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

Bradmer Pharmaceuticals Inc.

October 20, 2015 16:01 ET

Bradmer Announces Third Quarter 2015 Operational and Financial Results

TORONTO, ONTARIO--(Marketwired - Oct. 20, 2015) - Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (NEX:BMR.H) today announced its third quarter 2015 operational and 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 September 30, 2015, we recorded net income of $3,000 or $0.000 per common share based on the weighted average outstanding shares of 19,659,726 during the three month period, compared to net income of $15,000 or $0.001 per common share for the quarter ended September 30, 2014 based on the weighted average outstanding shares of 19,659,726.

Fee income of $23,000 was generated in the third quarter of 2014 from Alpha by Bradmer agreeing to an extension of the deadline from July 15, 2014 to September 5, 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 $25,000 in the three months ended September 30, 2015 compared to $29,000 in the same quarter of the prior year. Major expenses in 2015 consisted of consulting fees of $14,000, legal fees of $4,000, directors' and officers' liability insurance premiums of $3,000 and audit fees of $2,000. In 2014, major expenses included consulting fees of $16,500, audit fees of $6,000, legal fees of $2,000 and directors' and officers' liability insurance premiums of $4,000.

The $28,000 foreign exchange gain in the third quarter of 2015 compared with the $21,000 foreign exchange gain in the same quarter of 2014.

For the nine months ended September 30, 2015, we recorded a net loss of $53,000 or $0.003 per common share based on the weighted average outstanding shares of 19,659,726 during the period, compared to a net loss of $39,000 or $0.002 per common share for the nine months ended September 30, 2014 based on the weighted average outstanding shares of 19,659,726.

Fee income of $69,000 was generated in 2014 from Alpha by agreeing to an extension of the deadline from April 30, 2014 to September 5, 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 $110,000 in the nine months ended September 30, 2015 compared to $130,000 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 $43,000, legal fees of $20,000, insurance premiums of $9,000, audit fees of $8,000 and transfer agent and stock exchange listing fees of $7,000. Major expenses in 2014 consisted of consulting fees of $49,000, legal fees of $51,000, insurance premiums of $11,000, transfer agent and stock exchange listing fees of $8,000 and audit fees of $6,000.

A $56,000 foreign exchange gain in the first nine months of 2015 compared with a $22,000 foreign exchange gain in the prior year period.

Our operational activities for the nine months ended September 30, 2015 were financed by cash on hand. At September 30, 2015, we had working capital of $526,000, compared to $663,000 at December 31, 2014. We had available cash of $548,000 (CDN $731,000) as at September 30, 2015, compared to cash of $699,000 (CDN $811,000) as at December 31, 2014. The decrease in cash was due to the $53,000 net loss, the $84,000 foreign exchange translation adjustment and the $14,000 increase in non-cash working capital.

As of the date hereof and September 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)
September 30, December 31,
2015 2014
Assets
Current assets
Cash $ 547,741 $ 699,158
Amounts receivable 2,517 483
Prepaid expenses 3,945 1,746
Total assets $ 554,203 $ 701,387
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 28,272 $ 38,485
Shareholders' Equity
Share capital 1,720,646 1,979,314
Contributed surplus 1,901,367 2,187,203
Accumulated other comprehensive income 875,043 414,186
Deficit (3,971,125 ) (3,917,801 )
Total shareholders' equity 525,931 662,902
Total liabilities and shareholders' equity $ 554,203 $ 701,387
BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Comprehensive Income
For the three and nine months ended September 30
(All amounts expressed in United States dollars)
Nine Months Ended Three Months Ended
September 30 September 30
2015 2014 2015 2014
Fee income $ - $ 68,531 $ - $ 22,943
Expenses
General and administrative 109,654 129,765 24,961 28,763
(109,654 ) (61,234 ) (24,961 ) (5,820 )
Other Income
Interest 89 140 19 47
Foreign exchange gain 56,241 22,223 27,521 20,648
56,330 22,363 27,540 20,695
Income/(loss) for the period $ (53,324 ) $ (38,871 ) $ 2,579 $ 14,875
Other comprehensive income 460,857 190,226 215,105 177,609
Comprehensive income for the period $ 407,533 $ 151,355 $ 217,684 $ 192,484
Income/(loss) per share
Basic and diluted (Note 9) $ (0.003 ) $ (0.002 ) $ 0.000 $ 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 nine months ended September 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 - (108,716 ) (120,135 ) 190,226 - (38,625 )
Loss for the period - - - - (38,871 ) (38,871 )
Balance, September 30, 2014 19,659,726 $ 2,050,180 $ 2,265,512 $ 288,830 $ (3,897,368 ) $ 707,154
Balance, January 1, 2015 19,659,726 $ 1,979,314 $2,187,203 $ 414,186 $ (3,917,801 ) $ 662,902
Foreign currency translation adjustment - (258,668 ) (285,836 ) 460,857 - (83,647 )
Loss for the period - - - - (53,324 ) (53,324 )
Balance, September 30, 2015 19,659,726 $ 1,720,646 $ 1,901,367 $ 875,043 $ (3,971,125 ) $ 525,931
BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Cash Flows
For the nine months ended September 30
(All amounts expressed in United States dollars)
2015 2014
Cash flows from operating activities
Loss for the period $ (53,324 ) $ (38,871 )
Adjustments for:
Foreign currency translation adjustment (83,647 ) (38,625 )
(136,971 ) (77,496 )
Change in non-cash operating items
Amounts receivable (2,033 ) 6,668
Prepaid expenses (2,200 ) (2,345 )
Accounts payable and accrued expenses (10,213 ) 6,725
Decrease in cash (151,417 ) (66,448 )
Cash at beginning of period 699,158 800,568
Cash at end of period $ 547,741 $ 734,120

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