Bradmer Announces Third Quarter 2015 Operational and Financial Results

TORONTO, ONTARIO -- (Marketwired) -- 10/20/15 -- Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (NEX: BMR.H) today announced its third quarter 2015 operational and financial results.

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 September 30, 2015, we recorded net income of $3,000 or $0.000 per common share based on the weighted average outstanding shares of 19,659,726 during the three month period, compared to net income of $15,000 or $0.001 per common share for the quarter ended September 30, 2014 based on the weighted average outstanding shares of 19,659,726.

Fee income of $23,000 was generated in the third quarter of 2014 from Alpha by Bradmer agreeing to an extension of the deadline from July 15, 2014 to September 5, 2014 to enter into a definitive agreement with respect to the proposed transaction described above under Significant Corporate Events in 2014.

General and administrative expenses were $25,000 in the three months ended September 30, 2015 compared to $29,000 in the same quarter of the prior year. Major expenses in 2015 consisted of consulting fees of $14,000, legal fees of $4,000, directors' and officers' liability insurance premiums of $3,000 and audit fees of $2,000. In 2014, major expenses included consulting fees of $16,500, audit fees of $6,000, legal fees of $2,000 and directors' and officers' liability insurance premiums of $4,000.

The $28,000 foreign exchange gain in the third quarter of 2015 compared with the $21,000 foreign exchange gain in the same quarter of 2014.

For the nine months ended September 30, 2015, we recorded a net loss of $53,000 or $0.003 per common share based on the weighted average outstanding shares of 19,659,726 during the period, compared to a net loss of $39,000 or $0.002 per common share for the nine months ended September 30, 2014 based on the weighted average outstanding shares of 19,659,726.

Fee income of $69,000 was generated in 2014 from Alpha by agreeing to an extension of the deadline from April 30, 2014 to September 5, 2014.to enter into a definitive agreement with respect to the proposed transaction described above under Significant Corporate Events in 2014.

General and administrative expenses were $110,000 in the nine months ended September 30, 2015 compared to $130,000 in the same period of the prior year. Major expenses in 2015 consisted of a work fee from WCM Capital of $20,000, consulting fees of $43,000, legal fees of $20,000, insurance premiums of $9,000, audit fees of $8,000 and transfer agent and stock exchange listing fees of $7,000. Major expenses in 2014 consisted of consulting fees of $49,000, legal fees of $51,000, insurance premiums of $11,000, transfer agent and stock exchange listing fees of $8,000 and audit fees of $6,000.

A $56,000 foreign exchange gain in the first nine months of 2015 compared with a $22,000 foreign exchange gain in the prior year period.

Our operational activities for the nine months ended September 30, 2015 were financed by cash on hand. At September 30, 2015, we had working capital of $526,000, compared to $663,000 at December 31, 2014. We had available cash of $548,000 (CDN $731,000) as at September 30, 2015, compared to cash of $699,000 (CDN $811,000) as at December 31, 2014. The decrease in cash was due to the $53,000 net loss, the $84,000 foreign exchange translation adjustment and the $14,000 increase in non-cash working capital.

As of the date hereof and September 30, 2015, 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)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                               September 30,   December 31,
                                                        2015           2014
----------------------------------------------------------------------------

Assets

Current assets
  Cash                                         $     547,741  $     699,158
  Amounts receivable                                   2,517            483
  Prepaid expenses                                     3,945          1,746
----------------------------------------------------------------------------

Total assets                                   $     554,203  $     701,387
----------------------------------------------------------------------------

Liabilities and Shareholders' Equity

Current liabilities
  Accounts payable and accrued liabilities     $      28,272  $      38,485
----------------------------------------------------------------------------

Shareholders' Equity
  Share capital                                    1,720,646      1,979,314
  Contributed surplus                              1,901,367      2,187,203
  Accumulated other comprehensive income             875,043        414,186
  Deficit                                         (3,971,125)    (3,917,801)
----------------------------------------------------------------------------

Total shareholders' equity                           525,931        662,902
----------------------------------------------------------------------------

Total liabilities and shareholders' equity     $     554,203  $     701,387
----------------------------------------------------------------------------

BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Comprehensive Income
For the three and nine months ended September 30
(All amounts expressed in United States dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                Nine Months Ended        Three Months Ended
                                     September 30              September 30
                                2015         2014         2015         2014
----------------------------------------------------------------------------

Fee income               $         -  $    68,531  $         -  $    22,943

Expenses
  General and
   administrative            109,654      129,765       24,961       28,763
----------------------------------------------------------------------------

                            (109,654)     (61,234)     (24,961)      (5,820)
----------------------------------------------------------------------------

Other Income
  Interest                        89          140           19           47
  Foreign exchange gain       56,241       22,223       27,521       20,648
----------------------------------------------------------------------------

                              56,330       22,363       27,540       20,695
----------------------------------------------------------------------------

Income/(loss) for the
 period                  $   (53,324) $   (38,871) $     2,579  $    14,875

Other comprehensive
 income                      460,857      190,226      215,105      177,609
----------------------------------------------------------------------------

Comprehensive income for
 the period              $   407,533  $   151,355  $   217,684  $   192,484
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Income/(loss) per share
Basic and diluted (Note
 9)                      $    (0.003) $    (0.002) $     0.000  $     0.001
----------------------------------------------------------------------------

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

BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Changes in Shareholders' Equity
For the nine months ended September 30
(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                                  -      (108,716)      (120,135)

Loss for the period                          -             -              -
----------------------------------------------------------------------------

Balance, September 30, 2014         19,659,726  $  2,050,180  $   2,265,512
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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

Foreign currency translation
 adjustment                                  -      (258,668)      (285,836)

Loss for the period                          -             -              -
----------------------------------------------------------------------------

Balance, September 30, 2015         19,659,726  $  1,720,646  $   1,901,367
----------------------------------------------------------------------------
----------------------------------------------------------------------------


BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Changes in Shareholders' Equity
For the nine months ended September 30
(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                             190,226             -       (38,625)

Loss for the period                           -       (38,871)      (38,871)
----------------------------------------------------------------------------

Balance, September 30, 2014        $    288,830  $ (3,897,368) $    707,154
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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

Foreign currency translation
 adjustment                             460,857             -       (83,647)

Loss for the period                           -       (53,324)      (53,324)
----------------------------------------------------------------------------

Balance, September 30, 2015        $    875,043  $ (3,971,125) $    525,931
----------------------------------------------------------------------------
----------------------------------------------------------------------------

BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Cash Flows
For the nine months ended September 30
(All amounts expressed in United States dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                        2015           2014
----------------------------------------------------------------------------

Cash flows from operating activities
  Loss for the period                          $     (53,324) $     (38,871)
  Adjustments for:
    Foreign currency translation adjustment          (83,647)       (38,625)
----------------------------------------------------------------------------

                                                    (136,971)       (77,496)
  Change in non-cash operating items
    Amounts receivable                                (2,033)         6,668
    Prepaid expenses                                  (2,200)        (2,345)
    Accounts payable and accrued expenses            (10,213)         6,725
----------------------------------------------------------------------------

Decrease in cash                                    (151,417)       (66,448)

Cash at beginning of period                          699,158        800,568
----------------------------------------------------------------------------

Cash at end of period                          $     547,741  $     734,120
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Contacts:
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.