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 that Fusion, a leading provider of cloud services, 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. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry’s single source for the cloud. Fusion’s advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, discussed how VPaaS enables you to move fast, creating scalable video experiences that reach your aud...
Regulatory requirements exist to promote the controlled sharing of information, while protecting the privacy and/or security of the information. Regulations for each type of information have their own set of rules, policies, and guidelines. Cloud Service Providers (CSP) are faced with increasing demand for services at decreasing prices. Demonstrating and maintaining compliance with regulations is a nontrivial task and doing so against numerous sets of regulatory requirements can be daunting task...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
"MathFreeOn.com is a line coding platform for engineers and scientists. When they want to solve an engineering problem and they have to use software - they have to pay a lot of money for licenses - but with MathFreeOn you don't have to pay a lot of money. Just go to our site and write the code and you can check the result right away," explained Simon Lee, CMO of MathFreeOn, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Cla...
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, 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. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
Infrastructure is widely available, but who’s managing inbound/outbound traffic? Data is created, stored, and managed online – who is protecting it and how? In his session at 19th Cloud Expo, Jaeson Yoo, SVP of Business Development at Penta Security Systems Inc., discussed how to keep any and all infrastructure clean, safe, and efficient by monitoring and filtering all malicious HTTP/HTTPS traffic at the OSI Layer 7. Stop attacks and web intruders before they can enter your network.