News Column

Bradmer Announces Fourth Quarter Operational and Financial Results

Feb 26 2013 12:00AM

Marketwire

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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.

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 PositionAs at December 31(All amounts expressed in United States dollars)---------------------------------------------------------------------------- 2012 2011----------------------------------------------------------------------------AssetsCurrent assets Cash $ 990,759 $ 1,192,307 Amounts receivable 2,861 2,951 Prepaid expenses 5,287 7,553----------------------------------------------------------------------------Total assets $ 998,907 $ 1,202,811----------------------------------------------------------------------------Liabilities and Shareholders' EquityCurrent liabilities Accounts payable and accrued liabilities $ 27,440 $ 37,451----------------------------------------------------------------------------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)----------------------------------------------------------------------------Total shareholders' equity 971,467 1,165,360----------------------------------------------------------------------------Total liabilities and shareholders' equity $ 998,907 $ 1,202,811----------------------------------------------------------------------------BRADMER PHARMACEUTICALS INC.Statements of Comprehensive LossFor the years ended December 31, 2012 and 2011(All amounts expressed in United States dollars)---------------------------------------------------------------------------- 2012 2011----------------------------------------------------------------------------Expenses Research and development $ - $ 28,111 General and administrative 209,375 301,059---------------------------------------------------------------------------- 209,375 329,170----------------------------------------------------------------------------Other Income Interest (390) (543) Foreign exchange loss/(gain) 9,765 (13,664)---------------------------------------------------------------------------- 9,375 (14,207)----------------------------------------------------------------------------Loss for the year $ (218,750) $ (314,963)Other comprehensive (loss)/income (80,717) 97,518----------------------------------------------------------------------------Comprehensive loss for the year $ (299,467) $ (217,445)----------------------------------------------------------------------------Loss for the year per shareBasic and diluted $ (0.011) $ (0.016)----------------------------------------------------------------------------Weighted average number of shares outstanding 19,659,726 19,659,726----------------------------------------------------------------------------BRADMER PHARMACEUTICALS INC.Statements of Changes in Shareholders' EquityFor 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 $ 877,233Stock-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 - - -----------------------------------------------------------Balance, December 31,2012 19,659,726 $2,307,972 $ -----------------------------------------------------------BRADMER PHARMACEUTICALS INC.Statements of Changes in Shareholders' EquityFor 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) $ 1,490,742Stock-based compensation 22,246 - - 22,246Expiry of warrants 791,684 - - -Foreign currency translation adjustment (6,544) 97,518 - (32,665)Loss for the year - - (314,963) (314,963)----------------------------------------------------------------------------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) - 24,857Loss for the year - - (218,750) (218,750)----------------------------------------------------------------------------Balance, December 31,2012 $2,550,381 $(156,515) $(3,730,371) $ 971,467----------------------------------------------------------------------------BRADMER PHARMACEUTICALS INC.Statements of Cash FlowsFor the years ended December 31, 2012 and 2011(All amounts expressed in United States dollars)---------------------------------------------------------------------------- 2012 2011----------------------------------------------------------------------------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)---------------------------------------------------------------------------- (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)----------------------------------------------------------------------------Decrease in cash (201,548) (332,665)Cash at beginning of year 1,192,307 1,524,972----------------------------------------------------------------------------Cash at end of year $ 990,759 $ 1,192,307----------------------------------------------------------------------------



NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.



Contacts:
Bradmer Pharmaceuticals Inc.
Paul Van Damme
Chief Financial Officer
1.647.629.0136
pvandamme@bradmerpharma.com





Source: Marketwire


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