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
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
SYS-CON Events announced today that Isomorphic Software will exhibit at SYS-CON's [email protected] at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, high-productivity enterprise web applications for any device. SmartClient couples the industry’s broadest, deepest UI component set with a java server framework to deliver an end-...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
How will your company move to the cloud while ensuring a solid security posture? Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is ...