Bradmer Pharmaceuticals Inc.
TSX VENTURE : BMR.H

Bradmer Pharmaceuticals Inc.

May 06, 2013 16:04 ET

Bradmer Announces First Quarter Operational and Financial Results

TORONTO, ONTARIO--(Marketwired - May 6, 2013) - 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)
March 31, December 31,
2013 2012
(audited )
Assets
Current assets
Cash $ 932,576 $ 990,759
Amounts receivable 5,549 2,861
Prepaid expenses 13,952 5,287
Total assets $ 952,077 $ 998,907
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 35,460 $ 27,440
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 )
Total shareholders' equity 916,617 971,467
Total liabilities and shareholders' equity $ 952,077 $ 998,907
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)
2013 2012
Expenses
General and administrative 44,034 62,247
44,034 62,247
Other Income
Interest (51 ) (92 )
Foreign exchange (gain)/loss (9,054 ) 8,621
(9,105 ) 8,529
Loss for the period $ (34,929 ) $ (70,776 )
Other comprehensive income/(loss) 80,976 (70,378 )
Comprehensive income/(loss) for the period $ 46,047 $ (141,154 )
Loss for the period per share
Basic and diluted $ (0.002 ) $ (0.004 )
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, 2013 and 2012
(All amounts expressed in United States dollars)
Share capital
Number of shares Amount Warrants Contributed surplus Accumulated Other Comprehensive Loss Deficit Total shareholders' equity
Balance, January 1, 2012 19,659,726 $ 2,257,819 $ 23,255 $ 2,471,705 $ (75,798 ) $ (3,511,621 ) $ 1,165,360
Expiry of warrants - - (23,255 ) 23,255 - - -
Foreign currency translation adjustment - 44,138 - 48,773 (70,378 ) - 22,533
Loss for the period - - - - - (70,776 ) (70,776 )
Balance, March 31, 2012 19,659,726 $ 2,301,957 $ - $ 2,543,733 $ (146,176 ) $ (3,582,397 ) $ 1,117,117
Balance, January 1, 2013 19,659,726 $ 2,307,972 $ - $ 2,550,381 $ (156,515 ) $ (3,730,371 ) $ 971,467
Foreign currency translation adjustment - (47,931 ) - (52,966 ) 80,976 - (19,921 )
Loss for the period - - - - - (34,929 ) (34,929 )
Balance, March 31, 2013 19,659,726 $ 2,260,041 $ - $ 2,497,415 $ (75,539 ) $ (3,765,300 ) $ 916,617
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)
2013 2012
Cash flows from operating activities
Loss for the period $ (34,929 ) $ (70,776 )
Adjustments for:
Foreign exchange (gain)/loss (19,921 ) 22,533
(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
Decrease in cash (58,183 ) (20,975 )
Cash at beginning of period 990,759 1,192,307
Cash at end of period $ 932,576 $ 1,171,332

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