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
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
Early adopters of IoT viewed it mainly as a different term for machine-to-machine connectivity or M2M. This is understandable since a prerequisite for any IoT solution is the ability to collect and aggregate device data, which is most often presented in a dashboard. The problem is that viewing data in a dashboard requires a human to interpret the results and take manual action, which doesn’t scale to the needs of IoT.
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
"C2M is our digital transformation and IoT platform. We've had C2M on the market for almost three years now and it has a comprehensive set of functionalities that it brings to the market," explained Mahesh Ramu, Vice President, IoT Strategy and Operations at Plasma, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Traditional IT, great for stable systems of record, is struggling to cope with newer, agile systems of engagement requirements coming straight from the business. In his session at 18th Cloud Expo, William Morrish, General Manager of Product Sales at Interoute, outlined ways of exploiting new architectures to enable both systems and building them to support your existing platforms, with an eye for the future. Technologies such as Docker and the hyper-convergence of computing, networking and sto...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.