Amorfix announces fiscal 2014 third quarter results
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 31, 2013.
"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 Alzheimer's disease.
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 directors.
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 solution.
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 AMF-1c-120 antibody.
- 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.For further information:
Dr. Robert Gundel
President and Chief Executive Officer
Amorfix Life Sciences Ltd.
Tel: (416) 847-6957
Fax: (416) 847-6899
Chief Financial Officer
Amorfix Life Sciences Ltd.
Tel: (416) 644-7358
Fax: (416) 847-6899