Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (TSX
VENTURE: BMR.H) today announced its second quarter 2011 operational
and financial results.
Operational Highlights
On July 15, 2011 the Company announced that P1 Energy Corp. and
Bradmer had mutually agreed to terminate the letter of intent
between the parties relating to the proposed reverse take-over
transaction. The directors and officers of Bradmer intend to seek
out new opportunities considered to be in the best interests of
Bradmer and its shareholders.
Financial Results
Amounts in US dollars, unless specified otherwise, and results
expressed in accordance with International Financial Reporting
Standards ("IFRS").
For the three months ended June 30, 2011, the Company recorded
net income of $47,000 or $0.00 per common share based on the
weighted average outstanding shares of 19,659,726 during the
quarter, compared to a net loss of $157,000 or $0.01 per common
share for the three months ended June 30, 2010 based on the
weighted average outstanding shares of 14,396,574. The net income
in 2011 is attributable to the reimbursement of legal and due
diligence expenses related to the terminated P1 Energy transaction,
some of which were incurred in the first quarter of 2011.
Research and development expenses totalled $7,000 in the three
months ended June 30, 2011, compared to $14,000 in fiscal 2010.
Consulting fees were $1,000 and patent fees were $6,000. These
costs were incurred in connection with the termination of the Duke
License Agreement.
General and administrative expense recoveries were $47,000 in
the first quarter of 2011 compared to expenses of $115,000 in the
prior year. In 2011, legal fees amounted to $92,000, of which
$87,000 was incurred in connection with the P1 Energy transaction,
consulting fees were $56,000 and insurance premiums were $11,000.
The recovery of P1 transaction costs was $212,000.
The Company had a $7,000 foreign exchange gain in the 2011
period compared with a $28,000 loss in 2010 due to the increase in
value of the Canadian dollar in 2011 compared to a decline in the
Canadian dollar in the same period of 2010.
For the six months ended June 30, 2011, the Company recorded a
net loss of $118,000 or $0.01 per common share based on the
weighted average outstanding shares of 19,659,726 during the
quarter, compared to a net loss of $270,000 or $0.03 per common
share for the six months ended June 30, 2010 based on the weighted
average outstanding shares of 10,466,000. The reduced loss in 2011
is attributable to the reimbursement of legal and due diligence
expenses related to the terminated P1 Energy transaction.
Research and development expenses totalled $26,000 in the six
months ended June 30, 2011, compared to $30,000 in fiscal 2010.
Consulting fees were $12,000 and patent fees were $13,000. These
costs were incurred in connection with the termination of the Duke
License Agreement
General and administrative expenses were $118,000 in the first
half of 2011 compared to $223,000 in the prior year. In 2011, legal
fees amounted to $184,000, of which $70,000 was incurred in
connection with the P1 Energy transaction, consulting fees were
$87,000 and insurance premiums were $36,000. The recovery of P1
Energy transaction costs partially offset these expenses.
The Company had a $25,000 foreign exchange gain in the 2011
period compared with an $18,000 loss in 2010 due to the increase in
value of the Canadian dollar in 2011 compared to a decline in the
Canadian dollar in the same period of 2010.
At June 30, 2011, Bradmer had working capital of $1,372,000, as
compared to $1,491,000 at December 31, 2010. The Company had
available cash of $1,323,000 at June 30, 2011, compared to cash of
$1,525,000 at December 31, 2010.
As at August 25, 2011, the Company has 19,659,726 common shares,
warrants to purchase 418,497 common shares and options to purchase
1,955,000 common shares outstanding.
Additional information about Bradmer, including the MD&A and
financial results may be found on SEDAR at www.sedar.com.
Bradmer's common shares have not been registered under the
Securities Act of 1933, as amended (the "Securities Act") or any
state regulatory agency in the United States. The resale or
transfer by a U.S. investor of such common shares of Bradmer
Pharmaceuticals Inc. is subject to the requirements of Rule 904 of
Regulation S of the Securities Act or such other applicable
exemption thereunder, and other applicable state securities
laws.
Except for historical information, this news release may contain
forward-looking statements, which reflect the Company's current
expectation regarding future events. These forward-looking
statements involve risk and uncertainties, which may cause but are
not limited to, changing market conditions, the establishment of
corporate alliances, the impact of competitive products and
pricing, new product development, uncertainties related to the
regulatory approval process and other risks detailed from time to
time in the Company's ongoing quarterly and annual reporting.
BRADMER PHARMACEUTICALS INC.
Unaudited Condensed Statements of Financial Position
(All amounts expressed in United States dollars)
As at
----------------------------------------------------------------------------
----------------------------------------------------------------------------
June 30, December 31,
Note 2011 2010
---------------------------------------------------------------------------
Assets
Current assets
Cash $ 1,323,029 $ 1,524,972
Amounts receivable 246,749 10,169
Prepaid expenses - 7,530
---------------------------------------------------------------------------
$ 1,569,778 $ 1,542,671
---------------------------------------------------------------------------
Liabilities and Shareholders'
Equity
Current liabilities
Accounts payable and accrued
liabilities 9 $ 197,439 $ 51,929
---------------------------------------------------------------------------
Shareholders' equity
Share capital 4 2,176,685 2,176,685
Contributed surplus 7 2,284,953 1,500,965
Warrants 6 30,691 814,679
Accumulated deficit (3,119,990) (3,001,587)
---------------------------------------------------------------------------
1,372,339 1,490,742
---------------------------------------------------------------------------
$ 1,569,778 $ 1,542,671
---------------------------------------------------------------------------
Nature of Operations (note 1)
See accompanying notes to condensed financial statements.
