Bradmer Pharmaceuticals Inc. (TSX VENTURE:BMR.H) ("Bradmer" or the "Company")
today announced its fourth quarter and fiscal year 2011 operational and
financial results.
Operational Highlights
On December 21, 2011, Bradmer announced that it had entered into a letter of
intent to complete a business combination (the "Proposed Transaction") with Epic
Production Technologies International Inc. ("Epic"). The Proposed Transaction
will be effected by way of a three-cornered amalgamation, share exchange or
similar transaction between Bradmer and Epic (the resulting entity of the
Transaction being referred to as the "Resulting Issuer"). It is anticipated that
the Resulting Issuer will be named "Epic Production Technologies International
Inc.". The Proposed Transaction is an arm's length transaction and will
constitute a reverse take-over and change of business under applicable policies
of the TSX Venture Exchange (the "TSX-V").
Financial Results
Amounts in US dollars, unless specified otherwise, and results prepared in
accordance with International Financial Reporting Standards ("IFRS").
For the year ended December 31, 2011, the Company recorded a net loss of
$315,000 or $0.02 per common share based on the weighted average outstanding
shares of 19,659,726 during the year, compared to a net loss of $524,000 or
$0.04 per common share for the year ended December 31, 2010 based on the
weighted average outstanding shares of 14,682,445. The reduced loss in 2011 is
attributable to the reductions in general and administrative expenses and
research and development expenses of $83,000 and $82,000 respectively.
Research and development expenses totaled $28,000 in the year ended December 31,
2011, compared to $110,000 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 maintenance and related legal fees of $80,000 and drug storage costs.
General and administrative expenses were $301,000 in 2011 compared to $384,000
in the prior year. In 2011, legal fees amounted to $211,000, of which $154,000
was incurred in connection with the P1 Energy transaction. The recovery of P1
Energy transaction costs partially offset these expenses. Other major expenses
included consulting fees of $90,000, insurance premiums of $61,000, stock-based
compensation of $22,000 and stock exchange listing fees of $13,000. Major
expenses in 2010 consisted of consulting fees of $143,000, legal fees of $69,000
and insurance premiums of $60,000.
The $14,000 foreign exchange gain in 2011 compared with a $30,000 foreign
exchange loss in 2010.
Fourth Quarter Results
The net income of $4,000 in the fourth quarter of 2011 compared to the loss of
$201,000 in the third quarter of 2011 occurred because of third quarter
consulting fees of $41,000, legal fees of $24,000, primarily related to the
annual and special meeting of shareholders, and directors' and officers'
liability insurance of $32,000. Stock-based compensation for the award of stock
options in the third quarter was $22,000. In the fourth quarter of 2011, the
foreign exchange gain of $52,000 exceeded the general and administrative
expenses of $48,000 which resulted in net income for the quarter.
Bradmer's operational activities for the year ended December 31, 2011 were
financed by cash on hand. At December 31, 2011, the Company had working capital
of $1,165,000, as compared to $1,491,000 at December 31, 2010. Bradmer had
available cash of $1,192,000 at December 31, 2011, compared to cash of
$1,525,000 at December 31, 2010.
As at March 9, 2012, 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.
Statements of Financial Position
As at
(All amounts expressed in United States dollars)
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December 31, December 31, January 1,
2011 2010 2010
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Assets
Current assets
Cash $ 1,192,307 $ 1,524,972 $ 860,460
Amounts receivable 2,951 10,169 1,944
Prepaid expenses 7,553 7,530 14,246
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Total assets $ 1,202,811 $ 1,542,671 $ 876,650
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Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued
expenses $ 37,451 $ 51,929 $ 66,225
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Shareholders' Equity
Share capital 2,257,819 2,319,164 1,113,492
Warrants 23,255 877,233 799,702
Contributed surplus 2,471,705 1,664,319 1,570,113
Accumulated other comprehensive loss (75,798) (173,316) -
Deficit (3,511,621) (3,196,658) (2,672,882)
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Total shareholders' equity 1,165,360 1,490,742 810,425
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Total liabilities and shareholders'
equity $ 1,202,811 $ 1,542,671 $ 876,650
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Approved on behalf of the Board:
"Alan M. Ezrin" "Charles Lilly"
Alan M. Ezrin, Director Charles Lilly, Director
BRADMER PHARMACEUTICALS INC.
