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
pvandamme@bradmerpharma.com

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
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
SYS-CON Events announced today that SD Times | BZ Media has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and commercial UAV markets.
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership abi...