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Amorfix Announces Second Quarter Fiscal 2013 Results

Wednesday, November 14, 2012 6:56 PM


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.

SOURCE: Amorfix Life Sciences Ltd.

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: CNW )
(Source: Quotemedia)

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