Bradmer Announces Termination of License Agreement With Duke University

TORONTO, ONTARIO--(Marketwire - April 6, 2011) - Bradmer Pharmaceuticals Inc. (TSX VENTURE:BMR.H) ("Bradmer") announced today that its license agreement with Duke University has been terminated. Pursuant to the license agreement, Bradmer licensed certain patent rights relating to a drug, termed Neuradiab®, for the treatment of glioblastoma multiforme, the most common and advanced form of primary brain cancer. Bradmer's Phase III clinical trial for Neuradiab was suspended in March 2009 and Bradmer has not pursued any activities relating to the clinical development of Neuradiab since that date.

Bradmer is continuing to negotiate with P1 Energy Corp. ("P1 Energy") the terms of a definitive agreement in respect of their previously announced business combination (the "Transaction"). Completion of the Transaction remains subject to a number of conditions. For further information concerning P1 Energy and the proposed Transaction, please see Bradmer's news release dated February 9, 2011.

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.