 6-K

                        REPORT OF FOREIGN PRIVATE ISSUER
                       PURSUANT TO RULE 13a-16a OR 15d-16
                     OF THE SECURITIES EXCHANGE ACT OF 1934




For the Month of November, 2001

ALTAREX CORP.
(Exact name of Registrant as specified in its charter)

610 LINCOLN STREET
WALTHAM, MA, USA 02451
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.

Form 20-F             X       Form 40-F
                  --------               -------

Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes              No    X
     -------          ---

On November 26, 2001, AltaRex Corp. (the "Company") announced the issuance of
7,200,000 Common Shares and 7,200,000 Warrants to purchase Common Shares upon
the exercise of Special Units of the Company, pursuant to a final prospectus
filed with applicable securities regulatory authorities in Canada. The Company
sold the Special Units in a previously announced private placement consummated
on October 31, 2001. The full text of the press release issued in connection
with the announcement is filed as Exhibit 99.1 to this Current Report on Form
6-K and is incorporated herein by reference.


                                INDEX TO EXHIBITS

EXHIBIT NO.                          DESCRIPTION
- -----------                          -----------
99.1          Press Release Regarding Issuance of Common Shares and Warrants,
              dated November 26, 2001.






         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                            ALTAREX CORP.


                                            By: /s/ Edward M. Fitzgerald
                                              ----------------------------------
                                            Name:  Edward M. Fitzgerald

                                            Title: Senior Vice President and
                                                   Chief Financial Officer

                                            Date:  November 28, 2001



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