TORONTO, Feb. 13, 2014 /CNW/ - Amorfix Life Sciences, a product
development company focused on diagnostics and therapeutics for
misfolded protein diseases, today announced its operational and
financial results for the three months and nine months ended December
"We continue to execute our strategy of creating strategic alliances and
partnerships to advance our product pipeline of novel diagnostics and
antibody therapeutics. This quarter we entered into a collaboration
agreement with a major global pharmaceutical company to complete assay
optimization and validation of our Alzheimer's disease diagnostic and
assist with the clinical evaluation of a new therapeutic for the
treatment of this devastating disease. This collaboration is a very
strong endorsement of our technology and we are excited to be a part of
this clinical development program", said Dr. Robert Gundel, Amorfix
President and CEO. "We will be updating our progress and providing more
details later in the year."
Recent Corporate Highlights
On January 22, 2014 the Company announced that it had entered into an
agreement with a major global pharmaceutical company to use the human
Alzheimer's disease diagnostic assay in phase 1 clinical studies.
Amorfix has granted its collaborator access to its proprietary EP-AD
assay technology and the Company will complete assay optimization and
validation prior to using the assay as part of a clinical trial to
investigate the effects of a novel therapeutic for the treatment of
In January 2014, the Company completed two non-brokered private
placements and on a combined basis, issued 2,000,000 common shares of
Amorfix (Shares) and 2,000,000 Warrants for gross proceeds of $560,000.
Each full Warrant entitles the holder to purchase one Share at a price
of $0.45 for a period of 24 months following the closing date of the
Offering, subject to earlier expiry in the event (a trigger event)
that, following the expiry of the four month hold period, the
volume-weighted average price of Amorfix's common shares on the Toronto
Stock Exchange (TSX) over a period of twenty consecutive trading days
exceeds $1.00. On the occurrence of a trigger event, Amorfix may give
notice to holders to accelerate the expiry to a date which is not less
than 30 calendar days after such notice is sent to the holders.
On December 2, 2013, the Company announced the appointment of Mr.
Johannes Minho Roth to the board of directors and on January 25, 2014
announced the retirement of Dr. Walter von Wartburg from the board of
For the three and nine months ended December 31, 2013 the Company
reported a net loss from operations of $435,713 ($0.01 per share) and
$1,502,504 ($0.03) respectively, compared with a net loss from
operations for the three and nine months ended December 31, 2012 of
$501,279 and $1,674,151 respectively.
Research and development expenses for the three months ended December
31, 2013 were $295,832 compared to $413,928 in the comparable period.
Research and development expenses for the nine months ended December
31, 2013 were $1,065,818 compared to $1,328,461 in the comparable
period. The lower expenses were related mostly to lower salaries
expense, reduced travel, reduced facilities expense and partially
offset by higher stock option compensation.
General and administrative expenses for the three months ended December
31, 2013 were $175,471 compared to $104,196 in the comparable period
last year. General and administrative expenses for the nine months
ended December 31, 2013 were $533,142 compared to $365,898 in the
comparable period last year. The higher expenses are related to higher
salaries expense and higher stock option compensation.
As at December 31, 2013, the Company had a cash balance of $50,122 and a
working capital deficit of $613,833. In January 2014, the Company
completed two private placements for combined proceeds of $560,000.
The Company is actively pursuing a number of financing options and
initiatives at this time and is optimistic of a successful interim
The Company's Fiscal 2014 research priorities, subject to the Company
raising additional funds, are to:
Establish additional collaborations and partnerships for use of the
ProMIS™ discovery technology to continue to build a compelling pipeline
of novel antibody therapeutics for the treatment of cancer
Complete the research and development of an ALS diagnostic test and
ready for out-license.
Initiate further studies in animal models of ovarian cancer with
Initiate proof of concept studies in animal models of cancer with
anti-Fas receptor antibodies
Complete the validation of the EP-AD Alzheimer's disease diagnostic and,
in collaboration with our pharma partner, participate in the evaluation
of a novel therapeutic for the treatment of Alzheimer's disease.
Additional information about the Company, including the MD&A and
financial results may be found on SEDAR at www.sedar.com.
Amorfix Life Sciences Ltd. (TSX:AMF) is an early-stage product
development company developing therapeutic antibodies and diagnostics
targeting misfolded protein diseases. Amorfix utilizes its
computational discovery platform, ProMIS™, to predict novel Disease
Specific Epitopes (DSEs) on the molecular surface of misfolded
proteins. Using this technology, Amorfix is developing novel antibody
therapeutics and companion diagnostics for cancer and amyotrophic
lateral sclerosis (ALS). In addition, Amorfix has developed two
proprietary technologies to specifically identify very low levels of
misfolded proteins in a biological sample: Epitope Protection™ and
AMFIA™, an ultra-sensitive dual-bead immunoassay. Use of these
technologies has generated a cerebrospinal fluid (CSF) screening test
for both Alzheimer's disease (AD) and mild cognitive impairment (MCI),
and an ultrasensitive method for detecting the hallmark of AD,
aggregated beta-Amyloid, in brain tissue, CSF and blood from animal
models of AD. For more information about Amorfix, visit www.amorfix.com.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release. This information release may
contain certain forward-looking information. Such information involves
known and unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements to be materially different
from those implied by statements herein, and therefore these statements
should not be read as guarantees of future performance or results. All
forward-looking statements are based on the Company's current beliefs
as well as assumptions made by and information currently available to
it as well as other factors. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of
the date of this press release. Due to risks and uncertainties,
including the risks and uncertainties identified by the Company in its
public securities filings, actual events may differ materially from
current expectations. The Company disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.
SOURCE Amorfix Life Sciences Ltd.