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.
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 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.
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.
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) 847-6926
Fax: (416) 847-6899