TORONTO, ONTARIO--(Marketwired - Nov. 5, 2013) - Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (TSX VENTURE:BMR.H) today announced its third quarter 2013 operational and financial results.
Operational Highlights
The directors and officers of Bradmer continue to seek out new opportunities in the ongoing process of identifying and completing an appropriate business transaction with a view to creating value for Bradmer and its shareholders. During the last quarter, the Company has been actively involved in ongoing discussions with various parties in connection with potential investment and/or merger opportunities.
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, 2013, we recorded a net loss of $47,000 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 $77,000 or $0.004 per common share for the quarter ended September 30, 2012 based on the weighted average outstanding shares of 19,659,726.
General and administrative expenses were $39,000 in the three months ended September 30, 2013 compared to $62,000 in the same quarter of the prior year. Major expenses in 2013 consisted of consulting fees of $18,000, legal fees of $7,000, audit fees of $4,000 and directors' and officers' liability insurance premiums of $4,000. In 2012, major expenses included consulting fees of $18,000, insurance premiums of $15,000, legal fees of $9,000 and audit fees of $6,000.
The $8,000 foreign exchange gain in the third quarter of 2013 was lower than the $15,000 foreign exchange loss in the same quarter of 2012.
For the nine months ended September 30, 2013, we recorded a net loss of $109,000 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 $186,000 or $0.009 per common share for the nine months ended September 30, 2012 based on the weighted average outstanding shares of 19,659,726.
General and administrative expenses were $126,000 in the nine months ended September 30, 2013 compared to $172,000 in the same period of the prior year. Major expenses in 2013 consisted of consulting fees of $53,000, legal fees of $25,000, insurance premiums of $15,000, audit fees of $13,000 and transfer agent and stock exchange listing fees of 11,000. Major expenses in 2012 consisted of consulting fees of $55,000, insurance premiums of $44,000, legal fees of $30,000, audit fees of $20,000 and transfer agent and stock exchange listing fees of $18,000. Limits on the directors' and officers' liability insurance were reduced from $5,000,000 to $2,000,000 accounting for the reduction in premiums in 2013.
A $17,000 foreign exchange gain in the current nine-month period contrasted with a $15,000 loss in the prior year period.
Our operational activities for the nine months ended September 30, 2013 were financed by cash on hand. At September 30, 2013, we had working capital of $826,000, compared to $971,000 at December 31, 2012. We had available cash of $837,000 at September 30, 2013, compared to cash of $991,000 at December 31, 2012. The decrease was primarily due to the $109,000 operating loss incurred in the first nine months of 2013 and the foreign currency translation adjustments.
As at November 5, 2013 and September 30, 2013, the Company had 19,659,726 common shares and options to purchase 1,950,000 common shares outstanding.
Bradmer Pharmaceuticals Inc.
Paul Van Damme, Chief Financial Officer
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, | ||||||
| 2013 | 2012 | ||||||
| (audited | ) | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 837,316 | $ | 990,759 | |||
| Amounts receivable | 3,652 | 2,861 | |||||
| Prepaid expenses | 5,873 | 5,287 | |||||
| Total assets | $ | 846,841 | $ | 998,907 | |||
| Liabilities and Shareholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued liabilities | $ | 20,149 | $ | 27,440 | |||
| Shareholders' Equity | |||||||
| Share capital | 2,219,979 | 2,307,972 | |||||
| Contributed surplus | 2,453,145 | 2,550,381 | |||||
| Accumulated other comprehensive loss | (7,180 | ) | (156,515 | ) | |||
