EXHIBIT 99.1


       ALTAREX ANNOUNCES RESTRUCTURING AND MANAGEMENT CHANGES

WALTHAM, MASSACHUSETTS and EDMONTON, ALBERTA, May 15, 2003- AltaRex Corp. (TSE:
AXO, OTC: ALXFF) ("AltaRex" or the "Company") announced today that, effective
immediately, Richard Bagley will step down as President and Chief Executive
Officer of the Company and will resign from the Board of Directors to pursue
other interests. AltaRex would like to extend its appreciation to Mr. Bagley for
the dedication and commitment he has demonstrated during his tenure with the
Company.  The Company has appointed Dr. Antoine Noujaim, the founder of AltaRex,
as President and Chief Executive Officer and a director and Vice-Chairman of the
Company and Rob Salmon as its Chief Financial Officer.

"I am delighted to assume this new challenge and look forward to working with
our strategic partner in moving the Company forward to realize its full
potential", said Dr. Noujaim.

In connection with the management changes announced today, the Company announced
a restructuring program to prioritize its initiatives and reduce operating
costs.  This program includes a reduction of the Company's full- time employees,
the planned closure of the Company's Boston-area offices and the relocation of
its executive and administrative offices to Edmonton, Alberta.

Mr. Jacques R. Lapointe, Chairman of the Board said, "This refocusing of
activities puts AltaRex in a much stronger position to preserve capital and
pursue its strategic alternatives".

The Company also announced that Ron McMahan and Robert Uhl have advised the
Company that they do not intend to seek re-election as directors of AltaRex at
its annual meeting of shareholders to be held on June 20, 2003.  The Company
intends to nominate the following persons as directors of AltaRex at the annual
meeting: Bruce D. Brydon, Jean-Guy Lambert, Jacques R. Lapointe, Dr. Antoine A.
Noujaim and Rob Salmon.

AltaRex Corp. is focused on the research, development and commercialization of
foreign antibodies that modulate the immune system for the treatment of certain
cancers and other diseases where there exists an unmet medical need. Additional
information about AltaRex Corp. can be found on its website at 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 the Company's need for capital; the risk that the Company can not
raise funds on a timely basis on satisfactory terms or at all; the need to
obtain and maintain corporate alliances, such as the alliance with United
Therapeutics Corporation, 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 and 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 and/or its collaborators will file for regulatory
approval on a timely basis;


uncertainties as to when, if at all, the FDA and other similar regulatory
agencies will accept or approve regulatory filings for the Company's products;
the need to establish and scale-up manufacturing processes, uncertainty as to
the timely development and market acceptance of the Company's products; the risk
that the claims allowed under any issued patent owned or licensed by the Company
will not be sufficiently broad to protect the Company's technology, that any
patents issued to the Company will not be sustained if challenged in court
proceedings or otherwise or that third parties will be able to develop products
or processes that do not infringe valid patents owned or licensed by the
Company, 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.

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