-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 D6FWUHvrFKFc/nNkA+/JdIhFhhFMl7C3MD40MrbolK2r5WrDo805S51CJCBeR3j1
 1XrvB2UlhQTmnMhozmWKTw==

<SEC-DOCUMENT>0001179110-04-001086.txt : 20040113
<SEC-HEADER>0001179110-04-001086.hdr.sgml : 20040113
<ACCEPTANCE-DATETIME>20040113152638
ACCESSION NUMBER:		0001179110-04-001086
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040109
FILED AS OF DATE:		20040113

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEORX CORP
		CENTRAL INDEX KEY:			0000755806
		STANDARD INDUSTRIAL CLASSIFICATION:	IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
		IRS NUMBER:				911261311
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		410 W HARRISON ST
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98119
		BUSINESS PHONE:		206-286-25

	MAIL ADDRESS:	
		STREET 1:		410 W HARRISON ST
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98119

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GRAYSON NEILE A
		CENTRAL INDEX KEY:			0001161431

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16614
		FILM NUMBER:		04522701

	BUSINESS ADDRESS:	
		STREET 1:		40 WEST HARRISON STREET
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98119
		BUSINESS PHONE:		2062817001

	MAIL ADDRESS:	
		STREET 1:		40 WEST HARRISON STREET
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98119
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2004-01-09</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000755806</issuerCik>
        <issuerName>NEORX CORP</issuerName>
        <issuerTradingSymbol>nerx</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001161431</rptOwnerCik>
            <rptOwnerName>GRAYSON NEILE A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>300 ELLIOTT AVENUE WEST</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 500</rptOwnerStreet2>
            <rptOwnerCity>SEATTLE</rptOwnerCity>
            <rptOwnerState>WA</rptOwnerState>
            <rptOwnerZipCode>98119</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>1</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle>VP Corporate Development</officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>NeoRx Common Stock</value>
</securityTitle>
<transactionDate><value>2004-01-09</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>89995</value>
</transactionShares>
<transactionPricePerShare><value>0.47</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>89995</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
</nonDerivativeTable>
<derivativeTable><derivativeTransaction><securityTitle><value>NeoRx Stock Options</value>
</securityTitle>
<conversionOrExercisePrice><value>0.470</value>
</conversionOrExercisePrice>
<transactionDate><value>2004-01-09</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>50000</value>
</transactionShares>
<transactionPricePerShare><value>0</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2003-01-31</value>
</exerciseDate>
<expirationDate><value>2013-01-31</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>50000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>235000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>NeoRx Stock Options</value>
</securityTitle>
<conversionOrExercisePrice><value>0.470</value>
</conversionOrExercisePrice>
<transactionDate><value>2004-01-09</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>39995</value>
</transactionShares>
<transactionPricePerShare><value>0</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2003-01-31</value>
</exerciseDate>
<expirationDate><value>2013-01-31</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>39995</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>185000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes></footnotes>
<ownerSignature><signatureName>Neile A. Grayson</signatureName>
<signatureDate>2004-01-13</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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