Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (TSX VENTURE:BMR.H)
today announced its fourth quarter 2012 operational and financial results.
Operational Highlights
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.
During the last quarter, the Company has been actively involved in ongoing
discussions with various parties in connection with potential investment and/or
merger opportunities.
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, 2012, we recorded a net loss of $219,000 or
$0.011 per common share based on the weighted average outstanding shares of
19,659,726 during the year, compared to a net loss of $315,000 or $0.016 per
common share for the year ended December 31, 2011 based on the same weighted
average outstanding shares. The reduced loss in 2012 is primarily attributable
to the $92,000 reduction in general and administrative expenses.
Research and development expenses totaled $NIL in the year ended December 31,
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 $209,000 in the year ended December 31,
2012 compared to $301,000 in the same period of the prior year. Major expenses
in 2012 consisted of consulting fees of $72,000, insurance premiums of $57,000,
legal fees of $30,000, audit fees of $20,000 and transfer agent and stock
exchange listing fees of $19,000. In 2011, legal fees amounted to $211,000,
consulting fees were $90,000 and insurance premiums were $61,000. The recovery
of P1 Energy transaction costs partially offset these expenses. Stock-based
compensation was $22,000 and stock exchange listing fees were $13,000.
The $10,000 foreign exchange loss in 2012 contrasted with the $14,000 foreign
exchange gain in 2011.
Fourth Quarter Results
The main reason for the decrease in loss from $77,000 to $33,000 between the
third and fourth quarters of 2012 was the foreign exchange gain of $5,000 in the
fourth quarter compared to the foreign exchange loss of $15,000 in the third
quarter - a change of $20,000. Limits on the directors' and officers' liability
insurance were reduced from $8,000,000 to $5,000,000 resulting in a $2,000
reduction in premiums in the last half of the fourth quarter. Legal fees were
lower by $8,000. Audit fees were $6,000 lower.
The $15,000 foreign exchange loss in 2012 contrasted with the $28,000 foreign
exchange gain in 2011.
Bradmer's operational activities for the year ended December 31, 2012 were
financed by cash on hand. At December 31, 2012, the Company had working capital
of $971,000, compared to $1,165,000 at December 31, 2011. Available cash was
$991,000 at December 31, 2012, compared to cash of $1,192,000 at December 31,
2011. The decrease was due to the $209,000 operating loss incurred in the year.
As at December 31, 2012 and February 26, 2013, the Company had 19,659,726 common
shares and options to purchase 1,950,000 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 December 31
(All amounts expressed in United States dollars)
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2012 2011
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Assets
Current assets
Cash $ 990,759 $ 1,192,307
Amounts receivable 2,861 2,951
Prepaid expenses 5,287 7,553
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Total assets $ 998,907 $ 1,202,811
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Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 27,440 $ 37,451
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Shareholders' Equity
Share capital 2,307,972 2,257,819
Warrants - 23,255
Contributed surplus 2,550,381 2,471,705
Accumulated other comprehensive loss (156,515) (75,798)
Deficit (3,730,371) (3,511,621)
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Total shareholders' equity 971,467 1,165,360
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Total liabilities and shareholders' equity $ 998,907 $ 1,202,811
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BRADMER PHARMACEUTICALS INC.
Statements of Comprehensive Loss
For the years ended December 31, 2012 and 2011
(All amounts expressed in United States dollars)
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2012 2011
----------------------------------------------------------------------------
Expenses
Research and development $ - $ 28,111
General and administrative 209,375 301,059
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209,375 329,170
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Other Income
Interest (390) (543)
Foreign exchange loss/(gain) 9,765 (13,664)
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9,375 (14,207)
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Loss for the year $ (218,750) $ (314,963)
Other comprehensive (loss)/income (80,717) 97,518
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Comprehensive loss for the year $ (299,467) $ (217,445)
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Loss for the year per share
Basic and diluted $ (0.011) $ (0.016)
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Weighted average number of shares outstanding 19,659,726 19,659,726
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BRADMER PHARMACEUTICALS INC.
Statements of Changes in Shareholders' Equity
For the years ended December 31, 2012 and 2011
(All amounts expressed in United States dollars)
----------------------------------------------------------
Share capital
-----------------------
Number of
shares Amount Warrants
----------------------------------------------------------
Balance, January 1, 2011 19,659,726 $2,319,164 $ 877,233
Stock-based compensation - - -
Expiry of warrants - - (791,684)
Foreign currency
translation adjustment - (61,345) (62,294)
Loss for the year - - -
----------------------------------------------------------
Balance, December 31,
2011 19,659,726 $2,257,819 $ 23,255
----------------------------------------------------------
Expiry of warrants - - (23,255)
Foreign currency
translation adjustment - 50,153 -
Loss for the year - - -
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Balance, December 31,
2012 19,659,726 $2,307,972 $ -
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BRADMER PHARMACEUTICALS INC.
Statements of Changes in Shareholders' Equity
For the years ended December 31, 2012 and 2011
(All amounts expressed in United States dollars)
----------------------------------------------------------------------------
Accumul-
ated
Other
Compre- Total
Contributed hensive shareholders'
surplus Loss Deficit equity
----------------------------------------------------------------------------
Balance, January 1, 2011 $1,664,319 $(173,316) $(3,196,658) $ 1,490,742
Stock-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
----------------------------------------------------------------------------
Expiry of warrants 23,255 - - -
Foreign currency
translation adjustment 55,421 (80,717) - 24,857
Loss for the year - - (218,750) (218,750)
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Balance, December 31,
2012 $2,550,381 $(156,515) $(3,730,371) $ 971,467
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BRADMER PHARMACEUTICALS INC.
Statements of Cash Flows
For the years ended December 31, 2012 and 2011
(All amounts expressed in United States dollars)
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2012 2011
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Cash flows from operating activities
Loss for the year $ (218,750) $ (314,963)
Adjustments for:
Stock-based compensation - 22,246
Foreign exchange loss/(gain) 24,857 (32,665)
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(193,893) (325,382)
Change in non-cash operating items
Amounts receivable 90 7,218
Prepaid expenses 2,266 (23)
Accounts payable and accrued expenses (10,011) (14,478)
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Decrease in cash (201,548) (332,665)
Cash at beginning of year 1,192,307 1,524,972
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Cash at end of year $ 990,759 $ 1,192,307
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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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