Statements of Comprehensive Loss
For the year ended December 31
(All amounts expressed in United States dollars)
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2011 2010
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Expenses
Research and development $ 28,111 $ 110,246
General and administrative 301,059 384,279
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329,170 494,525
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Other Income
Interest (543) (1,018)
Foreign exchange (gain) loss (13,664) 30,269
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(14,207) 29,251
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Loss for the year $ (314,963) $ (523,776)
Other comprehensive income (loss) 97,518 (173,316)
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Comprehensive loss for the year $ (217,445) $ (697,092)
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Loss per share
Basic and diluted $ (0.016) $ (0.036)
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Weighted average number of shares outstanding 19,659,726 14,682,445
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BRADMER PHARMACEUTICALS INC.
Statements of Changes in Shareholders' Equity
For the year ended December 31
(All amounts expressed in United States dollars)
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Share capital
-------------------------
Number of
shares Amount Warrants
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Balance, January 1,
2010 6,026,627 $ 1,113,492 $ 799,702
Issuance of shares 13,633,099 1,260,339 -
Share issue costs - (129,718) -
Value ascribed to
agents' warrants - (30,691) 30,691
Share-based
compensation - - -
Foreign currency
translation
adjustment - 105,742 46,840
Loss for the year - - -
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Balance, December
31, 2010
(Note 16) 19,659,726 $ 2,319,164 $ 877,233
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Share-based
compensation - - -
Expiry of warrants - - (791,684)
Foreign currency
translation
adjustment - (61,345) (62,294)
Loss for the year - - -
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Balance, December
31, 2011 19,659,726 $ 2,257,819 $ 23,255
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BRADMER PHARMACEUTICALS INC.
Statements of Changes in Shareholders' Equity
For the year ended December 31
(All amounts expressed in United States dollars)
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Accumulated
Other Total
Contributed Comprehensive shareholders'
surplus Loss Deficit equity
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Balance, January 1,
2010 $ 1,570,113 $ - $ (2,672,882) $ 810,425
Issuance of shares - - - 1,260,339
Share issue costs - - - (129,718)
Value ascribed to
agents' warrants - - - -
Share-based
compensation 4,462 - - 4,462
Foreign currency
translation
adjustment 89,744 (173,316) - 69,010
Loss for the year - - (523,776) (523,776)
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Balance, December
31, 2010
(Note 16) $ 1,664,319 $ (173,316) $ (3,196,658) $ 1,490,742
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Share-based
compensation 22,246 - - 22,246
Expiry of warrants 791,684 - - -
Foreign currency
translation
adjustment (6,544) 97,518 - (32,665)
Loss for the year - - (314,963) (314,963)
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Balance, December
31, 2011 $ 2,471,705 $ (75,798) $ (3,511,621) $ 1,165,360
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BRADMER PHARMACEUTICALS INC.
Statements of Cash Flows
For the year ended December 31
(All amounts expressed in United States dollars)
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2011 2010
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Cash flows from operating activities
Loss for the year $ (314,963) $ (523,776)
Adjustments for:
Share-based compensation 22,246 4,462
Foreign exchange (gain) loss (32,665) 69,010
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(325,382) (450,304)
Change in non-cash operating items
Amounts receivable 7,218 (8,225)
Prepaid expenses (23) 6,716
Accounts payable and accrued expenses (14,478) (14,296)
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(332,665) (466,109)
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Cash flows from financing activities
Proceeds from issuance of common shares, net of
share issue costs - 1,130,621
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(Decrease) increase in cash (332,665) 664,512
Cash at beginning of year 1,524,972 860,460
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Cash at end of year $ 1,192,307 $ 1,524,972
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