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Amorfix Announces Second Quarter Fiscal 2013 Results

TSX: AMF 
TORONTO, Nov. 14, 2012 /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 second 
quarter ended September 30, 2012. 
The Company is also announcing that it has completed a series of studies with 
its lead anti-Fas receptor antibody that demonstrate strong binding to 
melanoma cells and negligible binding to many types of normal cells, including 
liver cells. Previous attempts by others to develop anti-Fas receptor 
antibodies as novel cancer therapeutics have been halted by liver toxicity due 
to binding to Fas receptor on normal liver cells. Amorfix's anti-Fas receptor 
antibody is expected to be safe and effective because it exhibits little to no 
binding to normal liver cells yet shows a high degree of selective binding to 
melanoma cells. The Company is now preparing to test their lead antibody in 
animal models of melanoma. 
"We are very proud of the progress we have made on all our programs. The 
science has never looked better, the programs are moving forward as planned 
and we are attracting recognition from industry and the scientific community." 
said Amorfix President and CEO Dr. Robert Gundel. "Our cancer therapeutic 
programs are advancing towards important milestones. We have initiated proof 
of concept studies in an animal model for our PrP program and have selected a 
lead candidate for our proprietary Fas receptor antibody project. Our cancer 
antibody programs represent a unique approach towards the development of 
targeted, safe and effective cancer therapeutics." 
Recent Corporate Highlights 
On September 20, 2012, the Company announced that it was collaborating with 
Dr. Dawn Waterhouse from the BC Cancer Agency and the University of British 
Columbia to test the Company's tumor specific antibodies in animal models of 
ovarian cancer. 
On November 7, 2012, the Company announced that its anti-SOD1 antibodies are 
being used by a leading academic scientist, Dr. Serge Przedborski at Columbia 
University, to investigate the pathogenesis and mechanisms of disease 
progression in ALS. 
Financial Results 
For the three months ended September 30, 2012 the Company reported a net loss 
from operations of $572,911 ($0.01 per share) compared to net loss of $580,725 
($0.01 per share) for the three months ended September 30, 2011. Research and 
development expenses for the three months ended September 30, 2012 were 
$452,693 compared to $515,210 in the comparable period. General and 
administrative expenses for the three months ended September 30, 2012 were 
$121,235 compared to $109,649 in the comparable prior year period. 
For the six months ended September 30, 2012 the Company reported a net loss 
from operations of $1,172,872 ($0.02 per share) compared with a net loss of 
$1,110,209 ($0.02 per share) for the six months ended September 30, 2011. 
Research and development expenses for the six months ended September 30, 2012 
were $914,533 compared to $931,154 in the comparable period. General and 
administrative expenses for the six months ended September 30, 2012 were 
$261,702 compared to $261,018 in the comparable period last year. 
At September 30, 2012, the Company had working capital of $512,511 and 
57,004,290 common shares outstanding. Management projects that its current 
working capital is sufficient to fund the Company's operations into the fourth 
calendar quarter of 2012. The Company is actively pursuing a number of 
financing options and initiatives at this time and anticipates a successful 
interim solution shortly. 
Outlook 
The Company's Fiscal 2013 research priorities, subject to the Company raising 
additional funds, are to: 


    --  Complete proof of concept studies in animal models of ovarian
        cancer with anti-PrP antibodies
    --  Initiate proof of concept studies in animal models of cancer
        with anti-Fas receptor antibodies
    --  Establish collaborations and partnerships for the use of the
        EP-AD Assay technology in clinical trials of Alzheimer's
        disease
    --  Continue, with a partner, validation of a human Alzheimer's
        disease test to detect aggregated Abeta, a hallmark of the
        disease, in human plasma and cerebrospinal fluid
    --  Advance the research and development of an ALS diagnostic test
    --  Establish collaborations and partnerships for use of the ProMIS
        discovery technology to identify and develop novel antibody
        therapeutics for the treatment of cancer

Additional information about the Company, including the MD&A and financial 
results may be found on SEDAR at www.sedar.com.

About Amorfix
Amorfix Life Sciences Ltd. (TSX: AMF) is a product development company 
developing therapeutic products and diagnostic devices targeting misfolded 
protein diseases including Alzheimer's Disease (AD), cancers, and ALS. Amorfix 
utilizes its computational discovery platform, ProMIS™, to predict novel 
Disease Specific Epitopes ("DSEs") on the molecular surface of misfolded 
proteins. Amorfix's lead programs include therapeutics and companion 
diagnostics for cancers, antibodies and vaccines to DSEs in ALS and AD 
diagnostic tests. In addition, Amorfix's proprietary Epitope Protection™ 
technology enables it to specifically identify very low levels of misfolded 
proteins in a biological sample. The Company's diagnostic programs include an 
ultrasensitive method for the detection of aggregated beta-Amyloid in brain 
tissue, CSF and blood from animal models of AD, months prior to observable 
amyloid formation, and development of a human screening test for 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.

Dr. Robert Gundel President and Chief Executive Officer Amorfix Life Sciences 
Ltd. Tel: (416) 847-6957 Fax: (416) 847-6899 bob.gundel@amorfix.com

Janet Clennett Chief Financial Officer Amorfix Life Sciences Ltd. Tel: (416) 
847-6926 Fax: (416) 847-6899 Janet.clennett@amorfix.com  

SOURCE: Amorfix Life Sciences Ltd.

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/November2012/14/c8308.html

CO: Amorfix Life Sciences Ltd.
ST: Ontario
NI: MTC ERN 

-0- Nov/14/2012 23:56 GMT


 
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