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
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June 30, December 31,
Note 2011 2010
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Assets
Current assets
Cash $ 1,323,029 $ 1,524,972
Amounts receivable 246,749 10,169
Prepaid expenses - 7,530
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$ 1,569,778 $ 1,542,671
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Liabilities and Shareholders'
Equity
Current liabilities
Accounts payable and accrued
liabilities 9 $ 197,439 $ 51,929
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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)
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1,372,339 1,490,742
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$ 1,569,778 $ 1,542,671
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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)
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Six Months Ended Three Months Ended
June 30 June 30
2011 2010 2011 2010
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Expenses
Research and
development $ 25,762 $ 29,601 $ 6,943 $ 14,088
General and
administrative 118,177 222,702 (47,305) 115,153
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143,939 252,303 (40,362) 129,241
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Other Income
Interest (340) (538) (138) (291)
Foreign exchange
(gain)/loss (25,197) 17,934 (6,925) 28,320
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(25,536) 17,396 (7,063) 28,029
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Net Income/(loss) and
total comprehensive
income/(loss) for the
period $ (118,403) $ (269,699) $ 47,425 $ (157,270)
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Net Income/(loss) per
share
Basic and diluted (Note
8) $ (0.01) $ (0.03) $ 0.00 $ (0.01)
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Weighted average number
of shares outstanding 19,659,726 10,465,936 19,659,726 14,396,574
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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)
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Share capital
---------------------------------
Contributed
Number Value surplus
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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 - - -
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Balance, June 30, 2010 14,396,574 $ 1,754,314 $ 1,499,448
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Balance, January 1,
2011 19,659,726 $ 2,176,685 $ 1,500,965
Expiry of warrants - - 783,988
Net loss for the period - - -
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Balance, June 30, 2011 19,659,726 $ 2,176,685 $ 2,284,953
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Total
shareholders'
Warrants Deficit equity
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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)
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Balance, June 30, 2010 $ 795,486 $ (2,816,520) $ 1,232,728
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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)
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Balance, June 30, 2011 $ 30,691 $ (3,119,990) $ 1,372,339
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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)
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2011 2010
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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)
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(201,943) (323,776)
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Financing activities:
Proceeds from issuance of common shares, net
of share issue costs of $84,063 - 689,057
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(Decrease) /increase in cash (201,943) 365,281
Cash, beginning of period 1,524,972 860,460
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Cash, end of period $ 1,323,029 $ 1,225,741
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See accompanying notes to condensed financial
statements
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