TORONTO, ONTARIO -- (Marketwire) -- 02/26/13 -- Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (TSX VENTURE: BMR.H) today announced its fourth quarter 2012 operational and financial results.
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.
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.
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