/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Jan. 18, 2012 /CNW/ - Amorfix Life Sciences Ltd. announces that
it has closed the first tranche of a non-brokered private placement
(the Offering) pursuant to which a total of 3,012,532 units (Units)
were issued at a price of $0.225 per unit for gross proceeds of
The Company intends to use the net proceeds of the Offering to advance
the development of its research programs including the cancer
therapeutic programs, the Alzheimer's disease and ALS diagnostic
programs as well as for general corporate purposes.
Each Unit consists of one common share of Amorfix (a Share) and one
common share purchase warrant of Amorfix (a Warrant). Each Warrant
entitles the holder to purchase one Share at a price of $0.50 for a
period of 36 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 paid $15,920 in finder fees and
issued 70,756 finder warrants, which have the same terms as the
All securities issued in connection with the Offering will be subject to
a statutory hold period of four months plus one day that expires on May
The maximum amount of Units that could be issued under the Offering is
4,444,444 for gross proceeds of $1.0 million. The Company intends to
complete a secondary closing of up to 1,431,912 Units.
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 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
| || Janet Clennett |
Acting Chief Financial Officer
Amorfix Life Sciences Ltd.
Tel: (416) 847-6926
Fax: (416) 847-6899