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' | ||||||||||||||
| shares | Amount | surplus | Income/ (Loss) | Deficit | equity | ||||||||||||
| Balance, January 1, 2015 | 19,659,726 | $ | 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, 2015 | 19,659,726 | $ | 1,812,858 | $ | 2,003,264 | $ | 708,773 | $ | (3,914,847 | ) | $ | 610,048 | |||||
| Balance, January 1, 2016 | 19,659,726 | $ | 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, 2016 | 19,659,726 | $ | 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 | ||||
Contact Information:
Paul Van Damme
Chief Financial Officer
pvandamme@wcmcapital.ca
1.416.847.6905