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
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
As hybrid cloud becomes the de-facto standard mode of operation for most enterprises, new challenges arise on how to efficiently and economically share data across environments. In his session at 21st Cloud Expo, Dr. Allon Cohen, VP of Product at Elastifile, will explore new techniques and best practices that help enterprise IT benefit from the advantages of hybrid cloud environments by enabling data availability for both legacy enterprise and cloud-native mission critical applications. By rev...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
Organizations do not need a Big Data strategy; they need a business strategy that incorporates Big Data. Most organizations lack a road map for using Big Data to optimize key business processes, deliver a differentiated customer experience, or uncover new business opportunities. They do not understand what’s possible with respect to integrating Big Data into the business model.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, will discuss how they b...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous a...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, will provide a fun and simple way to introduce Machine Leaning to anyone and everyone. Together we will solve a machine learning problem and find an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intellige...
SYS-CON Events announced today that TidalScale, a leading provider of systems and services, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale has been involved in shaping the computing landscape. They've designed, developed and deployed some of the most important and successful systems and services in the history of the computing industry - internet, Ethernet, operating s...
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...