Bradmer Announces First Quarter 2015 Operational and Financial Results

TORONTO, ONTARIO--(Marketwired - May 7, 2015) - Bradmer Pharmaceuticals Inc. (TSX VENTURE:BMR.H) ("Bradmer" or the "Company") today announced its first quarter 2015 operational and financial results.

Operational Highlights

On November 18, 2014, the Company announced that it had entered into a letter of intent with XORTX Pharma Corp. ("XORTX") to complete a going-public transaction for XORTX (the "Proposed Transaction"). XORTX is a privately held life science company based in Calgary.

In conjunction with and as a condition to the closing of the Proposed Transaction, XORTX is continuing to complete a brokered private placement of common shares and/or receipts for aggregate gross proceeds of $7,500,000 (the "Private Placement"), at an offering price, of $0.515 per XORTX Share.

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, 2015, the Company recorded net income of $3,000 or $0.0002 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 $33,000 or $0.001 per common share for the quarter ended March 31, 2014 based on the same weighted average outstanding shares of 19,659,726.

General and administrative expenses were $32,000 in the three months ended March 31, 2015 compared to $49,000 in the same quarter of the prior year. Major expenses in 2015 consisted of consulting fees of $15,000, audit fees of $3,000, legal fees of $9,000 and directors' and officers' liability insurance premiums of $3,000. Major expenses in 2013 consisted of consulting fees of $16,000, directors' and officers' liability insurance premiums of $4,000 and legal fees of $26,000.

The $35,000 foreign exchange gain in the first quarter of 2015 compared with the $16,000 foreign exchange gain in the same quarter of 2014.

The Company's operational activities for the three months ended March 31, 2015 were financed by cash on hand. At March 31, 2015, Bradmer had working capital of $610,000, compared to $663,000 at December 31, 2014. It had available cash of $614,000 (CDN $777,000) at March 31, 2015, compared to cash of $699,000 (CDN $811,000) at December 31, 2014. The decrease in cash was due to the $56,000 foreign exchange translation adjustment and the $33,000 increase in non-cash working capital partially offset by the $3,000 of net income in the quarter.

As at May 7, 2015 and March 31, 2015, the Company had 19,659,726 common shares and options to purchase 1,950,000 common shares outstanding.

Bradmer Pharmaceuticals Inc.

Paul Van Damme, Chief Financial Officer

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.

/T/

BRADMER PHARMACEUTICALS INC.

Condensed Interim Statements of Financial Position

As at

(All amounts expressed in United States dollars)

March 31, December 31,

2015 2014

----------------------------------------------------------------------------

Assets

Current assets

Cash $ 613,666 $ 699,158

Amounts receivable 3,738 483

Prepaid expenses 9,699 1,746

----------------------------------------------------------------------------

Total assets $ 627,103 $ 701.387

----------------------------------------------------------------------------

Liabilities and Shareholders' Equity

Current liabilities

Accounts payable and accrued liabilities $ 17,055 $ 38,485

----------------------------------------------------------------------------

Shareholders' Equity

Share capital 1,812,858 1,979,314

Contributed surplus 2,003,264 2,187,203

Accumulated other comprehensive income 708,773 414,186

Deficit (3,914,847) (3,917,801)

----------------------------------------------------------------------------

Total shareholders' equity 610,048 662,902

----------------------------------------------------------------------------

Total liabilities and shareholders' equity $ 627,103 $ 701,387

----------------------------------------------------------------------------

BRADMER PHARMACEUTICALS INC.

Condensed Interim Statements of Comprehensive Income

For the three months ended March 31

(All amounts expressed in United States dollars)

2015 2014

----------------------------------------------------------------------------

Expenses

General and administrative $ 31,956 49,045

----------------------------------------------------------------------------

Other Income

Interest 38 47

Foreign exchange gain 34,872 16,316

----------------------------------------------------------------------------

34,910 16,363

----------------------------------------------------------------------------

Income/(loss) for the period $ 2,954 $ (32,682)

Other comprehensive income 315,582 141,893

----------------------------------------------------------------------------

Comprehensive income for the period $ 256,278 $ 109,211

----------------------------------------------------------------------------

Income/(loss) per share

Basic and diluted $ 0.0002 $ (0.0017)

----------------------------------------------------------------------------

19,659,72

Weighted average number of shares outstanding 19,659,726 6

----------------------------------------------------------------------------

BRADMER PHARMACEUTICALS INC.

Condensed Interim Statements of Changes in Shareholders' Equity

For the three months ended March 31

(All amounts expressed in United States dollars)

Share capital

-----------------------

Number of Contributed

shares Amount surplus

---------------------------------------------------------------------

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

---------------------------------------------------------------------

Balance, January 1, 2015 19,659,726$ 1,979,314 $2,187,203

Foreign currency translation

adjustment - (166,456) (183,939)

Income for the period - - -

---------------------------------------------------------------------

Balance, March 31, 2015 19,659,726$ 1,812,858 $ 2,003,264

---------------------------------------------------------------------

BRADMER PHARMACEUTICALS INC.

Condensed Interim Statements of Changes in Shareholders' Equity

For the three months ended March 31

(All amounts expressed in United States dollars)

Accumulated

Other Total

Comprehensive Shareholders'

Income Deficit equity

----------------------------------------------------------------------------

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

----------------------------------------------------------------------------

Balance, January 1, 2015 $ 414,186 $ (3,917,801) $ 662,902

Foreign currency translation

adjustment 294,587 - (55,808)

Income for the period - 2,954 2,954

----------------------------------------------------------------------------

Balance, March 31, 2015 $ 708,773 $ (3,914,847) $ 610,048

----------------------------------------------------------------------------

BRADMER PHARMACEUTICALS INC.

Condensed Interim Statements of Cash Flows

For the three months ended March 31

(All amounts expressed in United States dollars)

2015 2014

----------------------------------------------------------------------------

Cash flows from operating activities

Income/(loss) for the period $ 2,954 $ (32,682)

Adjustments for:

Foreign currency translation adjustment (55,808) (29,560)

----------------------------------------------------------------------------

(52,854) (62,242)

Change in non-cash operating items

Amounts receivable (3,255) (431)

Prepaid expenses (7,953) (9,746)

Accounts payable and accrued expenses (21,430) 20,523

----------------------------------------------------------------------------

Decrease in cash (85,492) (51,896)

Cash at beginning of period 699,158 800,568

----------------------------------------------------------------------------

Cash at end of period $ 613,666 $ 748,672

----------------------------------------------------------------------------

/T/

Contact Information:

Bradmer Pharmaceuticals Inc.

Paul van Damme

Chief Financial Officer

1.416.847.6905

pvandamme@wcmcapital.ca

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.