Approved on behalf of the Board:
Alan M. Ezrin, Director
Charles Lilly, Director
BRADMER PHARMACEUTICALS INC.
Unaudited Condensed Statements of Comprehensive Income (Loss)
Three month and six month periods ended June 30
(All amounts expressed in United States dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Six Months Ended Three Months Ended
June 30 June 30
2011 2010 2011 2010
---------------------------------------------------------------------------
Expenses
Research and
development $ 25,762 $ 29,601 $ 6,943 $ 14,088
General and
administrative 118,177 222,702 (47,305) 115,153
---------------------------------------------------------------------------
143,939 252,303 (40,362) 129,241
---------------------------------------------------------------------------
Other Income
Interest (340) (538) (138) (291)
Foreign exchange
(gain)/loss (25,197) 17,934 (6,925) 28,320
---------------------------------------------------------------------------
(25,536) 17,396 (7,063) 28,029
---------------------------------------------------------------------------
Net Income/(loss) and
total comprehensive
income/(loss) for the
period $ (118,403) $ (269,699) $ 47,425 $ (157,270)
---------------------------------------------------------------------------
Net Income/(loss) per
share
Basic and diluted (Note
8) $ (0.01) $ (0.03) $ 0.00 $ (0.01)
---------------------------------------------------------------------------
Weighted average number
of shares outstanding 19,659,726 10,465,936 19,659,726 14,396,574
---------------------------------------------------------------------------
See accompanying notes to condensed financial statements.
BRADMER PHARMACEUTICALS INC.
Unaudited Condensed Statements of Changes in Shareholders' Equity
Six month periods ended June 30, 2011 and 2010
(All amounts expressed in United States dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Share capital
---------------------------------
Contributed
Number Value surplus
-------------------------------------------------------------------------
Balance, January 1,
2010 6,026,627 $ 1,076,755 $ 1,496,503
Issuance of shares 8,369,947 761,622 -
Share issue costs - (84,063) -
Issuance of warrants - - -
Share-based
compensation - - 2,945
Net loss for the period - - -
-------------------------------------------------------------------------
Balance, June 30, 2010 14,396,574 $ 1,754,314 $ 1,499,448
-------------------------------------------------------------------------
Balance, January 1,
2011 19,659,726 $ 2,176,685 $ 1,500,965
Expiry of warrants - - 783,988
Net loss for the period - - -
-------------------------------------------------------------------------
Balance, June 30, 2011 19,659,726 $ 2,176,685 $ 2,284,953
-------------------------------------------------------------------------
Total
shareholders'
Warrants Deficit equity
---------------------------------------------------------------------------
Balance, January 1,
2010 $ 783,988 $ (2,546,821) $ 810,425
Issuance of shares - - 761,622
Share issue costs - - (84,063)
Issuance of warrants 11,498 - 11,498
Share-based
compensation - - 2,945
Net loss for the period - (269,699) (269,699)
---------------------------------------------------------------------------
Balance, June 30, 2010 $ 795,486 $ (2,816,520) $ 1,232,728
---------------------------------------------------------------------------
Balance, January 1,
2011 $ 814,679 $ (3,001,587) $ 1,490,742
Expiry of warrants (783,988) - -
Net loss for the period - (118,403) (118,403)
---------------------------------------------------------------------------
Balance, June 30, 2011 $ 30,691 $ (3,119,990) $ 1,372,339
---------------------------------------------------------------------------
See accompanying notes to condensed financial statements.
BRADMER PHARMACEUTICALS INC.
Unaudited Condensed Statements of Cash Flows
Six month periods ended June 30, 2011 and 2010
(All amounts expressed in United States dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2011 2010
---------------------------------------------------------------------------
Cash provided by (used in)
Operating activities:
Net loss for the period $ (118,403) $ (269,699)
Adjustments for:
Share-based compensation - 2,945
Change in non-cash operating items (83,540) (57,022)
---------------------------------------------------------------------------
(201,943) (323,776)
---------------------------------------------------------------------------
Financing activities:
Proceeds from issuance of common shares, net
of share issue costs of $84,063 - 689,057
---------------------------------------------------------------------------
(Decrease) /increase in cash (201,943) 365,281
Cash, beginning of period 1,524,972 860,460
---------------------------------------------------------------------------
Cash, end of period $ 1,323,029 $ 1,225,741
---------------------------------------------------------------------------
See accompanying notes to condensed financial
statements
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
Contacts: Bradmer Pharmaceuticals Inc. Paul Van Damme
1-416-987-6113 pvandamme@bradmerpharma.com
Bradmer Pharmaceuticals (TSXV:BMR.H)
Historical Stock Chart
From Apr 2024 to May 2024
Bradmer Pharmaceuticals (TSXV:BMR.H)
Historical Stock Chart
From May 2023 to May 2024
