Click here to close now.




















Welcome!

News Feed Item

Bradmer Announces First Quarter 2014 Operational and Financial Results

TORONTO, ONTARIO -- (Marketwired) -- 05/08/14 -- Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (TSX VENTURE:BMR.H) today announced its first quarter 2014 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. The pricing of the Private Placement reflects a pre-money enterprise value for Alpha of approximately $25,000,000.

The Letter of Intent has been renewed and extended until June 1, 2014. All other terms and conditions of the Agreement remain unchanged.

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 March 31, 2014, we recorded a net loss of $33,000 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 $35,000 or $0.002 per common share for the quarter ended March 31, 2013 based on the weighted average outstanding shares of 19,659,726.

General and administrative expenses were $49,000 in the three months ended March 31, 2014 compared to $44,000 in the same quarter of the prior year. Major expenses in 2014 consisted of consulting fees of $16,000, directors' and officers' liability insurance premiums of $4,000 and legal fees of $26,000. In 2013, major expenses included consulting fees of $18,000, transfer agent and stock exchange listing fees of $8,000, directors' and officers' liability insurance premiums of $7,000 and legal fees of $2,000.

The $16,000 foreign exchange gain in the first quarter of 2014 exceeded the $9,000 foreign exchange gain in the same quarter of 2013.

First Quarter Results

The major reason for the increase in the loss for the first quarter of 2014 to $33,000 from the loss in the fourth quarter of 2013 of $19,000 was the increase in general and administrative expenses from $31,000 to $49,000, due to an increase in legal fees of $24,000 in connection with the proposed Alpha transaction.

Sources and Uses of Cash

Our operational activities for the three month ended March 31, 2014 were financed by cash on hand. At March 31, 2014, we had working capital of $722,000, compared to $784,000 at December 31, 2013. We had available cash of $749,000 at March 31, 2014, compared to cash of $801,000 at December 31, 2013. The decrease was due to the $33,000 operating loss incurred in the first quarter of 2014 and the foreign currency translation adjustments of $29,000.

As at May 6, 2014 and March 31, 2014, 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.                                                
Condensed Interim Statements of Financial Position                          
As at                                                                       
(All amounts expressed in United States dollars)                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                March 31,      December 31, 
                                                     2014              2013 
----------------------------------------------------------------------------
                                                                  (Audited) 
Assets                                                                      
                                                                            
Current assets,                                                             
  Cash                                       $    748,672    $      800,568 
  Amounts receivable                                7,099             6,668 
  Prepaid expenses                                 12,825             3,079 
----------------------------------------------------------------------------
                                                                            
Total assets                                 $    768,596    $      810,315 
----------------------------------------------------------------------------
                                                                            
Liabilities and Shareholders' Equity                                        
Current liabilities                                                         
  Accounts payable and accrued liabilities   $     46,188    $       25,665 
----------------------------------------------------------------------------
                                                                            
Shareholders' Equity,                                                       
  Share capital                                 2,077,447         2,158,896 
  Contributed surplus                           2,295,643         2,385,647 
  Accumulated other comprehensive income          240,497            98,604 
  Deficit                                      (3,891,179)       (3,858,497)
----------------------------------------------------------------------------
                                                                            
Total shareholders' equity                        722,408           784,650 
----------------------------------------------------------------------------
                                                                            
Total liabilities and shareholders' equity   $    768,596    $      810,315 
----------------------------------------------------------------------------

Approved on behalf of the Board:

Dale Boden, Director

Charles Lilly, Director


                                                                            
BRADMER PHARMACEUTICALS INC.                                                
Condensed Interim Statements of Comprehensive Income                        
For the three months ended March 31, 2014 and 2013                          
(All amounts expressed in United States dollars)                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                         2014           2013
----------------------------------------------------------------------------
                                                                            
Expenses                                                                    
  General and administrative                     $     49,045   $     44,034
----------------------------------------------------------------------------
Other Income                                                                
  Interest                                               (47)           (51)
  Foreign exchange gain                              (16,316)        (9,054)
----------------------------------------------------------------------------
                                                     (16,363)        (9,105)
----------------------------------------------------------------------------
Loss for the period                              $   (32,682)   $   (34,929)
Other comprehensive income                            141,893         80,976
----------------------------------------------------------------------------
Comprehensive income for the period              $    109,211   $     46,047
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Loss per share                                                              
Basic and diluted                                $    (0.002)   $    (0.002)
----------------------------------------------------------------------------
Weighted average number of shares outstanding      19,659,726     19,659,726
----------------------------------------------------------------------------
                                                                            
                                                                            
BRADMER PHARMACEUTICALS INC.                                                
Condensed Interim Statements of Changes in Shareholders' Equity             
For the three months ended March 31, 2014 and 2013                          
(All amounts expressed in United States dollars)                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                      
                                                                      
