Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (TSX VENTURE:BMR.H)
today announced its first quarter 2011 operational and financial results.
Operational Highlights
Bradmer is continuing to negotiate the terms of a definitive agreement with P1
Energy Corp. in respect of their previously announced business combination.
Completion of the transaction remains subject to a number of conditions.
The Company terminated its license agreement with Duke University effective
March 31, 2011. Pursuant to the license agreement, Bradmer licensed certain
patent rights relating to a drug, termed Neuradiab(R), for the treatment of
glioblastoma multiforme, the most common and advanced form of primary brain
cancer. Bradmer's Phase III clinical trial for Neuradiab was suspended in March
2009 and Bradmer had not pursued any activities relating to the clinical
development of Neuradiab since that date.
Financial Results
Amounts in US dollars, unless specified otherwise, and results expressed in
accordance with International Financial Reporting Standards ("IFRS").
For the three months ended March 31, 2011, the Company recorded a net loss of
$166,000 or $0.01 per common share based on the weighted average outstanding
shares of 19,659,726 during the quarter, compared to a net loss of $112,000 or
$0.02 per common share for the three months ended March 31, 2010 based on the
weighted average outstanding shares of 6,491,624. The increased loss in 2011 is
attributable to the legal and due diligence expenses related to the proposed P1
Energy Transaction.
Research and development expenses totalled $19,000 in the three months ended
March 31, 2011, compared to $16,000 in fiscal 2010. Consulting fees were $11,000
and patent fees were $7,000. These costs were incurred in connection with the
termination of the Duke license agreement. Expenses in 2010 consisted primarily
of patent and consulting fees of $10,000 and drug storage costs of $5,000.
General and administrative expenses were $165,000 in the first quarter of 2011
compared to $108,000 in the prior year. In 2011, legal fees amounted to $92,000,
of which $70,000 was incurred in connection with the P1 Energy transaction,
consulting fees were $31,000 and insurance premiums were $25,000. Major expenses
in 2010 consisted of consulting fees of $46,000, legal fees of $21,000 and
insurance premiums of $16,000. The Chief Executive Officer continues to serve on
a consultancy basis without cash compensation and the Chief Financial Officer
continues to serve on a consultancy basis and receives an hourly fee.
The Company had an $18,000 foreign exchange gain in the 2011 period compared
with a $10,000 gain in 2010 due, in both periods, to the increase in value of
the Canadian dollar.
At March 31, 2011, Bradmer had working capital of $1,366,000, as compared to
$1,491,000 at December 31, 2010. The Company had cash of $1,403,000 at March 31,
2011, compared to $1,525,000 at December 31, 2010. The decrease was due to the
operating loss incurred in the quarter.
As at June 23, 2011, Bradmer has 19,659,726 common shares, warrants to purchase
621,128 common shares and options to purchase 499,000 common shares outstanding.
The 2,893,435 investor warrants expired on June 22, 2011.
Additional information about Bradmer, including the MD&A and financial results
may be found on SEDAR at www.sedar.com.
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.
Unaudited Condensed Statements of Financial Position
(All amounts expressed in United States dollars)
As at
March 31, December 31, January 1,
Note 2011 2010 2010
----------------------------------------------------------------------------
Assets
Current assets
Cash $ 1,402,553 $ 1,524,972 $ 860,460
Amounts receivable 10,747 10,169 1,944
Prepaid expenses - 7,530 14,246
----------------------------------------------------------------------------
$ 1,413,300 $ 1,542,671 $ 876,650
----------------------------------------------------------------------------
Liabilities and
Shareholders' Equity
Current liabilities
Accounts payable and 9
accrued liabilities $ 88,386 $ 51,929 $ 66,225
----------------------------------------------------------------------------
Shareholders' equity
Share capital 4 2,176,685 2,176,685 1,076,755
Contributed surplus 7 1,500,965 1,500,965 1,496,503
Warrants 814,679 814,679 783,988
Accumulated deficit (3,167,415) (3,001,587) (2,546,821)
----------------------------------------------------------------------------
1,324,914 1,490,742 810,425
----------------------------------------------------------------------------
$ 1,413,300 $ 1,542,671 $ 876,650
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BRADMER PHARMACEUTICALS INC.
