Bradmer Pharmaceuticals Inc.
TSX VENTURE : BMR.H
NEX BOARD : BMR.H

Bradmer Pharmaceuticals Inc.

August 08, 2016 14:10 ET

Bradmer Announces Second Quarter 2016 Financial Results

TORONTO, ONTARIO--(Marketwired - Aug. 8, 2016) - Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (NEX:BMR.H) today announced its second 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 June 30, 2016, we recorded a net loss of $42,000 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 $59,000 or $0.003 per common share for the quarter ended June 30, 2015 based on the weighted average outstanding shares of 19,659,726.

General and administrative expenses were $42,000 in the three months ended June 30, 2016 compared to $53,000 in the same quarter of the prior year. Major expenses in 2016 consisted of legal fees of $21,000, consulting fees of $14,000, audit fees of $2,800 and directors' and officers' liability insurance premiums of $2,500. 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.

For the six months ended June 30, 2016, we recorded a net loss of $94,000 or $0.005 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 $56,000 or $0.003 per common share for the six months ended June 30, 2015 based on the weighted average outstanding shares of 19,659,726.

General and administrative expenses were $69,000 in the six months ended June 30, 2016 compared to $85,000 in the same period of the prior year. Major expenses in 2016 consisted of consulting fees of $27,000, legal fees of $21,000, transfer agent and stock exchange listing fees of $9,000 and insurance premiums of $5,000. 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.

Bradmer's operational activities for the six months ended June 30, 2016 were financed by cash on hand. At June 30, 2016, we had working capital of $436,000, compared to $500,000 at December 31, 2015. We had available cash of $455,000 (CDN $592,000) as at June 30, 2016, compared to cash of $521,000 (CDN $721,000) as at December 31, 2015. The $65,400 decrease in cash was due to the $94,000 net loss offset by the $30,000 of foreign currency translation adjustments.

As at August 8 and June 30, 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)
June 30, December 31,
2016 2015
(Audited )
Assets
Current assets
Cash $ 455,404 $ 520,758
Amounts receivable 5,447 5,098
Prepaid expenses 6,071 1,268
Total assets $ 466,922 $ 527,124
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 31,148 $ 27,039
Shareholders' Equity
Share capital 1,765,087 1,659,105
Contributed surplus 1,950,476 1,833,363
Accumulated other comprehensive income 792,228 985,568
Deficit (4,072,017 ) (3,977,951 )
Total shareholders' equity 435,774 500,085
Total liabilities and shareholders' equity $ 466,922 $ 527,124
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
2016 2015 2016 2015
Expenses
General and administrative $ 68,778 $ 84,693 $ 42,330 $ 52,737
(68,778 ) (84,693 ) (42,330 ) (52,737 )
Other Income
Interest 58 70 29 32
Foreign exchange gain/(loss) (25,346 ) 28,720 330 (6,152 )
(25,288 ) 28,790 359 (6,120 )
Loss for the period $ (94,066 ) $ (55,903 ) $ (41,971 ) $ (58,857 )
Other comprehensive income/(loss) (193,340 ) 245,753 10,231 (48,834 )
Comprehensive income/(loss) for the period $ (287,406 ) $ 189,850 $ (31,740 ) $ (107,691 )
Loss per share
Basic and diluted $ 0.005 $ 0.003 $ 0.002 $ 0.003
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/(Loss)

Deficit
Total
Shareholders'
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 - (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
Balance, January 1, 2016 19,659,726 $ 1,659,105 $ 1,833,363 $ 985,568 $ (3,977,951 ) $ 500,085
Foreign currency translation adjustment - 105,982 117,113 (193,340 ) - 29,755
Loss for the period - - - - (94,066 ) (94,066 )
Balance, June 30, 2016 19,659,726 $ 1,765,087 $ 1,950,476 $ 792,228 $ (4,072,017 ) $ 435,774
BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Cash Flows
For the six months ended June 30
(All amounts expressed in United States dollars)
2016 2015
Cash flows from operating activities
(Income)/loss for the period $ (94,066 ) $ (55,903 )
Adjustments for:
Foreign currency translation adjustment 18,367 (45,844 )
(75,699 ) (101,747 )
Change in non-cash operating items
Amounts receivable (349 ) (5,128 )
Prepaid expenses (4,803 ) (5,289 )
Accounts payable and accrued expenses 4,109 (5,358 )
(76,741 ) (117,522 )
Effect of exchange rate fluctuations on cash held 11,387 -
Decrease in cash (65,354 ) (117,522 )
Cash at beginning of period 520,758 699,158
Cash at end of period $ 455,404 $ 581,636

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