Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (TSX VENTURE:BMR.H)
today announced its third quarter 2012 operational and financial results.
Operational Highlights
On December 21, 2011, Bradmer announced that it had entered into a letter of
intent dated December 20, 2011 to complete a business combination with Epic
Production Technologies International Inc. On June 12, 2012 the Company
announced that Epic and Bradmer had agreed to terminate the letter of intent
between the parties.
The directors and officers of Bradmer continue to seek out new opportunities in
the ongoing process of identifying and completing an appropriate business
transaction with a view to creating value for Bradmer and its shareholders.
Financial Results
Amounts in US dollars, unless specified otherwise, and results prepared in
accordance with International Financial Reporting Standards ("IFRS").
For the three months ended September 30, 2012, we recorded a net loss of $77,000
or $0.004 per common share based on the weighted average outstanding shares of
19,659,726 during the three month period, compared to a net loss of $102,000 or
$0.005 per common share for the quarter ended September 30, 2011 based on the
weighted average outstanding shares of 19,659,726.
Research and development expenses totaled $NIL in the three months ended
September 30, 2012, compared to $2,000 in the third quarter of 2011 consisting
of patent and consulting fees of $2,000. These costs were incurred in connection
with the termination of the Duke License Agreement.
General and administrative expenses were $62,000 in the three months ended
September 30, 2012 compared to $135,000 in the same quarter of the prior year.
Major expenses in 2012 consisted of consulting fees of $18,000, directors' and
officers' liability insurance premiums of $15,000, legal fees of $9,000 and
audit fees of $6,000. In 2011, consulting fees were $41,000, legal fees amounted
to $24,000, primarily related to the annual and special meeting of shareholders,
and insurance premiums were $32,000. Stock-based compensation for the award of
stock options in the quarter was $22,000.
The $15,000 foreign exchange loss in 2012 contrasted with the $35,000 foreign
exchange gain in 2011.
For the nine months ended September 30, 2012, we recorded a net loss of $186,000
or $0.009 per common share based on the weighted average outstanding shares of
19,659,726 during the nine month period, compared to a net loss of $257,000 or
$0.013 per common share for the nine months ended September 30, 2011 based on
the same weighted average outstanding shares. The reduced loss in 2012 is
attributable to the $85,000 reduction in general and administrative expenses.
Research and development expenses totaled $NIL in the nine months ended
September 30, 2012, compared to $28,000 in the same period of 2011. 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.
General and administrative expenses were $172,000 in the nine months ended
September 30, 2012 compared to $257,000 in the same period of the prior year.
Major expenses in 2012 consisted of consulting fees of $55,000, insurance
premiums of $44,000, legal fees of $30,000, audit fees of $20,000 and transfer
agent and stock exchange listing fees of $18,000. 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.
The $15,000 foreign exchange loss in 2012 contrasted with the $28,000 foreign
exchange gain in 2011.
Our operational activities for the quarter ended September 30, 2012 were
financed by cash on hand. We had available cash of $1,030,000 at September 30,
2012, compared to cash of $1,192,000 at December 31, 2011. The decrease was due
to the $172,000 operating loss incurred in the period.
As at October 29, 2012, we have 19,659,726 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.
