EXHIBIT NO. 99.1

                   ALTAREX PROVIDES UPDATE OF FINANCING STATUS

WALTHAM, Mass., March 28 /CNW/ -- AltaRex Corp. (AXO.TO, ALXFF.OTC) reported
today that it continues to pursue various financing alternatives in order to
provide the Company with sufficient capital resources to fund its operations in
the near-term. AltaRex estimates that its available cash, cash equivalents, and
short-term investments and interest earned thereon should be sufficient to
finance its operations over approximately the next month as the Company
continues to engage in discussions regarding potential partnering or other
transactions.

In addition, the Company is considering several strategic alternatives,
including a restructuring of its operations, if necessary, in order to manage
current cash resources. There can be no assurance that these actions will
ultimately be successful in effectively reducing expenses, although the Company
believes that there remains a range of options to pursue in order to assure that
the OvaRex(R) opportunity is not lost for cancer patients.

For more information about the Company, please visit the AltaRex website at
http://www.altarex.com.

This news release contains forward-looking statements 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 our need for capital and the risk that the Company can not raise
funds on a timely basis on satisfactory terms or at all, the need to obtain
corporate alliances 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, patient enrollment rates, uncertainty of pre-clinical,
retrospective, 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 will file for regulatory approval on a timely basis,
uncertainties as to when, if at all, the FDA will accept or approve the
Company's regulatory filings for its products, the need to establish and
scale-up manufacturing processes, uncertainty as to the timely development and
market acceptance of the Company's products, uncertainty as to whether patents
will issue from pending patent applications and, if issued, as to whether such
patents will be sufficiently broad to protect the Company's technology, and
other risks detailed from time-to-time in the Company's filings with the United
States Securities and Exchange Commission and Canadian securities authorities.
The Company does not assume any obligation to update any forward-looking
statement.

THE TORONTO STOCK EXCHANGE HAS NOT APPROVED OR DISAPPROVED OF THE
INFORMATION CONTAINED HEREIN





For further information


    Peter Gonze, Operations-Investor Relations, +1-781-672-0138 ext. 1503,
    pgonze@altarex.com or
    Sondra Henrichon, Investor Relations, +1-781-672-0138 ext. 1510,
    shenrichon@altarex.com, both of AltaRex Corp.