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

Bradmer Pharmaceuticals Inc.

August 01, 2017 16:01 ET

Bradmer Announces Second Quarter 2017 Financial Results

TORONTO, ONTARIO--(Marketwired - Aug. 1, 2017) - Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (NEX:BMR.H) today announced its second quarter 2017 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, 2017, the Company recorded a net loss of $40,000 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 $42,000 or $0.002 per common share for the quarter ended June 30, 2016 based on the weighted average outstanding shares of 19,659,726.

General and administrative expenses were $32,000 in the three months ended June 30, 2017 compared to $42,000 in the same quarter of the prior year. Major expenses in 2017 consisted of consulting fees of $13,400, legal fees of $11,700, directors' and officers' liability insurance premiums of $2,300 and audit fees of $2,200. In 2016 major expenses consisted of legal fees of $21,000, consulting fees of $14,000, directors' and officers' liability insurance premiums of $2,500 and audit fees of $2,800.

The $7.700 foreign exchange loss in the first quarter of 2017 compared with a $300 foreign exchange gain in the same quarter of 2016.

For the six months ended June 30, 2017, Bradmer recorded a net loss of $73,000 or $0.004 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 $94,000 or $0.005 per common share for the six months ended June 30, 2016 based on the weighted average outstanding shares of 19,659,726.

General and administrative expenses were $61,000 in the six months ended June 30, 2017 compared to $69,000 in the same period of the prior year. Major expenses in 2017 consisted of consulting fees of $27,000, legal fees of $18,000, audit fees of $5,000 and insurance premiums of $5,000. 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.

A $12,900 foreign exchange loss in the first half of 2017 compared with a $25,300 foreign exchange loss in the prior year period.

Bradmer's operational activities for the six months ended June 30, 2017 were financed by cash on hand. At June 30, 2017, the Company had working capital of $320,000, compared to $382,000 at December 31, 2016. We had available cash of $334,000 (CDN $434,000) as at June 30, 2017, compared to cash of $414,000 as at December 31, 2016. The $80,000 decrease in cash was due to the $73,000 net loss and the $18,000 increase in non-cash working capital, offset by $11,000 of foreign currency adjustments.

As at August 1 and June 30, 2017, 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
2017 2016
Assets
Current assets
Cash$334,263 $413,894
Amounts receivable 3,059 3,413
Prepaid expenses 6,086 1,176
Total assets$343,408 $418,483
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities$23,850 $36,759
Shareholders' Equity
Share capital 1,769,440 1,710,138
Contributed surplus 1,955,285 1,889,755
Accumulated other comprehensive income 781,668 895,332
Deficit (4,186,835) (4,113,501)
Total shareholders' equity 319,558 381,724
Total liabilities and shareholders' equity$343,408 $418,483
BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Comprehensive Income
(All amounts expressed in United States dollars)
Six Months Ended Three Months Ended
June 30 June 30
2017 2016 2017 2016
Expenses
General and administrative$60,520 $68,778 $32,306 $42,330
Other Income
Interest 56 58 29 29
Foreign exchange (loss)/income (12,870) (25,346) (7,705) 330
Loss for the period (73,334) (94,066) (39,982) (41,971)
Other comprehensive (loss)/income (113,664) (193,340) (82,866) 10,231
Comprehensive (loss) for the period$(186,998)$(287,406)$(122,848)$(31,740)
Loss per share
Basic and diluted$0.004 $0.005 $0.002 $0.002
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
Accumulated
Other Total
Number of ContributedComprehensive Shareholders'
sharesAmount surplusIncome/ (Loss) Deficit equity
Balance, January 1, 201619,659,726$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, 201619,659,726$1,765,087$1,950,476$792,228 $(4,072,017)$435,774
Balance, January 1, 201719,659,726$1,710,138$1,889,755$895,332 $(4,113,501)$381,724
Foreign currency translation adjustment
-

59,202

65,530

(113,664

)

-

11,168
Loss for the period- - - - (73,334) (73,334)
Balance, June 30, 201719,659,726$1,769,440$1,955,285$781,668 $(4,186,835)$319,558
BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Cash Flows
For the six months ended June 30
(All amounts expressed in United States dollars)
2017 2016
Cash flows from operating activities
(Loss) for the period$(73,335)$(94,066)
Adjustments for:
Foreign currency translation adjustment 10,892 18.367
(62,442) (75,699)
Change in non-cash operating items
Amounts receivable 354 (349)
Prepaid expenses (4,910) (4,803)
Accounts payable and accrued expenses (12,909) 4,109
(79.907) (76,742)
Effect of exchange rate fluctuations on cash held 276 11,388
Decrease in cash (79,631) (65,354)
Cash at beginning of period 413,894 520,758
Cash at end of period$334,263 $455,404

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