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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 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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

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