Bradmer Pharmaceuticals Inc. (TSX VENTURE:BMR.H) ("Bradmer" or the "Company")
today announced its first quarter 2013 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 three months ended March 31, 2013, we recorded a net loss of $35,000 or
$0.002 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 $71,000 or
$0.004 per common share for the quarter ended March 31, 2012 based on the
weighted average outstanding shares of 19,659,726.
General and administrative expenses were $44,000 in the three months ended March
31, 2013 compared to $62,000 in the same quarter of the prior year. Major
expenses in 2013 consisted of consulting fees of $18,000, transfer agent and
stock exchange listing fees of $8,000 and directors' and officers' liability
insurance premiums of $7,000. In 2012, major expenses included consulting fees
of $19,000, insurance premiums of $15,000 and transfer agent and stock exchange
listing fees of $13,000.
The $9,000 foreign exchange gain in the first quarter of 2013 contrasted with
the $9,000 foreign exchange loss in the same quarter of 2012.
First Quarter Results
There was virtually no change in the loss for the first quarter of 2013 of
$37,000 and the loss for the fourth quarter of 2012 of $35,000. Limits on the
directors' and officers' liability insurance were reduced from $5,000,000 to
$2,000,000 resulting in a $3,000 reduction in premiums in the last half of the
first quarter.
Bradmer's operational activities for the three months ended March 31, 2013 were
financed by cash on hand. At March 31, 2013, the Company had working capital of
$917,000, compared to $971,000 at December 31, 2012 and available cash of
$933,000 at March 31, 2013, compared to cash of $991,000 at December 31, 2012.
The decrease was primarily due to the $35,000 operating loss incurred in the
quarter.
As at May 6, 2013 and March 31, 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.
Condensed Interim Statements of Financial Position
As at
(All amounts expressed in United States dollars)
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March 31, December 31,
2013 2012
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(audited)
Assets
Current assets
Cash $ 932,576 $ 990,759
Amounts receivable 5,549 2,861
Prepaid expenses 13,952 5,287
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Total assets $ 952,077 $ 998,907
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Liabilities and
Shareholders' Equity
Current liabilities
Accounts payable and
accrued liabilities $ 35,460 $ 27,440
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Shareholders' Equity
Share capital 2,260,041 2,307,972
Contributed surplus 2,497,415 2,550,381
Accumulated other
comprehensive loss (75,549) (156,515)
Deficit (3,765,300) (3,730,371)
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Total shareholders' equity 916,617 971,467
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Total liabilities and
shareholders' equity $ 952,077 $ 998,907
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BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Comprehensive Loss
For the three months ended March 31, 2013 and 2012
(All amounts expressed in United States dollars)
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2013 2012
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Expenses
General and
administrative 44,034 62,247
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44,034 62,247
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Other Income
Interest (51) (92)
Foreign exchange
(gain)/loss (9,054) 8,621
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(9,105) 8,529
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Loss for the period $ (34,929) $ (70,776)
Other comprehensive
income/(loss) 80,976 (70,378)
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Comprehensive income/(loss)
for the period $ 46,047 $ (141,154)
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Loss for the period per
share
Basic and diluted $ (0.002) $ (0.004)
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Weighted average number of
shares outstanding 19,659,726 19,659,726
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BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Changes in Shareholders' Equity
For the three months ended March 31, 2013 and 2012
(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,
2012 19,659,726 $ 2,257,819 $ 23,255 $ 2,471,705
Expiry of warrants - - (23,255) 23,255
Foreign currency
translation
adjustment - 44,138 - 48,773
Loss for the period - - - -
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Balance, March 31,
2012 19,659,726 $ 2,301,957 $ - $ 2,543,733
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Balance, January 1,
2013 19,659,726 $ 2,307,972 $ - $ 2,550,381
Foreign currency
translation
adjustment - (47,931) - (52,966)
Loss for the period - - - -
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Balance, March 31,
2013 19,659,726 $ 2,260,041 $ - $ 2,497,415
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BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Changes in Shareholders' Equity
For the three months ended March 31, 2013 and 2012
(All amounts expressed in United States dollars)
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Total
Accumulated Other shareholders'
Comprehensive Loss Deficit equity
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Balance, January 1,
2012 $ (75,798) $ (3,511,621) $ 1,165,360
Expiry of warrants - - -
Foreign currency
translation
adjustment (70,378) - 22,533
Loss for the period - (70,776) (70,776)
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Balance, March 31,
2012 $ (146,176) $ (3,582,397) $ 1,117,117
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Balance, January 1,
2013 $ (156,515) $ (3,730,371) $ 971,467
Foreign currency
translation
adjustment 80,976 - (19,921)
Loss for the period - (34,929) (34,929)
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Balance, March 31,
2013 $ (75,539) $ (3,765,300) $ 916,617
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BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Cash Flows
For the three months ended March 31, 2013 and 2012
(All amounts expressed in United States dollars)
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2013 2012
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Cash flows from operating
activities
Loss for the period $ (34,929) $ (70,776)
Adjustments for:
Foreign exchange (gain)/loss (19,921) 22,533
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(54,850) (48,243)
Change in non-cash operating
items
Amounts receivable (2,688) (4,359)
Prepaid expenses (8,665) 27
Accounts payable and accrued
expenses 8,020 31,600
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Decrease in cash (58,183) (20,975)
Cash at beginning of period 990,759 1,192,307
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Cash at end of period $ 932,576 $ 1,171,332
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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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