Bradmer Pharmaceuticals Inc. (TSX VENTURE:BMR.H) ("Bradmer" or the
"Company") today announced its third quarter 2011 operational and
financial results.
Operational Highlights
On July 15, 2011 the Company announced that P1 Energy Corp. and
Bradmer had 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. In October, P1 Energy has reimbursed the Company
$180,000 for legal and other fees incurred during the due
diligence.
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 September 30, 2011, the Company
incurred a net loss of $201,000 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 $70,000 or $0.00 per common
share for the three months ended September 30, 2010 based on the
weighted average outstanding shares of 18,000,689. The net loss in
2011 is attributable to a combination of one-time general and
administrative expenses and a large foreign exchange loss.
Research and development expenses totaled $2,000 for patent and
consulting fees in the three months ended September 30, 2011,
compared to $10,000 in fiscal 2010. Expenses in 2010 consisted of
patent and consulting fees of $5,000 and drug storage costs of
$5,000.
General and administrative expenses were $135,000 in the third
quarter of 2011 compared to $77,000 in the prior year. In 2011,
consulting fees were $41,000, legal fees amounted to $24,000,
primarily related to the annual and special meeting of
shareholders, and directors and officers' liability insurance was
$32,000. Stock-based compensation for the award of stock options in
the quarter was $22,000. Major expenses in 2010 consisted of
consulting and legal fees of $39,000, insurance premiums of $15,000
and facilities costs of $13,000.
Interest income in both quarters was less than $1,000, due to
low interest rates. The Company had a $64,000 foreign exchange loss
in the 2011 period compared with a $17,000 gain in 2010 due to the
decline in value of the Canadian dollar in 2011 compared to an
increase in the Canadian dollar in the same period of 2010.
For the nine months ended September 30, 2011, Bradmer recorded a
net loss of $319,000 or $0.02 per common share based on the
weighted average outstanding shares of 19,659,726 during the
period, compared to a net loss of $339,000 or $0.03 per common
share for the nine months ended September 30, 2010 based on the
weighted average outstanding shares of 13,005,120. The reduced loss
in 2011 is attributable to the $46,000 reduction in general and
administrative expenses in 2011, partially offset by the larger
foreign exchange loss this year.
Research and development expenses totaled $28,000 in the nine
months ended September 30, 2011, compared to $40,000 in fiscal
2010. Consulting fees were $12,000 and patent fees were $15,000.
These costs were incurred in connection with the termination of the
Duke License Agreement. Expenses in 2010 consisted primarily of
patent and consulting fees and drug storage costs.
General and administrative expenses were $253,000 in the first
nine months of 2011 compared to $300,000 in the prior year period.
In 2011, legal fees amounted to $208,000, of which $157,000 was
incurred in connection with the P1 Energy transaction, consulting
fees were $72,000 and insurance premiums were $68,000. The recovery
of P1 Energy transaction costs partially offset these expenses.
Stock-based compensation was $22,000 and stock exchange listing
fees were $12,000. Major expenses in 2010 consisted of consulting
and legal fees, insurance premiums and stock exchange listing
fees.
At September 30, 2011, Bradmer had working capital of
$1,194,000, as compared to $1,491,000 at December 31, 2010. The
Company had available cash of $1,001,000 at September 30, 2011,
compared to cash of $1,525,000 at December 31, 2010. The Company
also had $217,000 in amounts receivable, all of which was collected
in October 2011.
As at November 8, 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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September 30, December 31,
2011 2010
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Assets
Current assets
Cash $ 1,000,556 $ 1,524,972
Amounts receivable 217,468 10,169
Prepaid expenses - 7,530
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$ 1,218,024 $ 1,542,671
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Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 24,300 $ 51,929
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Shareholders' equity
Share capital 2,176,685 2,176,685
Contributed surplus 2,314,894 1,500,965
Warrants 22,995 814,679
Accumulated deficit (3,320,850) (3,001,587)
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1,193,724 1,490,742
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$ 1,218,024 $ 1,542,671
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Approved on behalf of the Board:
Alan M. Ezrin, Director
Charles Lilly, Director
BRADMER PHARMACEUTICALS INC.
Unaudited Condensed Statements of Comprehensive Loss
Three month and nine month periods ended September 30
(All amounts expressed in United States dollars)
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Nine Months Ended Three Months Ended
September 30 September 30
2011 2010 2011 2010
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Expenses
Research and
development $ 27,826 $ 39,936 $ 2,063 $ 10,337
General and
administrative 253,097 299,590 134,920 76,888
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280,923 339,526 136,983 87,225
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Other Income
Interest (453) (793) (113) (256)
Foreign exchange
(gain)/loss 38,793 512 63,990 (17,422)
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38,340 (281) 63,877 (17,678)
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Net loss and total
comprehensive loss for
the period $ (319,263) $ (339,245) $ (200,860) $ (69,547)
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Net loss per share
Basic and diluted $ (0.02) $ (0.03) $ (0.01) $ (0.00)
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Weighted average number
of shares outstanding 19,659,726 13,005,120 19,659,726 18,000,689
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BRADMER PHARMACEUTICALS INC.
Unaudited Condensed Statements of Changes in Shareholders' Equity
Nine month periods ended September 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 13,633,099 1,229,648 -
Share issue costs - (129,718) -
Issuance of warrants - - -
Share-based compensation - - 4,089
Net loss for the period - - -
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Balance, September 30, 2010 19,659,726 $ 2,176,685 $ 1,500,592
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Balance, January 1, 2011 19,659,726 $ 2,176,685 $ 1,500,965
Share-based compensation - - 22,245
Expiry of warrants - - 791,684
Net loss for the period - - -
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Balance, September 30, 2011 19,659,726 $ 2,176,685 $ 2,314,894
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BRADMER PHARMACEUTICALS INC.
Unaudited Condensed Statements of Changes in Shareholders' Equity
Nine month periods ended September 30, 2011 and 2010
(All amounts expressed in United States dollars)
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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 - - 1,229,648
Share issue costs - - (129,718)
Issuance of warrants 30,691 - 30,691
Share-based compensation - - 4,089
Net loss for the period - (339,245) (339,245)
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Balance, September 30, 2010 $ 814,679 $(2,886,066) $ 1,605,890
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Balance, January 1, 2011 $ 814,679 $(3,001,587) $ 1,490,742
Share-based compensation - - 22,245
Expiry of warrants (791,684) - -
Net loss for the period - (319,263) (319,263)
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Balance, September 30, 2011 $ 22,995 $(3,320,850) $ 1,193,724
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BRADMER PHARMACEUTICALS INC.
Unaudited Condensed Statements of Cash Flows
Nine month periods ended September 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 $ (319,263) $ (339,245)
Adjustments for:
Share-based compensation 22,245 4,089
Change in non-cash operating items (227,398) (58,385)
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(524,416) (393,541)
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Financing activities:
Proceeds from issuance of common shares, net of
share issue costs - 1,130,621
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(Decrease)/increase in cash (524,416) 737,080
Cash, beginning of period 1,524,972 860,460
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Cash, end of period $ 1,000,556 $ 1,597,540
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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
1-416-987-6113pvandamme@bradmerpharma.com
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