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March 03, 2016

Research and development expenditures for the three months ended September 30, 2009 were $979,045 compared to $890,514 for the three months ended September 30, 2008, and for the six months ended September 30, 2009 were $1,859,233 compared to $2,257,681 for the comparable period last year. Research and development expenses increased in the three months ended September 30, 2009 due mainly to expenditures related to its ProMIS(TM) and AD therapeutic programs partially offset by lower vCJD and ALS therapeutic program expenses. Research and development expenses decreased for the six months ended September 30, 2009 due to lower staffing costs, and lower ALS and vCJD program expenses partially offset by increased expenditures related to its AD therapeutic and ProMIS(TM) programs.

General and administration costs for the three months ended September 30, 2009 were $306,759 compared to $253,814 for the three months ended September 30, 2008, and for the six months ended September 30, 2009 were $597,567 compared to $517,438 for the comparable period last year. Higher expenses for the three and six months ended September 30, 2009 resulted mainly from higher stock-based compensation and investor relations expenses.

Cash burn (cash used in operating activities) of $1,065,586 for the three months ended September 30, 2009 was comparable to $1,036,042 for the three months ended September 30, 2008. For the six months ended September 30, 2009, the company's cash burn was $1,926,850 compared to $2,718,488 in the comparable period last year. The decreased cash burn for the six months ended September 30, 2009 was due primarily to lower research and development costs and a lower amount of accounts payable actually paid out in the period.

As at September 30, 2009 Amorfix had working capital of $5,925,271 compared to $4,458,065 as at March 31, 2009.

As at September 30, 2009 the Company had 48,131,163 common shares outstanding.

Outlook The Company's fiscal 2010 diagnostic priorities are to: - complete the National Institute for Biological Standards and Control process to validate the performance of the EP-vCJD(TM) Blood Screening Assay using human vCJD patient samples and to manufacture and supply diagnostic kits for assessment and prevalence studies; - generate assay performance data for the vCJD assay in collaboration with blood transfusion services in Europe and elsewhere; - form collaborations to further validate the benefits of the A4 amyloid assay and to pursue a service business providing this assay for testing preclinical samples; and - complete development of the screening test for liver cancer in collaboration with BioMosaics and Sunnybrook Research Institute. The company's 2010 therapeutic priorities are to: - engage new partners for the ALS vaccine and antibody DSE programs; - complete proof-of-concept preclinical studies for Alzheimer's Disease targeting misfolded SOD1; - leverage the company's core capability of identifying misfolded protein targets using our ProMIS(TM) technology and seek development partnerships for the new therapeutic targets.

Source: AMORFIX LIFE SCIENCES LTD.