Condensed Interim Statements of Financial Position
As at
(All amounts expressed in United States dollars)
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September 30, December 31,
2012 2011
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Assets
Current assets
Cash $ 1,030,041 $ 1,192,307
Amounts receivable 5,427 2,951
Prepaid expenses 8,941 7,553
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Total assets $ 1,044,409 $ 1,202,811
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Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued expenses $ 28,663 $ 37,451
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Shareholders' Equity
Share capital 2,335,438 2,257,819
Warrants - 23,255
Contributed surplus 2,580,730 2,471,705
Accumulated other comprehensive loss (202,690) (75,798)
Deficit (3,697,732) (3,511,621)
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Total shareholders' equity 1,015,746 1,165,360
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Total liabilities and shareholders'
equity $ 1,044,409 $ 1,202,811
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BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Comprehensive Loss
For the nine months ended September 30, 2012 and 2011
(All amounts expressed in United States dollars)
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Nine Months Ended Three Months Ended
September 30 September 30
2012 2011 2012 2011
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Expenses
Research and
development $ - $ 27,900 $ - $ 2,000
General and
administrative 171,630 257,157 62,370 134,842
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171,630 285,057 62,370 136,842
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Other Income
Interest (314) (453) (113) (113)
Foreign exchange
(gain)/loss 14,795 (27,768) 15,075 (35,104)
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14,481 (28,221) 14,962 (35,217)
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Net loss for the
period $ 186,111 $ 256,836 $ 77,332 $ 101,625
Other comprehensive
loss/(income) 126,892 (49,390) 132,102 (139,673)
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Comprehensive
loss/(income) for
the period $ 313,003 $ 207,446 $ 209,434 $ (38,048)
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Net loss for the
period per share
Basic and diluted $ 0.009 $ 0.013 $ 0.004 $ 0.005
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Weighted average
number of shares
outstanding 19,659,726 19,659,726 19,659,726 19,659,726
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BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Changes in Shareholders' Equity
For the nine months ended September 30, 2012 and 2011
(All amounts expressed in United States dollars)
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Share capital
Number
of Contributed
shares Amount Warrants surplus
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Balance, January 1,
2011 19,659,726 $ 2,319,164 $ 877,233 $ 1,664,319
Stock-based
compensation 22,246
Expiry of warrants - - (783,988) 783,988
Foreign currency
translation
adjustment - (29,778) (61,759) 6,880
Loss for the period - - - -
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Balance, September 30,
2011 19,659,726 $ 2,289,386 $ 31,486 $ 2,477,433
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Balance, January 1,
2012 19,659,726 $ 2,257,819 $ 23,255 $ 2,471,705
Expiry of warrants - - (23,255) 23,255
Foreign currency
translation
adjustment - 77,619 - 85,770
Loss for the period - - - -
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Balance, September 30,
2012 19,659,726 $ 2,335,438 $ - $ 2,580,730
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Accumulated
Other Total
Comprehensive shareholders'
Loss Deficit equity
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Balance, January 1,
2011 $ (173,316) $ (3,196,658) $ 1,490,742
Stock-based
compensation 22,246
Expiry of warrants - - -
Foreign currency
translation
adjustment 49,390 - (35,267)
Loss for the period - (256,835) (256,835)
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Balance, September 30,
2011 $ (123,926) $ (3,453,493) $ 1,220,886
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Balance, January 1,
2012 $ (75,798) $ (3,511,621) $ 1,165,360
Expiry of warrants - - -
Foreign currency
translation
adjustment (126,892) - 36,497
Loss for the period - (186,111) (186,111)
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Balance, September 30,
2012 $ (202,690) $ (3,697,732) $ 1,015,746
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BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Cash Flows
For the nine months ended September 30, 2012 and 2011
(All amounts expressed in United States dollars)
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2012 2011
Cash flows from operating activities
Loss for the period $ (186,111) $ (256,835)
Adjustments for:
Stock-based compensation - 22,246
Foreign exchange loss 36,497 (35,267)
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(149,614) (269,856)
Change in non-cash operating items
Amounts receivable (2,477) (215,078)
Prepaid expenses (1,387) 7,530
Accounts payable and accrued
expenses (8,788) (26,889)
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Decrease in cash (162,266) (504,293)
Cash at beginning of period 1,192,307 1,524,972
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Cash at end of period $ 1,030,041 $ 1,020,679
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FOR FURTHER INFORMATION PLEASE CONTACT:
Bradmer Pharmaceuticals Inc.
Paul Van Damme
Chief Financial Officer
1.647.629.0136
pvandamme@bradmerpharma.com
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