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TSX: AMF
TORONTO, Oct. 21, 2014 /CNW/ - Amorfix Life Sciences Ltd.
(the "Corporation") announces today that it has closed the first
tranche of a non-brokered private placement (the Offering) pursuant
to which 1,260,000 common shares of Amorfix (Shares) and 1,260,000
Warrants were issued for gross proceeds of CDN$352,800.
The Company intends to use the net proceeds of the Offering to
continue the development of its research programs including its
cancer therapeutic program, ProMIS™ and its Alzheimer's disease and
for general corporate purposes including the completion of on-going
discussions with multiple partners for a variety of business deals
focused on the formation of strategic alliances and partnerships to
advance the Company's therapeutic and diagnostic programs.
Each Warrant entitles the holder to purchase one Share at a
price of CDN$ 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.
All securities issued in connection with the Offering are
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.
In addition, the Company announced that it will get the rights
back for development and commercialization of the ALS antibody
therapeutics originally licensed to Biogen-Idec effective
January 14, 2015.
"We have had an excellent working relationship with Biogen-Idec
over the last four years. They have added significantly to
our understanding of the pathogenic role of misfolded SOD1 (mSOD1)
in ALS and the potential for antibody therapeutics for treatment of
ALS patients", said CEO Dr. Robert
Gundel. "Based on extensive preclinical data and
our expertise in the area of ALS and misfolded protein diseases, we
are confident that this technology can be developed, commercialized
and used to improve the health of those who suffer from this
terrible disease. Now that the rights to the technology will
revert back to Amorfix, the Company intends to continue this
development project. This program, combined with our recently
issued patent covering ALS treatment with any antibody that binds
wildtype mSOD1 selectively and our blood test diagnostic in
development, puts Amorfix in a leading position in this therapeutic
area. "
"There is a growing body of evidence supporting the use of
antibodies targeting mSOD1 for the treatment of ALS" said Dr.
Neil Cashman. "We and others have
demonstrated that mSOD1 acquires the ability to propagate and
induce the misfolding of normal SOD1, which may explain how the
disease progresses. We have shown that our antibodies inhibit
this propagating effect and, as a result, could significantly slow
down or arrest disease progression".
About Amorfix SOD1 Antibodies for the treatment of
ALS
In ALS patients, the propagation of aggregated misfolded
SOD1 protein kills the nerve cells that supply muscles. As a
result, the patient becomes progressively paralyzed and unable to
breathe. Neil Cashman, Amorfix CSO,
discovered that misfolded SOD1 exposes regions of the protein that
are buried in the properly folded form, and that specifically
targeting these misfolded regions have the ability to neutralize
the toxicity to nerve cells. Amorfix has developed therapeutic
antibodies that recognize only the harmful, misfolded SOD1 and
spare normal SOD1 protein to preserve its normal protective
activity.
About ALS
Amyotrophic lateral sclerosis (ALS) is a
fatal neuromuscular disease that afflicts approximately 30,000
individuals in North America, with
5,000 new cases per year. ALS, also known as Lou Gehrig's disease, produces weakness and
atrophy in the muscles that control movement, speech, swallowing,
and respiration. These muscles weaken and atrophy due to
degeneration of motor nerve cells in the spinal cord and brain.
Half of affected individuals die within three years and survival
over five years is less than 20%. There is currently no cure for
ALS, and current treatments have limited effects.
About Amorfix
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 both Alzheimer's
disease (AD) and mild cognitive impairment (MCI), 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.
SOURCE Amorfix Life Sciences Ltd.