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

Bradmer Pharmaceuticals Inc.

November 02, 2016 16:06 ET

Bradmer Announces Third Quarter 2016 Financial Results

TORONTO, ONTARIO--(Marketwired - Nov. 2, 2016) - Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (NEX:BMR.H) today announced its third 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 September 30, 2016, we recorded a net loss of $20,000 or $0.001 per common share based on the weighted average outstanding shares of 19,659,726 during the three month period, compared to net income of $3,000 or $0.0001 per common share for the quarter ended September 30, 2015 based on the weighted average outstanding shares of 19,659,726.

General and administrative expenses were $24,000 in the three months ended September 30, 2016 compared to $25,000 in the same quarter of the prior year. Major expenses in 2016 consisted of consulting fees of $14,000, legal fees of $3,100, audit fees of $2,300 and directors' and officers' liability insurance premiums of $2,400. 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.

The $3,000 foreign exchange gain in the third quarter of 2016 compared with the $28,000 foreign exchange gain in the same quarter of 2015.

For the nine months ended September 30, 2016, we recorded a net loss of $114,000 or $0.006 per common share based on the weighted average outstanding shares of 19,659,726 during the nine month period, compared to a net loss of $53,000 or $0.003 per common share for the nine months ended September 30, 2015 based on the weighted average outstanding shares of 19,659,726.

General and administrative expenses were $92,000 in the nine months ended September 30, 2016 compared to $110,000 in the same period of the prior year. Major expenses in 2016 consisted of consulting fees of $41,000, legal fees of $23,000, transfer agent and stock exchange listing fees of $10,000, audit fees of $7,000 and insurance premiums of $7,000. Expenses in 2015 consisted of a work fee from WCM Capital of $20,000, consulting fees of $43,000, legal fees of $20,000, audit fees of $8,000, transfer agent and stock exchange listing fees of $7,000 and insurance premiums of $9,000.

A $22,000 foreign exchange loss in the first nine months of 2016 compared with a $56,000 foreign exchange gain in the prior year period.

Bradmer's operational activities for the nine months ended September 30, 2016 were financed by cash on hand. At September 30, 2016, we had working capital of $412,000, compared to $500,000 at December 31, 2015. We had available cash of $448,000 (CDN $588,000) as at September 30, 2016, compared to cash of $521,000 (CDN $721,000) as at December 31, 2015. The $73,000 decrease in cash was due to the $114,000 net loss offset by $26,000 of foreign currency translation adjustments and $15,000 in working capital changes.

As at November 2 and September 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)

September 30, December 31,
2016 2015
(Audited )
Assets
Current assets
Cash $ 447,939 $ 520,758
Amounts receivable 7,771 5,098
Prepaid expenses 6,612 1,268
Total assets $ 459,322 $ 527,124
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 47,091 $ 27,039
Shareholders' Equity
Share capital 1,750,554 1,659,105
Contributed surplus 1,934,416 1,833,363
Accumulated other comprehensive income 819,699 985,568
Deficit (4,092,438 ) (3,977,951 )
Total shareholders' equity 412,231 500,085
Total liabilities and shareholders' equity $ 459,322 $ 527,124

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
2016 2015 2016 2015
Expenses
General and administrative $ 92,375 $ 109,654 $ 23,597 $ 24,961
(92,375 ) (109,654 ) (23,597 ) (24,961 )
Other Income
Interest 87 89 29 19
Foreign exchange (loss)/gain (22,199 ) 56,241 3,146 27,521
(22,112 ) 56,330 3,175 27,540
(Loss)/income for the period $ (114,487 ) $ (53,324 ) $ (20,422 ) $ 2,579
Other comprehensive (loss)/income (165,869 ) 460,857 27,471 215,105
Comprehensive (loss)/income for the
period $ (280,356 ) $ 407,533 $ 7,050 $ 217,684
(Loss)/income per share
Basic and diluted $ (0.006 ) $ (0.003 ) $ (0.001 ) $ 0.000
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)

Accumulated
Other
Comprehensive
Income/ (Loss)



Deficit

Total
Shareholders'
equity
Share capital
Number of
shares

Amount
Contributed
surplus
Balance, January 1, 2015 19,659,726 $ 1,979,314 $ 2,187,203 $ 414,186 $ (3,917,801 ) $ 662,902
Foreign currency translation
adjustment - (256,668 ) (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 ) $ 523,931
Balance, January 1, 2016 19,659,726 $ 1,659,105 $ 1,833,363 $ 985,568 $ (3,977,951 ) $ 500,085
Foreign currency translation
adjustment - 91,449 101,053 (165,869 ) - 26,633
Loss for the period - - - - (114,487 ) (114,487 )
Balance, September 30, 2016 19,659,726 $ 1,750,554 $ 1,934,416 $ 819,699 $ (4,092,438 ) $ 412,231

BRADMER PHARMACEUTICALS INC.

Condensed Interim Statements of Cash Flows For the nine months ended September 30

(All amounts expressed in United States dollars)

2016 2015
Cash flows from operating activities
Loss for the period $ (114,487 ) $ (53,324 )
Adjustment for:
Foreign currency translation adjustment 20,950 (83,647 )
(93,537 ) (136,971 )
Change in non-cash operating items
Amounts receivable (2,673 ) (2,033 )
Prepaid expenses (2,344 ) (2,200 )
Accounts payable and accrued liabilities 20,052 (10,214 )
(78,502 ) (151,417 )
Effect of exchange rate fluctuations on cash held 5,684 -
Decrease in cash (72,819 ) (151,417 )
Cash at beginning of period 520,758 699,158
Cash at end of period $ 447,939 $ 547,741

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