Amorfix closes $3.3 million private placement


    TSX: AMF

    TORONTO, April 29 /CNW/ - Amorfix Life Sciences Ltd. announced today that
it has closed a non-brokered private placement, pursuant to which a total of
5,146,300 units (Units) were issued at a price of $0.65 per Unit for gross
proceeds of $3,345,095. The size of the offering was increased from the amount
previously announced to accommodate over-subscriptions.
    Amorfix intends to use the net proceeds of the private placement to
advance the development and commercialization of its diagnostic tests
including its EP-vCJD(TM) blood screening assay and for general corporate
    Each issued Unit consisted of one common share and one-half of one common
share purchase warrant (Warrant). Each whole Warrant is exercisable into one
common share of Amorfix at a price of $1.00 for a period of 24 months, 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 TSX over a period of ten consecutive trading days exceeds
$1.20. 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 private placement, Amorfix paid $226,460 in finder
fees and issued 348,400 finder warrants. Each finder warrant is exercisable
into one common share of Amorfix at a price of $0.68 for a period of 24
months, subject to earlier expiry on the occurrence of a trigger event on the
same terms as applies to the Warrants.
    All of the securities issued in connection with the private placement are
subject to four month hold periods that expire on August 29, 2009.
    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.

    About Amorfix

    Amorfix Life Sciences Ltd. (TSX: AMF) is a theranostics company
developing therapeutic products and diagnostic devices targeting misfolded
diseases including neurodegenerative diseases and cancer. It has specific
programs in vCJD, ALS and Alzheimer's disease. Amorfix's proprietary Epitope
Protection(TM) (EP) technology enables it to specifically identify very low
levels of aggregated misfolded proteins (AMP) in a sample containing normal
protein. Aggregated misfolded proteins are a common element of many brain
wasting diseases and cancer. Amorfix has shown antibodies and vaccines to
misfolded proteins are therapeutic in preclinical animal models. Amorfix's
lead programs are a diagnostic blood screening test for vCJD and a therapy for

    %SEDAR: 00022789E

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,; James Parsons, Chief Financial Officer, Amorfix Life
Sciences Ltd., Tel: (416) 847-6929, Fax: (416) 847-6899,

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Amorfix Life Sciences Ltd.

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