Bradmer Pharmaceuticals Inc.
TSX VENTURE : BMR.P

Bradmer Pharmaceuticals Inc.

January 10, 2006 09:48 ET

Bradmer Pharmaceuticals Inc. Enters Into Amalgamation Agreement

TORONTO, ONTARIO--(CCNMatthews - Jan. 10, 2006) -

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

Bradmer Pharmaceuticals Inc. (TSX VENTURE:BMR.P) ("Bradmer"), a capital pool company, is pleased to announce that it has entered into an amalgamation agreement dated January 9, 2006 with Blue Devil Pharmaceuticals Inc. ("Blue Devil"). If completed, the amalgamation will constitute Bradmer's qualifying transaction (the "Qualifying Transaction") pursuant to the policies of the TSX Venture Exchange (the "Exchange"). The proposed Qualifying Transaction was originally announced by Bradmer in a detailed press release dated October 4, 2005.

Bradmer is further pleased to advise that a special meeting of the shareholders of Bradmer is scheduled for February 8, 2006. It is anticipated that the management information circular in respect of the shareholders meeting will be available on SEDAR on or prior to January 13, 2006.

Information Concerning Blue Devil

Pursuant to a license agreement with Duke University, a nonprofit educational and research institution organized under the laws of North Carolina, Blue Devil holds the rights to a proprietary treatment developed at Duke University Medical Center for a particularly aggressive form of brain cancer. To date, the treatment has been used in over 160 patients with excellent results and has completed a Phase II clinical trial conducted by researchers at Duke University.

The licensed treatment includes the rights to three issued patents, five patents which are pending in the United States, and other patents filed outside of the United States. To date, over US$60 million has been spent on research and development of the licensed treatment.

The completion of the Qualifying Transaction is subject to a number of conditions, including, but not limited to, acceptance by the Exchange and majority of the minority shareholder approval. The Qualifying Transaction cannot close until the required approvals have been obtained. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular of Bradmer to be prepared in connection with the proposed Qualifying Transaction, any information released or received with respect to the proposed Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Bradmer should be considered to be highly speculative.

The Exchange has in no way passed upon the merits of the proposed Qualifying Transaction and has neither approved nor disapproved the contents of this release.

Contact Information

  • Bradmer Pharmaceuticals Inc.
    Doug Janzen
    Director
    (604) 677-6905
    or
    Blue Devil Pharmaceuticals Inc.
    Dr. Mark Rogers
    Chief Executive Officer
    (646) 339-1776