TORONTO, ONTARIO--(Marketwired - Aug. 11, 2015) - Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (NEX:BMR.H) today announced its second quarter 2015 operational and financial results.
Operational Highlights
On June 30, 2015, Bradmer announced that its Letter of Intent with XORTX Pharma Corp. had been terminated.
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 June 30, 2015, we recorded a net loss of $59,000 or $0.003 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 $21,000 or $0.001 per common share for the quarter ended June 30, 2014 based on the weighted average outstanding shares of 19,659,726.
General and administrative expenses were $53,000 in the three months ended June 30, 2015 compared to $52,000 in the same quarter of the prior year. Major expenses in 2015 consisted of a work fee from WCM Capital of $20,000, consulting fees of $14,000, legal fees of $7,000, transfer agent and stock exchange listing fees of $4,000 and directors' and officers' liability insurance premiums of $3,000. In 2014, major expenses included consulting fees of $16,000, legal fees of $23,000, transfer agent and stock exchange listing fees of $7,000 and directors' and officers' liability insurance premiums of $4,000.
The $6,000 foreign exchange loss in the second quarter of 2015 compared with the $15,000 foreign exchange loss in the same quarter of 2014.
For the six months ended June 30, 2015, we recorded a net loss of $56,000 or $0.003 per common share based on the weighted average outstanding shares of 19,659,726 during the six month period, compared to a net loss of $54,000 or $0.003 per common share for the six months ended June 30, 2014 based on the weighted average outstanding shares of 19,659,726.
Fee income of $46,000 was generated in 2014 from Alpha by agreeing to an extension of the deadline from April 30, 2014 to July 15, 2014 to enter into a definitive agreement with respect to the proposed transaction described above under Significant Corporate Events in 2014.
General and administrative expenses were $85,000 in the six months ended June 30, 2015 compared to $101,000 in the same period of the prior year. Major expenses in 2015 consisted of a work fee from WCM Capital of $20,000, consulting fees of $30,000, legal fees of $16,000, transfer agent and stock exchange listing fees of $5,000 and insurance premiums of $6,000. In 2014, expenses included consulting fees of $33,000, legal fees of $49,000, transfer agent and stock exchange listing fees of $8,000 and insurance premiums of $7,000.
A $28,700 foreign exchange gain in the first half of 2015 compared with a $1,600 foreign exchange gain in the prior year period.
Our operational activities for the six months ended June 30, 2015 were financed by cash on hand. At June 30, 2015, we had working capital of $561,000, compared to $663,000 at December 31, 2014. We had available cash of $582,000 (CDN $726,000) at June 30, 2015, compared to cash of $699,000 (CDN $811,000) at December 31, 2014. The decrease in cash was due to the $56,000 net loss, the $46,000 foreign exchange translation adjustment and the $15,000 increase in non-cash working capital.
As of the date hereof and June 30, 2015, 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) |
| June 30, | December 31, | ||||||
| 2015 | 2014 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 581,636 | $ | 699,158 | |||
| Amounts receivable | 5,611 | 483 | |||||
| Prepaid expenses | 7,035 | 1,746 | |||||
| Total assets | $ | 594,282 | $ | 701.387 | |||
| Liabilities and Shareholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued liabilities | $ | 33,127 | $ | 38,485 | |||
| Shareholders' Equity | |||||||
| Share capital | 1,840,790 | 1,979,314 | |||||
| Contributed surplus | 2,034,130 | 2,187,203 | |||||
| Accumulated other comprehensive income | 659,939 | 414,186 | |||||
