Welcome!

News Feed Item

Bradmer Announces Fourth Quarter and 2013 Operational and Financial Results

TORONTO, ONTARIO -- (Marketwired) -- 03/07/14 -- Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (TSX VENTURE: BMR.H) today announced its fourth quarter and full year 2013 operational and financial results.

Operational Highlights

On February 19, 2014, the Company announced that it had entered into a letter of intent with Alpha Cancer Technologies Inc. ("Alpha") to complete a going-public transaction for Alpha (the "Proposed Transaction"). Alpha is a pre-clinical biopharmaceutical company with a targeted chemotherapy delivery platform focused on the global oncology market. Alpha holds the exclusive worldwide rights to recombinant human Alpha Fetoprotein (AFP), a shuttle protein that targets AFP receptors found almost exclusively on most solid and liquid cancer cells.

In conjunction with, and prior to the closing of the Proposed Transaction, Alpha intends to complete a private placement of Alpha Shares, 10% convertible notes, subscription receipts and/or other securities convertible into Alpha Shares for aggregate gross proceeds of between $7,000,000 and $10,000,000 (the "Private Placement"), at an offering price or conversion price, as applicable, of $0.50 per Alpha Share. Euro Pacific Canada, Inc. has been engaged by Alpha to act as agent for part of the Private Placement. Any convertible securities of Alpha issued pursuant to the Private Placement will be converted to Alpha Shares immediately prior to the completion of the Amalgamation with Bradmer. The pricing of the Private Placement reflects a pre-money enterprise value for Alpha of approximately $25,000,000.

For the purposes of the Proposed Transaction, the deemed value of each outstanding Bradmer Share will be $0.0632 (on a pre-Amalgamation basis).

Financial Results

Amounts in US dollars, unless specified otherwise, and results prepared in accordance with International Financial Reporting Standards ("IFRS").

For the year ended December 31, 2013, we recorded a net loss of $128,000 or $0.007 per common share based on the weighted average outstanding shares of 19,659,726 during the year, compared to a net loss of $219,000 or $0.011 per common share for the year ended December 31, 2012 based on the weighted average outstanding shares of 19,659,726. The reduced loss in 2013 is attributable to the $52,000 reduction in general and administrative expenses and the $29,000 foreign exchange gain in 2013 compared with the $10,000 foreign exchange loss in 2012.

General and administrative expenses were $157,000 in the year ended December 31, 2013 compared to $209,000 in the prior year.

Major expenses in 2013 consisted of consulting fees of $70,000, legal fees of $26,000, insurance premiums of $19,000, audit fees of $17,000 and transfer agent and stock exchange listing fees of $13,000. Major expenses in 2012 consisted of consulting fees of $72,000, insurance premiums of $57,000, legal fees of $30,000, audit fees of $20,000 and transfer agent and stock exchange listing fees of $19,000. Limits on the directors' and officers' liability insurance were reduced from $5,000,000 to $2,000,000 accounting for the substantial reduction in premiums in 2013.

Fourth Quarter Results

The major reason for the decrease in the loss for the fourth quarter of 2013 to $19,000 from the loss in the third quarter of 2013 of $47,000 was the foreign exchange gain of $12,000 compared to the foreign exchange loss of $7,500 in the previous quarter. General and administrative expenses also declined quarter over quarter from $39,000 to $31,000.

Sources and Uses of Cash

Our operational activities for the year ended December 31, 2013 were financed by cash on hand. At December 31, 2013, we had working capital of $785,000, compared to $971,000 at December 31, 2012. We had available cash of $801,000 at December 31, 2013, compared to cash of $991,000 at December 31, 2012. The decrease was primarily due to the $128,000 operating loss incurred in 2013 and the foreign currency translation adjustments of $59,000.

As at March 7, 2014 and December 31, 2013, 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.
Statements of Financial Position
As at December 31
(All amounts expressed in United States dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                         2013          2012
----------------------------------------------------------------------------

Assets

Current assets
  Cash                                           $    800,568  $    990,759
  Amounts receivable                                    6,668         2,861
  Prepaid expenses                                      3,079         5,287
----------------------------------------------------------------------------

Total assets                                     $    810,315  $    998,907
----------------------------------------------------------------------------

Liabilities and Shareholders' Equity

Current liabilities
  Accounts payable and accrued liabilities       $     25,665  $     27,440
----------------------------------------------------------------------------

Shareholders' Equity
  Share capital                                     2,158,896     2,307,972
  Contributed surplus                               2,385,647     2,550,381
  Accumulated other comprehensive income/(loss)        98,604      (156,515)
  Deficit                                          (3,858,497)   (3,730,371)
----------------------------------------------------------------------------

Total shareholders' equity                            784,650       971,467
----------------------------------------------------------------------------
Total liabilities and shareholders' equity       $    810,315  $    998,907

