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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DDK0LgytZr4QYM2bDFZnuxNW1CYo2HrZKj2rk8oJK+uJ4954C2r5LJeLcix/tpPm
 5XZMrBlF3g6TNCnFOeOjxg==

<SEC-DOCUMENT>0001179110-04-011075.txt : 20040520
<SEC-HEADER>0001179110-04-011075.hdr.sgml : 20040520
<ACCEPTANCE-DATETIME>20040520192424
ACCESSION NUMBER:		0001179110-04-011075
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040518
FILED AS OF DATE:		20040520

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			McMahon Gerald PhD
		CENTRAL INDEX KEY:			0001290747

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16614
		FILM NUMBER:		04822489

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		206-281-7001

	MAIL ADDRESS:	
		STREET 1:		300 ELLIOTT AVENUE WEST
		STREET 2:		SUITE 500
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98119-4114

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:		300 ELLIOTT AVENUE WEST
		STREET 2:		SUITE 500
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98119-4114
		BUSINESS PHONE:		2062817001

	MAIL ADDRESS:	
		STREET 1:		300 ELLIOTT AVENUE WEST
		STREET 2:		SUITE 500
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98119-4114
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-05-18</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000755806</issuerCik>
        <issuerName>NEORX CORP</issuerName>
        <issuerTradingSymbol>NERX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001290747</rptOwnerCik>
            <rptOwnerName>McMahon Gerald PhD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>300 ELLIOTT AVE 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>Chief Executive Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Options</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.50</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-05-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>550000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>2.50</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2014-05-18</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>550000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>550000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The option becomes exercisable at the rate of 25% on May 11, 2005,and thereafter in equal monthly installments over the next three years.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Gerald McMahon</signatureName>
        <signatureDate>2004-05-20</signatureDate>
    </ownerSignature>
</ownershipDocument>

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