| Deficit | (3,973,704 | ) | (3,917,801 | ) | |||
| Total shareholders' equity | 561,155 | 662,902 | |||||
| Total liabilities and shareholders' equity | $ | 594,282 | $ | 701,387 | |||
Approved on behalf of the Board:
| "Dale Boden" | "Charles Lilly" |
| Dale Boden, Director | Charles Lilly, Director |
| BRADMER PHARMACEUTICALS INC. |
| Condensed Interim Statements of Comprehensive Income |
| For the three and six months ended June 30 |
| (All amounts expressed in United States dollars) |
| Six Months Ended | Three Months Ended | ||||||||||||
| June 30 | June 30 | ||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||
| Fee income | $ | - | $ | 45,587 | $ | - | $ | 45,587 | |||||
| Expenses | |||||||||||||
| General and administrative | 84,693 | 101,002 | 52,737 | 51,957 | |||||||||
| (84,693 | ) | (55,415 | ) | (52,737 | ) | (6,370 | ) | ||||||
| Other Income | |||||||||||||
| Interest | 70 | 94 | 32 | 47 | |||||||||
| Foreign exchange gain/(loss) | 28,720 | 1,574 | (6,152 | ) | (14,742 | ) | |||||||
| 28,790 | 1,668 | (6,120 | ) | (14,695 | ) | ||||||||
| Loss for the period | $ | (55,903 | ) | $ | (53,747 | ) | $ | (58,857 | ) | $ | (21,065 | ) | |
| Other comprehensive income/(loss) | 245,753 | 12,617 | (48,834 | ) | (129,276 | ) | |||||||
| Comprehensive income/(loss) for the period | $ | 189,850 | $ | (41,130 | ) | $ | (107,691 | ) | $ | (150,341 | ) | ||
| Loss per share | |||||||||||||
| Basic and diluted | $ | 0.003 | $ | 0.003 | $ | 0.003 | $ | 0.001 | |||||
| Weighted average number of shares outstanding | 19,659,726 | 19,659,726 | 19,659,726 | 19,659,726 | |||||||||
| BRADMER PHARMACEUTICALS INC. |
| Condensed Interim Statements of Changes in Shareholders' Equity |
| For the six months ended June 30 |
| (All amounts expressed in United States dollars) |
| Share capital | |||||||||||||||
| Number of shares | Amount | Contributed surplus | Accumulated Other Comprehensive Income | Deficit | Total Shareholders' equity | ||||||||||
| Balance, January 1, 2014 | 19,659,726 | $ | 2,158,896 | $ | 2,385,647 | $ | 98,604 | $ | (3,858,497 | ) | $ | 784,650 | |||
| Foreign currency translation adjustment | - | (8,089 | ) | (8,938 | ) | 12,617 | - | (4,410 | ) | ||||||
| Loss for the period | - | - | - | - | (53,747 | ) | (53,747 | ) | |||||||
| Balance, June 30, 2014 | 19,659,726 | $ | 2,150,807 | $ | 2,376,709 | $ | 111,221 | $ | (3,912,244 | ) | $ | 726,493 | |||
| Balance, January 1, 2015 | 19,659,726 | $ | 1,979,314 | $ | 2,187,203 | $ | 414,186 | $ | (3,917,801 | ) | $ | 662,902 | |||
| Foreign currency translation adjustment | - | (138,524 | ) | (153,073 | ) | 245,753 | - | (45,844 | ) | ||||||
| Loss for the period | - | - | - | - | (55,903 | ) | (55,903 | ) | |||||||
| Balance, June 30, 2015 | 19,659,726 | $ | 1,840,790 | $ | 2,034,130 | $ | 659,939 | $ | (3,973,704 | ) | $ | 561,155 | |||
| BRADMER PHARMACEUTICALS INC. |
| Condensed Interim Statements of Cash Flows |
| For the six months ended June 30 |
| (All amounts expressed in United States dollars) |
| 2015 | 2014 | |||||||
| Cash flows from operating activities | ||||||||
| Loss for the period | $ | (55,903 | ) | $ | (53,747 | ) | ||
| Adjustments for: | ||||||||
| Foreign currency translation adjustment | (45,844 | ) | (4,410 | ) | ||||
| (101,747 | ) | (58,157 | ) | |||||
| Change in non-cash operating items | ||||||||
| Amounts receivable | (5,128 | ) | 6,668 | |||||
| Prepaid expenses | (5,289 | ) | (6,405 | ) | ||||
| Accounts payable and accrued expenses | (5,358 | ) | 8,997 | |||||
| Decrease in cash | (117,522 | ) | (48,897 | ) | ||||
| Cash at beginning of period | 699,158 | 800,568 | ||||||
| Cash at end of period | $ | 581,636 | $ | 751,671 | ||||
Contact Information:
Paul Van Damme
Chief Financial Officer
1.416.847.6905
pvandamme@wcmcapital.ca