BRADMER PHARMACEUTICALS INC.
Statements of Comprehensive Income/(Loss)
For the years ended December 31, 2013 and 2012
(All amounts expressed in United States dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                          2013         2012
----------------------------------------------------------------------------

Expenses
  General and administrative                       $   157,163  $   209,375
----------------------------------------------------------------------------

Other Income
  Interest                                                (203)        (390)
  Foreign exchange (gain)/loss                         (28,834)       9,765
----------------------------------------------------------------------------

                                                       (29,037)       9,375
----------------------------------------------------------------------------

Loss for the year                                  $  (128,126) $  (218,750)

Other comprehensive income/(loss)                      255,119      (80,717)
----------------------------------------------------------------------------

Comprehensive income/(loss) for the year           $   126,993  $  (299,467)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Loss per share
Basic and diluted                                  $    (0.007) $    (0.011)
----------------------------------------------------------------------------

Weighted average number of shares outstanding       19,659,726   19,659,726
----------------------------------------------------------------------------

BRADMER PHARMACEUTICALS INC.
Statements of Changes in Shareholders' Equity
For the years ended December 31, 2013 and 2012
(All amounts expressed in United States dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                          Share capital
                          Number                                Contributed
                       of shares        Amount       Warrants       surplus
----------------------------------------------------------------------------

Balance, January
 1, 2012              19,659,726  $  2,257,819  $      23,255  $  2,471,705

Expiry of
 warrants                      -             -        (23,255)       23,255

Foreign currency
 translation
 adjustment                    -        50,153              -        55,421

Loss for the year              -             -              -             -
----------------------------------------------------------------------------

Balance, December
 31, 2012             19,659,726  $  2,307,972  $           -  $  2,550,381

Foreign currency
 translation
 adjustment                    -      (149,076)             -      (164,734)

Loss for the year              -             -              -             -
----------------------------------------------------------------------------

Balance, December
 31, 2013             19,659,726  $  2,158,896  $           -  $  2,385,647
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                     Accumulated
                           Other                        Total
                   Comprehensive                Shareholders'
                  Income/ (Loss)       Deficit         equity
--------------------------------------------------------------

Balance, January
 1, 2012          $      (75,798) $ (3,511,621) $   1,165,360

Expiry of
 warrants                      -             -              -

Foreign currency
 translation
 adjustment              (80,717)            -         24,857

Loss for the year              -      (218,750)      (218,750)
--------------------------------------------------------------

Balance, December
 31, 2012         $     (156,515) $ (3,730,371) $     971,467

Foreign currency
 translation
 adjustment              255,119             -        (58,691)

Loss for the year              -      (128,126)      (128,126)
--------------------------------------------------------------

Balance, December
 31, 2013         $       98,604  $ (3,858,497) $     784,650
--------------------------------------------------------------
--------------------------------------------------------------

BRADMER PHARMACEUTICALS INC.
Statements of Cash Flows
For the years ended December 31, 2013 and 2012
(All amounts expressed in United States dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                          2013         2012
----------------------------------------------------------------------------

Cash flows from operating activities
  Loss for the year                                $  (128,126) $  (218,750)
  Adjustments for:
    Foreign currency translation adjustment            (58,691)      24,857
----------------------------------------------------------------------------

                                                      (186,817)    (193,893)
  Change in non-cash operating items
    Amounts receivable                                  (3,807)          90
    Prepaid expenses                                     2,208        2,266
    Accounts payable and accrued expenses               (1,775)     (10,011)
----------------------------------------------------------------------------

Decrease in cash                                      (190,191)    (201,548)

Cash at beginning of year                              990,759    1,192,307
----------------------------------------------------------------------------

Cash at end of year                                $   800,568  $   990,759
----------------------------------------------------------------------------

Contacts:
Bradmer Pharmaceuticals Inc.
Paul Van Damme
Chief Financial Officer
1.416.847.6905
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, added the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor analytic...
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
Michael Maximilien, better known as max or Dr. Max, is a computer scientist with IBM. At IBM Research Triangle Park, he was a principal engineer for the worldwide industry point-of-sale standard: JavaPOS. At IBM Research, some highlights include pioneering research on semantic Web services, mashups, and cloud computing, and platform-as-a-service. He joined the IBM Cloud Labs in 2014 and works closely with Pivotal Inc., to help make the Cloud Found the best PaaS.
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
In a world where the internet rules all, where 94% of business buyers conduct online research, and where e-commerce sales are poised to fall between $427 billion and $443 billion by the end of this year, we think it's safe to say that your website is a vital part of your business strategy. Whether you're a B2B company, a local business, or an e-commerce site, digital presence is key to maintain in your drive towards success. Digital Performance will take priority in 2018 for the following reason...
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
I think DevOps is now a rambunctious teenager - it's starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.