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

                                    FORM 6-K

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




For the Month of May, 1998


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

                                  CAMPUS TOWER
                             #300, 8625 - 112 STREET
                        EDMONTON, ALBERTA, CANADA T6G 1K8
                    (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
    ------      ------


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     Altarex Corp. (the "Company") is hereby filing its 1998 First Quarter
Report, which it distributed to its security holders. A copy of its 1998 First
Quarter Report report is attached hereto as Exhibit 99.1.

Exhibits
- --------

 99.1     1998 First Quarter Report






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     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/ Richard E. Bagley
                                      ----------------------------------------
                                  Name:  Richard E. Bagley
                                  Title: President and Chief Executive Officer



                                  Date:  June 1, 1998   




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                               INDEX TO EXHIBITS



EXHIBIT         
  NO.           DESCRIPTION
- -------         -----------
 99.1           1998 First Quarter Report.