| Deficit | (3,839,252 | ) | (3,730,371 | ) | |||
| Total shareholders' equity | 826,692 | 971,467 | |||||
| Total liabilities and shareholders' equity | $ | 846,841 | $ | 998,907 | |||
Approved on behalf of the Board:
Dale Boden, Director
Charles Lilly, Director
| BRADMER PHARMACEUTICALS INC. | |||||||||||||
| Condensed Interim Statements of Comprehensive (Income)/Loss | |||||||||||||
| For the nine months ended September 30, 2013 and 2012 | |||||||||||||
| (All amounts expressed in United States dollars) | |||||||||||||
| Nine Months Ended | Three Months Ended | ||||||||||||
| September 30 | September 30 | ||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||
| Expenses | |||||||||||||
| General and administrative | $ | 125,701 | $ | 171,630 | $ | 39,124 | $ | 62,370 | |||||
| 125,701 | 171,630 | 39,124 | 62,370 | ||||||||||
| Other Income | |||||||||||||
| Interest | (56 | ) | (314 | ) | (54 | ) | (113 | ) | |||||
| Foreign exchange (gain)/loss | (16,664 | ) | 14,795 | 7,547 | 15,075 | ||||||||
| (16,820 | ) | 14,481 | 7,493 | 14,962 | |||||||||
| Loss for the period | $ | 108,881 | $ | 186,111 | $ | 46,618 | $ | 77,332 | |||||
| Other comprehensive (income)/loss | (149,335 | ) | 126,892 | 63,052 | 132,102 | ||||||||
| Comprehensive (income)/loss for the period | $ | (40,454 | ) | $313,003 | $ | 109,670 | $ | 209,434 | |||||
| Loss per share | |||||||||||||
| Basic and diluted | $ | 0.006 | $ | 0.009 | $ | 0.002 | $ | 0.004 | |||||
| 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, 2013 and 2012 | |||||||||||||||||||
| (All amounts expressed in United States dollars) | |||||||||||||||||||
| Accumulated | |||||||||||||||||||
| Share capital | Other | Total | |||||||||||||||||
| Number of | Contributed | Comprehensive | Shareholders' | ||||||||||||||||
| shares | Amount | Warrants | surplus | Income/(Loss) | Deficit | equity | |||||||||||||
| Balance, January 1, 2012 | 19,659,726 | $ | 2,257,819 | $ | 23,255 | $ | 2,471,705 | $ | (75,798 | ) | $ | (3,511,621 | ) | $ | 1,165,360 | ||||
| Expiry of warrants | - | - | (23,255 | ) | 23,255 | - | - | - | |||||||||||
| Foreign currency translation adjustment | - | 77,619 | - | 85,770 | (126,892 | ) | - | 36,497 | |||||||||||
| Loss for the period | - | - | - | - | - | (186,111 | ) | (186,111 | ) | ||||||||||
| Balance, September 30, 2012 | 19,659,726 | $ | 2,335,438 | $ | - | $ | 2,580,730 | $ | (202,690 | ) | $ | (3,697,732 | ) | $ | 1,015,746 | ||||
| Balance, January 1, 2013 | 19,659,726 | $ | 2,307,972 | $ | - | $ | 2,550,381 | $ | (156,515 | ) | $ | (3,730,371 | ) | $ | 971,467 | ||||
| Foreign currency translation adjustment | - | (87,993 | ) | - | (97,236 | ) | 149,335 | - | (35,894 | ) | |||||||||
| Loss for the period | - | - | - | - | - | (108,881 | ) | (108,881 | ) | ||||||||||
| Balance, September 30, 2013 | 19,659,726 | $ | 2,219,979 | $ | - | $ | 2,453,145 | $ | (7,180 | ) | $ | (3,839,252 | ) | $ | 826,692 | ||||
| BRADMER PHARMACEUTICALS INC. | ||||||||
| Condensed Interim Statements of Cash Flows | ||||||||
| For the nine months ended September 30, 2013 and 2012 | ||||||||
| (All amounts expressed in United States dollars) | ||||||||
| 2013 | 2012 | |||||||
| Cash flows from operating activities | ||||||||
| Loss for the period | $ | (108,881 | ) | $ | (186,111 | ) | ||
| Adjustments for: | ||||||||
| Foreign exchange (gain)/loss | (35,894 | ) | 36,497 | |||||
| (144,775 | ) | (149,614 | ) | |||||
| Change in non-cash operating items | ||||||||
| Amounts receivable | (791 | ) | (2,477 | ) | ||||
| Prepaid expenses | (586 | ) | (1,387 | ) | ||||
| Accounts payable and accrued expenses | (7,291 | ) | (8,788 | ) | ||||
| Decrease in cash | (153,443 | ) | (162,266 | ) | ||||
| Cash at beginning of period | 990,759 | 1,192,307 | ||||||
| Cash at end of period | $ | 837,316 | $ | 1,030,041 | ||||
Contact Information:
Paul Van Damme
Chief Financial Officer
1.647.629.0136
pvandamme@bradmerpharma.com