Amorfix announces management changes and product development plans for fiscal 2011
TORONTO, June 2 /CNW/ - The Board of Directors of Amorfix Life Sciences (TSX:AMF), a company focused on treatments and diagnostics for misfolded protein diseases, announces the following changes based on a strategic review related to the earlier decision to suspend commercialization of its vCJD blood test. These changes are designed to conserve resources and to enable the Company to increase its focus on the priority programs including:
- Our ProMIS(TM) antibody program targeting disease specific epitopes for both therapeutics and companion diagnostics for cancer and other misfolded protein diseases; - The advancement of our novel antibodies and vaccines for the treatment of ALS and AD; - Growing the revenue from our A(4) amyloid testing service for cell culture, tissue and blood in animal models of Alzheimer's disease (AD); - Development of a human Alzheimer's test adapting the A(4) test protocol to detect aggregated Abeta, the hallmark of the disease, in human plasma and cerebro-spinal fluid; and - The contract for the development of a liver cancer early detection assay, which is nearing completion.
To facilitate this strategic focus several personnel changes have been made:
- Dr. George Adams, currently President & CEO will be stepping down from that role and also from the Board of Directors. Dr. Robert Gundel, formerly Vice-President R&D has been appointed President & CEO. - Dr. Adams notes that "I personally recruited Dr. Gundel to lead the Company's therapeutic initiatives, and with his 25 years experience in drug development, particularly in the antibody space, with both big pharma and bio companies, he is eminently prepared to spearhead the Company during the next phase of its evolution". - Dr. Neil Cashman, scientific founder of Amorfix and an inventor and architect of the ProMIS(TM) platform, who will be re-appointed to the Board at its next meeting on June 9, 2010, comments "I am particularly excited about rejoining the Board at this time as the Company refocuses on the treatment and diagnosis of protein misfolding diseases using our proprietary ProMIS(TM) platform with broad application from ALS to cancer". - Consistent with the Company's intent to conserve cash and reduce the burn rate, five employees directly involved with the vCJD project have been released.
Graham Strachan, Chair of Amorfix expressed the thanks of the Board to Dr. Adams for all his efforts in building the Company since its formation in 2005. "As the company's founding CEO, George has been indefatigable in leading the advancement of the diagnostic programs. Most importantly, George had the vision to ensure that the Company is endowed with a rich pipeline of development programs and cash reserves which permits the Company to exploit several attractive opportunities."
The company has sufficient cash as well as ongoing revenue from its diagnostic services business, which will allow development activities under the new plan for approximately 18 months.
Amorfix Life Sciences Ltd. (TSX:AMF) is a theranostics company developing therapeutic products and diagnostic devices targeting misfolded protein diseases including ALS, cancers, and Alzheimer's Disease (AD). Amorfix utilizes its computational discovery platform, ProMIS(TM), to predict novel Disease Specific Epitopes ("DSE") on the molecular surface of misfolded proteins. Amorfix's lead programs include therapeutics and companion diagnostics for cancers and antibodies and vaccines to DSEs in ALS and AD. Amorfix's proprietary technology enables it to specifically identify very low levels of misfolded proteins in a normal sample. The Company's diagnostic programs include an ultrasensitive method for the detection of aggregated Beta-Amyloid in brain tissue and blood of animal models of AD, months prior to observable amyloid formation, and a blood screening test for liver cancer. For more information about Amorfix, visit www.amorfix.com.
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.
%SEDAR: 00022789EFor further information: James Parsons, Chief Financial Officer, Amorfix Life Sciences Ltd., Tel: (416) 847-6929, Fax: (416) 847-6899, firstname.lastname@example.org