Bradmer Announces First Quarter 2014 Operational and Financial
Results
TORONTO, ONTARIO--(Marketwired - May 8, 2014) - 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 shares |
|
Amount |
|
Contributed surplus |
|
Accumulated Other Comprehensive Income/ (Loss) |
|
|
Deficit |
|
Total Shareholders' equity |
|
Balance, January 1, 2013 |
|
19,659,726 |
|
$ |
2,307,972 |
|
$ |
2,550,381 |
|
$ |
(156,515 |
) |
|
$ |
(3,730,371 |
) |
$ |
971,467 |
|
Foreign currency translation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
adjustment |
|
- |
|
|
(47,931 |
) |
|
(52,966 |
) |
|
80,976 |
|
|
|
- |
|
|
(19,921 |
) |
Loss for the period |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(34,929 |
) |
|
(34,929 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2013 |
|
19,659,726 |
|
$ |
2,260,041 |
|
$ |
2,497,415 |
|
$ |
(75,539 |
) |
|
$ |
(3,765,300 |
) |
$ |
916,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2014 |
|
19,659,726 |
|
$ |
2,158,896 |
|
$ |
2,385,647 |
|
$ |
98,604 |
|
|
$ |
(3,858,497 |
) |
$ |
784,650 |
|
Foreign currency translation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
adjustment |
|
- |
|
|
(81,449 |
) |
|
(90,004 |
) |
|
141,893 |
|
|
|
- |
|
|
(29,560 |
) |
Loss for the period |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(32,682 |
) |
|
(32,682 |
) |
Balance, March 31, 2014 |
|
19,659,726 |
|
$ |
2,077,447 |
|
$ |
2,295,643 |
|
$ |
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 |
|
Bradmer Pharmaceuticals Inc.Paul Van DammeChief Financial
Officer1.416.847.6905pvandamme@bradmerpharma.com
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