Bradmer Pharmaceuticals Inc.
TSX VENTURE : BMR.H

Bradmer Pharmaceuticals Inc.

May 26, 2016 14:45 ET

Bradmer Announces First Quarter 2016 Financial Results

TORONTO, ONTARIO--(Marketwired - May 26, 2016) - Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (NEX:BMR.H) today announced its first quarter 2016 financial results.

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, 2016, the Company recorded a net loss of $52,000 or $0.0026 per common share based on the weighted average outstanding shares of 19,659,726 during the three month period, compared to net income of $3,000 or $0.0002 per common share for the quarter ended March 31, 2015 based on the weighted average outstanding shares of 19,659,726.

General and administrative expenses were $26,000 in the three months ended March 31, 2016 compared to $32,000 in the same quarter of the prior year. Major expenses in 2016 consisted of consulting fees of $13,000, transfer agent and regulatory fees of $7,500, directors' and officers' liability insurance premiums of $2,400 and audit fees of $2,200. Major expenses in 2015 consisted of consulting fees of $15,000, legal fees of $9,000, directors' and officers' liability insurance premiums of $3,000 and audit fees of $3,000,

The $26,000 foreign exchange loss in the first quarter of 2016 contrasted with the $35,000 foreign exchange gain in the same quarter of 2015.

Bradmer's operational activities for the three months ended March 31, 2016 were financed by cash on hand. At March 31, 2016, the Company had working capital of $478,000, compared to $500,000 at December 31, 2015. Bradmer had available cash of $493,000 (CDN $640,000) as at March 31, 2016, compared to cash of $521,000 (CDN $721,000) as at December 31, 2015. The $27,000 decrease in cash was due to the $52,000 net loss offset by the $25,000 of foreign currency translation adjustments.

As at May 26 and March 31, 2016, 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.

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.

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)
March 31, December 31,
Note 2015 2014
(Audited)
Assets
Current assets
Cash$493,272$520,758
Amounts receivable 2,217 5,098
Prepaid expenses 8,524 1,268
Total assets$504,013$527,124
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities$25,614$27,039
Shareholders' Equity
Share capital 1,770,258 1,659,105
Contributed surplus 1,956,190 1,833,363
Accumulated other comprehensive income 781,997 985,568
Deficit (4,030,046) (3,977,951)
Total shareholders' equity 478,399 500,085
Total liabilities and shareholders' equity$504,013$527,124
BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Comprehensive Income
For the three months ended March 31
(All amounts expressed in United States dollars)
2016 2015
Expenses
General and administrative$26,448$31,956
Other Income
Interest (29) (38)
Foreign exchange (gain)/loss 25,676 (34,872)
25,647 (34,910)
(Income)/loss for the period 52,095 (2,954)
Other comprehensive (income)/loss 203,571 (294,587)
Comprehensive (income)/loss for the period$255,666$(297,541)
(Income)/loss per share
Basic and diluted$0.0026$(0.0002)
Weighted average number
of shares outstanding 19,659,726 19,659,726
BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Changes in Shareholders' Equity
For the three months ended March 31
(All amounts expressed in United States dollars)
Accumulated
Share capital Other Total
Number of Contributed Comprehensive Shareholders'
sharesAmount surplus Income/ (Loss) Deficit equity
Balance, January 1, 201519,659,726$1,979,314 $2,187,203 $414,186 $(3,917,801)$662,902
Foreign currency translation
adjustment- (166,456) (183,939) 294,587 - (55,808)
Income for the period- - - - 2,954 2,954
Balance, March 31, 201519,659,726$1,812,858 $2,003,264 $708,773 $(3,914,847)$610,048
Balance, January 1, 201619,659,726$1,659,105 $1,833,363 $985,568 $(3,977,951)$500,085
Foreign currency translation
adjustment- 111,153 122,827 (203,571) - 30,409
Income/(loss) for the period- - - - (52,095) (52,095)
Balance, March 31, 201619,659,726$1,770,258 $1,956,190 $781,997 $(4,030,046)$478,399
BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Cash Flows
For the three months ended March 31
(All amounts expressed in United States dollars)
2016 2015
Cash flows from operating activities
(Income)/loss for the period$(52,095)$2,954
Adjustments for:
Foreign currency translation adjustment 24,695 (55,808)
(27,400) (52,854)
Change in non-cash operating items
Amounts receivable 2,882 (3,255)
Prepaid expenses (7,256) (7,953)
Accounts payable and accrued expenses (1,425) (21,430)
(33,199) (85,492)
Effect of exchange rate fluctuations on cash held 5,713 -
Decrease in cash (27,486) (85,492)
Cash at beginning of period 520,758 699,158
Cash at end of period$493,272 $613,666

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