Bradmer Announces Third Quarter 2016 Financial Results

TORONTO, ONTARIO -- (Marketwired) -- 11/02/16 -- Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (NEX: BMR.H) today announced its third quarter 2016 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, 2016, we recorded a net loss of $20,000 or $0.001 per common share based on the weighted average outstanding shares of 19,659,726 during the three month period, compared to net income of $3,000 or $0.0001 per common share for the quarter ended September 30, 2015 based on the weighted average outstanding shares of 19,659,726.

General and administrative expenses were $24,000 in the three months ended September 30, 2016 compared to $25,000 in the same quarter of the prior year. Major expenses in 2016 consisted of consulting fees of $14,000, legal fees of $3,100, audit fees of $2,300 and directors' and officers' liability insurance premiums of $2,400. 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.

The $3,000 foreign exchange gain in the third quarter of 2016 compared with the $28,000 foreign exchange gain in the same quarter of 2015.

For the nine months ended September 30, 2016, we recorded a net loss of $114,000 or $0.006 per common share based on the weighted average outstanding shares of 19,659,726 during the nine month period, compared to a net loss of $53,000 or $0.003 per common share for the nine months ended September 30, 2015 based on the weighted average outstanding shares of 19,659,726.

General and administrative expenses were $92,000 in the nine months ended September 30, 2016 compared to $110,000 in the same period of the prior year. Major expenses in 2016 consisted of consulting fees of $41,000, legal fees of $23,000, transfer agent and stock exchange listing fees of $10,000, audit fees of $7,000 and insurance premiums of $7,000. Expenses in 2015 consisted of a work fee from WCM Capital of $20,000, consulting fees of $43,000, legal fees of $20,000, audit fees of $8,000, transfer agent and stock exchange listing fees of $7,000 and insurance premiums of $9,000.

A $22,000 foreign exchange loss in the first nine months of 2016 compared with a $56,000 foreign exchange gain in the prior year period.

Bradmer's operational activities for the nine months ended September 30, 2016 were financed by cash on hand. At September 30, 2016, we had working capital of $412,000, compared to $500,000 at December 31, 2015. We had available cash of $448,000 (CDN $588,000) as at September 30, 2016, compared to cash of $521,000 (CDN $721,000) as at December 31, 2015. The $73,000 decrease in cash was due to the $114,000 net loss offset by $26,000 of foreign currency translation adjustments and $15,000 in working capital changes.

As at November 2 and September 30, 2016, 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)


---------------------------------------------------------------------------
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                                                   September
                                                         30,  December 31,
                                                        2016          2015
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                                                                  (Audited)
Assets

Current assets
  Cash                                         $     447,939 $     520,758
  Amounts receivable                                   7,771         5,098
  Prepaid expenses                                     6,612         1,268
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Total assets                                   $     459,322 $     527,124
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Liabilities and Shareholders' Equity
Current liabilities
  Accounts payable and accrued liabilities     $      47,091 $      27,039
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Shareholders' Equity
  Share capital                                    1,750,554     1,659,105
  Contributed surplus                              1,934,416     1,833,363
  Accumulated other comprehensive income             819,699       985,568
  Deficit                                         (4,092,438)   (3,977,951)
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Total shareholders' equity                           412,231       500,085
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Total liabilities and shareholders' equity     $     459,322 $     527,124
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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)


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                               Nine Months Ended      Three Months Ended
                                    September 30           September 30
                                  2016         2015         2016       2015
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Expenses
  General and
   administrative          $    92,375  $   109,654  $    23,597  $  24,961
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                               (92,375)    (109,654)     (23,597)   (24,961)
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Other Income
  Interest                          87           89           29         19
  Foreign exchange
   (loss)/gain                 (22,199)      56,241        3,146     27,521
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                               (22,112)      56,330        3,175     27,540
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(Loss)/income for the
 period                    $  (114,487) $   (53,324) $   (20,422) $   2,579
Other comprehensive
 (loss)/income                (165,869)     460,857       27,471    215,105
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Comprehensive (loss)/income
 for the
period                     $  (280,356) $   407,533  $     7,050  $ 217,684
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(Loss)/income per share
Basic and diluted          $    (0.006) $    (0.003) $    (0.001) $   0.000
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Weighted average number
                                                                   19,659,7
of shares outstanding       19,659,726   19,659,726   19,659,726         26
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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)


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                                        Share capital
                                ------------------------------
                                      Number of                  Contributed
                                         shares        Amount        surplus


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Balance, January 1, 2015             19,659,726$    1,979,314 $    2,187,203
Foreign currency translation
adjustment                                    -      (256,668)      (285,836
Loss for the period                           -             -              -
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Balance, September 30, 2015          19,659,726$    1,720,646 $    1,901,367
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Balance, January 1, 2016             19,659,726$    1,659,105 $    1,833,363
Foreign currency translation
adjustment                                    -        91,449        101,053
Loss for the period                           -             -              -
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Balance, September 30, 2016          19,659,726$    1,750,554 $    1,934,416
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                                   Accumulated
                                         Other
                                 Comprehensive                        Total
                                       Income/                Shareholders'
                                        (Loss)       Deficit         equity






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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)
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Balance, September 30, 2015      $     875,043 $  (3,971,125)$      523,931
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Balance, January 1, 2016         $     985,568 $  (3,977,951)$      500,085
Foreign currency translation
adjustment                            (165,869)            -         26,633
Loss for the period                          -      (114,487)      (114,487)
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Balance, September 30, 2016      $     819,699 $  (4,092,438)$      412,231
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BRADMER PHARMACEUTICALS INC.

Condensed Interim Statements of Cash Flows For the nine months ended September 30

(All amounts expressed in United States dollars)


----------------------------------------------------------------------------
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                                                         2016          2015
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Cash flows from operating activities
  Loss for the period                            $   (114,487) $    (53,324)
  Adjustment for:
    Foreign currency translation adjustment            20,950       (83,647)
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                                                      (93,537)     (136,971)
  Change in non-cash operating items
    Amounts receivable                                 (2,673)       (2,033)
    Prepaid expenses                                   (2,344)       (2,200)
    Accounts payable and accrued liabilities           20,052       (10,214)
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                                                      (78,502)     (151,417)
Effect of exchange rate fluctuations on cash held       5,684             -
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Decrease in cash                                      (72,819)     (151,417)
Cash at beginning of period                           520,758       699,158
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Cash at end of period                            $    447,939  $    547,741
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Contacts:
Bradmer Pharmaceuticals Inc.
Paul Van Damme
Chief Financial Officer
pvandamme@wcmcapital.ca
1.416.847.6905

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