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

                                    FORM 6-K

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


For the Month of May, 2003

Commission File Number:  000-29574

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

1123 DENTISTRY/PHARMACY BUILDING
UNIVERSITY OF ALBERTA
EDMONTON, ALBERTA, CANADA  T6G 2N8
(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 if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether by furnishing the information contained in this
Form, the registrant 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
    -----            -----

If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-______

On May 30, 2003, AltaRex Corp. (the "Company") mailed to its shareholders its
Interim Report to Shareholders for the Three Month Period Ended March 31, 2003.
The full text of the Interim Report to Shareholders for the Three Month Period
Ended March 31, 2003 is attached as Exhibit 99.1 to this report on Form 6-K and
is incorporated herein by reference.



                                INDEX TO EXHIBITS

EXHIBIT NO.                       DESCRIPTION
- -----------                       -----------

99.1                Interim Report to Shareholders for the Three Month Period
                    Ended March 31, 2003.




                                   SIGNATURES

     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/ Dr. Antoine A. Noujaim
                                           ------------------------------
                                        Name:  Dr. Antoine A. Noujaim
                                        Title: President and Chief Executive
                                               Officer

                                        Date: May 30, 2003