NYC Healthcare News



Amorfix fiscal 2011 net loss decreases to $3,330,437

April 16, 2016

For the three months ended March 31, 2011 revenue for services and sales was $24,953 as compared to $605 for the three months ended March 31, 2010.   For the year ended March 31, 2011 revenue for services and sales was $119,900 as compared to $45,516 for the year ended March 31, 2010.  Substantially all of this revenue was for its A4 test which the Company began marketing in the third quarter of fiscal 2010.

For the year ended March 31, 2011 revenue from license fees was $1,030,600 compared to $nil for the year ended March 31, 2010.  The Company entered into a license agreement with Biogen Idec in July 2010 and received a US$1,000,000 non-refundable fee.  All of the revenue related to this license agreement was recognized in the quarter ended September 30, 2010.

Research and development (R&D) expenses for the three months ended March 31, 2011 were $575,474 compared with $891,991 for the three months ended March 31, 2010. The decrease was due mainly to lower stock-based compensation, lower salaries and program expenditures related to the suspension of the vCJD and AD therapeutic programs offset by higher program expenditures for both the AD diagnostic and ProMIS programs.

R&D expenses for the year ended March 31, 2011 were $3,156,835 compared with $3,686,663 for the corresponding period in 2010. The decrease was due mainly to lower stock-based compensation, lower employee related and program expenditures related to the suspension of the vCJD and AD therapeutic programs offset by higher program expenditures for both the AD diagnostic and ProMIS programs.

General and administrative expenses for the three months ended March 31, 2011 were $216,506 compared with $347,867 for the three months ended March 31, 2010. The decrease for the three months ended March 31, 2011 resulted mainly from lower stock-based compensation.

General and administrative expenses for the year ended March 31, 2011 were $1,163,329 compared with $1,192,527 for the corresponding period in 2010. The decrease for the year ended March 31, 2011 resulted mainly from lower stock-based compensation partially offset by severance costs and higher consulting fees.

At March 31, 2011, the Company had working capital of $2,270,470 and 50,609,959 common shares outstanding.  Management projects that its current working capital will fund the Company's operations to December 2011.  The Company is actively pursuing financing alternatives, but there is no assurance that these initiatives will be successful, timely or sufficient.

Outlook

The Company's Fiscal 2012 research priorities, subject to the Company raising additional funds, are to:

Advance our ProMISTM antibody program targeting disease specific epitopes for both therapeutics and companion diagnostics for cancer and other misfolded protein diseases to a lead compound for late-stage preclinical development; Grow the revenue from our A4 amyloid testing service for cell culture, tissue and blood in animal models of Alzheimer's disease (AD); Complete development of a human Alzheimer's test adapting the A4 test protocol to detect aggregated Abeta, the hallmark of the disease, in human plasma and cerebro-spinal fluid;

Source: AMORFIX LIFE SCIENCES LTD.