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Amorfix Receives Fourth Biogen Idec Investment

 

Amorfix Receives Fourth Biogen Idec Investment

TSX: AMF

- First Patent on DSE Targets Issued by United States Patent Office -

TORONTO, Dec. 11 /CNW/ - Amorfix Life Sciences, a company focused on treatments and diagnostics for brain wasting diseases, announced today that Biogen Idec (Nasdaq:BIIB) made their fourth investment in Amorfix with the purchase of 254,551 shares for gross proceeds to Amorfix of US$75,000. With
this investment, Biogen Idec maintains its right to license Amorfix's superoxide dismutase-1 (SOD1) targeted therapies for use in ALS until February 10, 2009.
    
Amorfix has also received its first issued patent from the U.S. Patent and Trademark Office titled "ALS-Specific Peptide Composition". This patent covers one of the key disease specific epitopes (DSE) in the SOD1 "Jekyll and Hyde" protein which we have shown is exposed when it misfolds and becomes toxic for nerve cells. Amorfix DSE(TM) antibodies bind to this region and we believe neutralize the toxic effects of SOD1 giving the longevity extension Amorfix has previously reported in animal models of ALS.
    
"Obtaining the first issued patent is a major milestone for any life science company. Biogen Idec should be commended for partnering with us on the ALS project so early and providing the resources we needed to validate our approach," said Dr. George Adams, Chief Executive Officer of Amorfix. "We are already applying the now patented approach to other diseases where misfolded proteins are prevalent and seeking partners for these new indications."
    
Biogen Idec has an option to license the Amorfix technology for ALS and would be responsible for completing preclinical and clinical development, regulatory approvals, manufacturing and commercialization. If the option is exercised, Amorfix will receive an upfront payment and potential milestone payments in excess of US$25 million under the license agreement. Amorfix will also receive royalties on commercial product sales.

About Amorfix

    
Amorfix Life Sciences Ltd. (TSX:AMF) is a theranostics company developing therapeutic products and diagnostic devices targeting brain-wasting diseases including ALS, Alzheimer's Disease, Parkinson's Disease and variant Creutzfeldt-Jakob Disease (vCJD). Amorfix's proprietary Epitope Protection(TM) (EP) technology enables it to specifically identify very low levels of aggregated misfolded proteins (AMP) in a sample of normal protein. Aggregated misfolded proteins are a common element of many brain wasting diseases and the ability to identify AMPs and understand their structure and mechanism of folding are the first steps to developing new treatments for these devastating diseases. Amorfix's lead programs are a diagnostic blood screening test for vCJD and a therapy for ALS.

    
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.

     %SEDAR: 00022789E

 

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/For further information: Dr. George Adams, President & Chief Executive
Officer, Amorfix Life Sciences Ltd., Tel: (416) 847-6959, Fax: (416) 847-6899,
george.adams@amorfix.com; James Parsons, Chief Financial Officer, Amorfix Life
Sciences Ltd., Tel: (416) 847-6929, Fax: (416) 847-6899,
james.parsons@amorfix.com/


 

Posted: December 2008


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