/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, May 14, 2012 /CNW/ - Amorfix Life Sciences Ltd. announces that
it has closed a non-brokered private placement (the Offering) pursuant
to which a total of 2,585,000 units (Units) were issued at a price of
$0.40 per unit for gross proceeds of $1,034,000.
The Company intends to use the net proceeds of the Offering to continue
the development and of its research programs including its cancer
therapeutic program, ProMIS™, its Alzheimer's disease and ALS
diagnostic programs and for general corporate purposes.
Each Unit will consist of one common share of Amorfix (a Share) and
one-half common share purchase warrant of Amorfix (a Warrant). Each
Warrant will entitle the holder to purchase one Share at a price of
$0.80 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.
In connection with the Offering, Amorfix will pay $56,320 in finder fees
and issued 140,800 finder warrants, which have the same terms as the
All securities issued in connection with the Offering will be subject to
a four month hold period from the date of issuance in accordance with
applicable securities law. The closing of the Offering is subject to
receipt of TSX approval.
The securities offered have not been, and will not be, registered under
the United States Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or any
applicable exemption from the registration requirement of such Act.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
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 Alzheimer's disease (AD), 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, unless required by law.
ProMIS™, Epitope Protection™ and AMFIA™ are trademarks of Amorfix Life
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
Acting Chief Financial Officer
Amorfix Life Sciences Ltd.
Tel: (416) 847-6926
Fax: (416) 847-6899