                                    Share capital                     
                            --------------------------                
                              Number of                   Contributed 
                                 shares        Amount         surplus 
----------------------------------------------------------------------
Balance, January 1, 2013     19,659,726   $ 2,307,972   $   2,550,381 
Foreign currency                                                      
 translation                                                          
adjustment                            -       (47,931)        (52,966)
Loss for the period                   -             -               - 
----------------------------------------------------------------------
                                                                      
Balance, March 31, 2013      19,659,726   $ 2,260,041   $   2,497,415 
----------------------------------------------------------------------
                                                                      
Balance, January 1, 2014     19,659,726   $ 2,158,896   $   2,385,647 
Foreign currency                                                      
 translation                                                          
adjustment                            -       (81,449)        (90,004)
Loss for the period                   -             -               - 
----------------------------------------------------------------------
Balance, March 31, 2014      19,659,726   $ 2,077,447   $   2,295,643 
----------------------------------------------------------------------
----------------------------------------------------------------------

                                                                            
                                                                            
                                                                            
                                                                            
                        Accumulated Other                             Total 
                            Comprehensive                     Shareholders' 
                           Income/ (Loss)          Deficit           equity 
----------------------------------------------------------------------------
Balance, January 1, 2013   $     (156,515)   $  (3,730,371)  $      971,467 
Foreign currency                                                            
 translation                                                                
adjustment                         80,976                -          (19,921)
Loss for the period                     -          (34,929)         (34,929)
----------------------------------------------------------------------------
                                                                            
Balance, March 31, 2013    $      (75,539)   $  (3,765,300)  $      916,617 
----------------------------------------------------------------------------
                                                                            
Balance, January 1, 2014   $       98,604    $  (3,858,497)  $      784,650 
Foreign currency                                                            
 translation                                                                
adjustment                        141,893                -          (29,560)
Loss for the period                     -          (32,682)         (32,682)
----------------------------------------------------------------------------
Balance, March 31, 2014    $      240,497    $  (3,891,179)  $      722,408 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
BRADMER PHARMACEUTICALS INC.                                                
Condensed Interim Statements of Cash Flows                                  
For the three months ended March 31, 2014 and 2013                          
(All amounts expressed in United States dollars)                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                       2014            2013 
----------------------------------------------------------------------------
                                                                            
Cash flows from operating activities                                        
  Loss for the period                          $    (32,682)   $    (34,929)
  Adjustments for:                                                          
    Foreign currency translation adjustment         (29,560)        (19,921)
----------------------------------------------------------------------------
                                                    (62,242)        (54,850)
  Change in non-cash operating items                                        
    Amounts receivable                                 (431)         (2,688)
    Prepaid expenses                                 (9,746)         (8,665)
    Accounts payable and accrued expenses            20,523           8,020 
----------------------------------------------------------------------------
Decrease in cash                                    (51,896)        (58,183)
Cash at beginning of period                         800,568         990,759 
----------------------------------------------------------------------------
Cash at end of period                          $    748,672    $    932,576 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Palerra, the cloud security automation company, announced enhanced support for Amazon AWS, allowing IT security and DevOps teams to automate activity and configuration monitoring, anomaly detection, and orchestrated remediation, thereby meeting compliance mandates within complex infrastructure deployments. "Monitoring and threat detection for AWS is a non-trivial task. While Amazon's flexible environment facilitates successful DevOps implementations, it adds another layer, which can become a ...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, S...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
Delphix, the market leader in Data as a Service (DaaS), has been announced winner of the DevOps Solution Award at the prestigious Computing Vendor Excellence Awards in London. The awards celebrate the achievements of the technology vendors and service providers that are leading the field of enterprise IT. Delphix was recognised as the vendor demonstrating the most effective support of DevOps culture for its ability to improve time to market and collaboration between teams.
"Our biggest growth area has been the security services, the managed services - the things that differentiate us in the market that there is no client that's too small and there's no client that's too big," explained Paul Mazzucco, Chief Security Officer at TierPoint, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
The Cloud industry has moved from being more than just being able to provide infrastructure and management services on the Cloud. Enter a new era of Cloud computing where monetization’s services through the Cloud are an essential piece of strategy to feed your organizations bottom-line, your revenue and Profitability. In their session at 16th Cloud Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, discussed how to easily o...
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Sysdig has announced two significant milestones in its mission to bring infrastructure and application monitoring to the world of containers and microservices: a $10.7 million Series A funding led by Accel and Bain Capital Ventures (BCV); and the general availability of Sysdig Cloud, the first monitoring, alerting, and troubleshooting platform specializing in container visibility, which is already used by more than 30 enterprise customers. The funding will be used to drive adoption of Sysdig Clo...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...
"We do data integration for B2B also application to application, and we do data management and enable Big Data," explained Pat Adamiak, Vice President, Product Marketing at Liaison Technologies, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.