Amorfix and Ontario Genomics Institute announce partnership to accelerate development of blood test for Alzheimer's Disease
Amorfix Life Sciences Inc. and the Ontario genomics Institute (OGI) announced they are entering into a partnership to develop a blood test for Alzheimer's disease, EP-AD(TM), based upon Amorfix's patent-pending Epitope Protection technology. OGI will assist Amorfix in accelerating its program for diagnosis of neurodegenerative diseases drawing on OGI's portfolio of state-of-the-art genomics and proteomics facilities, research and pre-commercial development in Ontario.
Dr. Neil Cashman, Amorfix's CSO said, "Until now, it has been very difficult to detect aggregated misfolded proteins in blood where normal protein is prevalent. With our progress on the Epitope Protection platform, we are now in a position to finish our development of a test for Alzheimer's A-beta aggregates in blood."
Pursuant to a term sheet executed December 22, 2005, OGI has executed a subscription agreement to invest $100,000 in Amorfix to accelerate the EP-AD(TM) project. OGI will, upon closing, invest $50,000 receiving 100,000 common shares of AMF and 50,000 warrants to purchase shares for $.90 for a term of two years. Upon the achievement of a defined research milestone, OGI will invest $50,000 at market price and receive a one-half warrant for each share purchased to purchase a share at the then market price within 2 years. This transaction is subject to acceptance for filing by the TSX Venture exchange.
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