TORONTO, Oct. 19 /CNW/ - Amorfix Life Sciences, a company focused on treatments and diagnostics for misfolded protein diseases, announced today it will be accelerating the expiry of the warrants ("Warrants"), including the finders' warrants, that were issued on April 29, 2009 in connection with the closing of a private placement.
In accordance with the provisions of the Warrants, Amorfix may shorten the expiry date of the Warrants if the volume-weighted average price of the common shares is $1.20 per share or higher over a period of ten consecutive trading days provided that it gives notice of same in writing to the holders and the accelerated expiry date is a date which is not less than 30 calendar days after such notice is sent to the holders. The trigger for acceleration of the expiry date was met on October 5, 2009 and Amorfix reports that it will be sending out notices to the holders of the Warrants advising them that the new expiry date shall be January 19, 2010.
If all of the remaining 2,597,795 warrants outstanding that are subject to this accelerated expiry are exercised, Amorfix will receive $2,524,189 of additional proceeds. Any warrants not exercised prior to the accelerated expiry date will expire without any further action being taken.
Amorfix Life Sciences Ltd. (TSX:AMF) is a theranostics company developing therapeutic products and diagnostic devices targeting brain-wasting diseases including ALS, Alzheimer's Disease, variant Creutzfeldt-Jakob Disease (vCJD) and Cancer. Amorfix's proprietary Epitope Protection(TM) (EP) technology enables it to specifically identify very low levels of aggregated misfolded proteins (AMP) in a sample of normal protein. Aggregated misfolded proteins are a common element of many brain wasting diseases and the ability to identify AMPs and understand their structure and mechanism of folding are the first steps to developing new treatments for these devastating diseases. Amorfix utilizes its computational discovery platform, ProMIS(TM), to predict novel Disease Specific Epitopes ("DSE") on the molecular surface of misfolded proteins. ProMIS(TM) is an "in silico" rational selection approach that can be applied to any protein where the normal folding structure is at least partially known. Amorfix's lead therapeutic programs include antibodies and vaccines to DSEs in ALS, Alzheimer's disease and Cancer. The Company's diagnostic programs include a blood screening test for diagnosis of vCJD and an ultrasensitive method for the detection of aggregated ss-Amyloid in brain tissue of animal models of Alzheimer's disease, months prior to plaque formation.
This press 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: For further information: Dr. George Adams, President & Chief Executive Officer, Amorfix Life Sciences Ltd., Tel: (416) 847-6959, Fax: (416) 847-6899, email@example.com; James Parsons, Chief Financial Officer, Amorfix Life Sciences Ltd., Tel: (416) 847-6929, Fax: (416) 847-6899, firstname.lastname@example.org