NYC Healthcare News



Study finds lithium drugs not effective for amyotrophic lateral sclerosis treatment

October 26, 2015

Research and development expenses for the three months ended June 30, 2010 were $1,346,404 compared with $880,188 for the three months ended June 30, 2009. The increase was due mainly to severance costs associated with the decision to suspend commercialization of the vCJD program and higher costs on the ProMIS(TM) cancer antibody development program partially offset by lower third party costs on the vCJD and AD therapeutic programs compared to the first quarter of last year.

General and administration costs for the three months ended June 30, 2010 were $293,124 which was comparable to $290,808 in the three months ended June 30, 2009.

At June 30, 2010, the Company had working capital of $2,985,519 and 48,514,418 common shares outstanding.

Outlook

The Company's Fiscal 2011 research priorities continue to be:

- Advance our ProMIS(TM) 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; - Advance our novel antibodies and vaccines for the treatment of ALS through our partnerships with Biogen Idec and PREVENT; - Grow the revenue from our A(4) amyloid testing service for cell culture, tissue and blood in animal models of Alzheimer's disease; and - Complete development of a human Alzheimer's test adapting the A(4) test protocol to detect aggregated Abeta, the hallmark of the disease, in human plasma and cerebro-spinal fluid.

The Company is also announcing that Mr. Graham Strachan, Chair of the Board will not be standing for re-election at the Company's annual meeting and that Dr. Philippe Couillard has now assumed the role of Chair of the Board to effect a smooth transition. Dr. Couillard noted, "Mr. Strachan's excellent leadership and guidance since the inception of Amorfix in 2005 have been significant and are very much appreciated. We wish him well in his future endeavours."

Source: AMORFIX LIFE SCIENCES LTD.