Unaudited Condensed Statements of Comprehensive Loss
(All amounts expressed in United States dollars)
Three month periods ended March 31, 2011 and 2010
Note 2011 2010
----------------------------------------------------------------------------
Expenses
Research and development $ 18,820 $ 15,513
General and administrative 165,482 107,549
----------------------------------------------------------------------------
184,302 123,062
----------------------------------------------------------------------------
Other income
Interest (202) (247)
Foreign exchange gain (18,272) (10,386)
----------------------------------------------------------------------------
(18,474) (10,633)
----------------------------------------------------------------------------
Loss and total comprehensive loss for the period $ (165,828) $ (112,429)
----------------------------------------------------------------------------
Loss per share
Basic and diluted 8 $ (0.01) $ (0.02)
----------------------------------------------------------------------------
Weighted average number of shares outstanding 19,659,726 6,491,624
----------------------------------------------------------------------------
BRADMER PHARMACEUTICALS INC.
Unaudited Condensed Statements of Changes in Shareholders' Equity
(All amounts expressed in United States dollars)
Three month periods ended March 31, 2011 and 2010
Share capital Contributed
--------------------------------
Number Value surplus
-------------------------------------------------------------------------
Balance, January 1, 2010 6,026,627 $ 1,076,755 $ 1,496,503
Issuance of shares 8,369,947 761,622 -
Share issue costs - (84,063) -
Issuance of warrants - - -
Share-based compensation - - 1,463
Net loss for the period - - -
-------------------------------------------------------------------------
Balance, March 31, 2010 14,396,574 $ 1,754,314 $ 1,497,966
-------------------------------------------------------------------------
Balance, January 1, 2011 19,659,726 $ 2,176,685 $ 1,500,965
Net loss for the period - - -
-------------------------------------------------------------------------
Balance, March 31, 2011 19,659,726 $ 2,176,685 $ 1,500,965
-------------------------------------------------------------------------
Total
shareholders'
Warrants Deficit equity
----------------------------------------------------------------------------
Balance, January 1, 2010 $ 783,988 $ (2,546,821) $ 810,425
Issuance of shares - - 761,622
Share issue costs - - (84,063)
Issuance of warrants 11,498 - 11,498
Share-based compensation - - 1,463
Net loss for the period - (112,429) (112,429)
----------------------------------------------------------------------------
Balance, March 31, 2010 $ 795,486 $ (2,659,250) $ 1,388,516
----------------------------------------------------------------------------
Balance, January 1, 2011 $ (147,699) $ (3,001,587) $ 1,490,742
Net loss for the period - (165,828) (165,828)
----------------------------------------------------------------------------
Balance, March 31, 2011 $ (147,699) $ (3,167,415) $ 1,324,914
----------------------------------------------------------------------------
--------------------------------------------------------------------------
BRADMER PHARMACEUTICALS INC.
Unaudited Condensed Statements of Cash Flows
(All amounts expressed in United States dollars)
Three month periods ended March 31, 2011 and 2010
2011 2010
--------------------------------------------------------------------------
Cash provided by (used in)
Operating activities:
Net loss for the period $ (165,828) $ (112,429)
Adjustments for:
Share-based compensation - 1,463
Change in non-cash operating items 43,409 (96,113)
--------------------------------------------------------------------------
(122,419) (207,079)
--------------------------------------------------------------------------
Financing activities:
Proceeds from issuance of common shares, net
of share issue costs of $84,063 - 689,057
--------------------------------------------------------------------------
(Decrease)/increase in cash (122,419) 481,978
Cash, beginning of period 1,524,972 860,460
--------------------------------------------------------------------------
Cash, end of period $ 1,402,553 $ 1,342,438
--------------------------------------------------------------------------
Grafico Azioni Bradmer Pharmaceuticals (TSXV:BMR.H)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Bradmer Pharmaceuticals (TSXV:BMR.H)
Storico
Da Giu 2023 a Giu 2024
