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
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.
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.
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
-- 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.
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 firstname.lastname@example.org
Janet Clennett Chief Financial Officer Amorfix Life Sciences Ltd. Tel: (416)
847-6926 Fax: (416) 847-6899 Janet.email@example.com
SOURCE: Amorfix Life Sciences Ltd.
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