Bradmer Pharmaceuticals Inc. (TSX VENTURE:BMR.H) ("Bradmer" or the "Company")
today announced its second quarter 2012 operational and financial results.
Operational Highlights
On December 21, 2011, Bradmer announced that it had entered into a letter of
intent dated December 20, 2011 to complete a business combination with Epic
Production Technologies International Inc. On June 12, 2012 the Company
announced that Epic and Bradmer had agreed to terminate the letter of intent
between the parties.
The directors and officers of Bradmer intend to seek out new opportunities
considered to be in the best interests of Bradmer and its shareholders.
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 June 30, 2012, we recorded a net loss of $38,000 or
$0.002 per common share based on the weighted average outstanding shares of
19,659,726 during the three month period, compared to net income of $37,000 or
$0.002 per common share for the quarter ended June 30, 2011 based on the
weighted average outstanding shares of 19,659,726. The recovery of expenses from
P1 Energy is the reason for the net income of $37,000 in the second quarter of
2011.
Research and development expenses totaled $NIL in the three months ended June
30, 2012, compared to $7,000 in the second quarter of 2011 consisting primarily
of legal fees of $6,000. These costs were incurred in connection with the
termination of the Duke License Agreement.
General and administrative expenses were $47,000 in the three months ended June
30, 2012 compared to a recovery of expenses of $44,000 in the same quarter of
the prior year. Major expenses in 2012 consisted of consulting fees of $18,000,
insurance premiums of $14,000 and audit fees of $6,000. 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. The recovery of P1 Energy transaction costs in the second quarter of
2011 partially offset these expenses.
The $9,000 foreign exchange gain in 2012 exceeded the $700 foreign exchange gain
in 2011.
For the six months ended June 30, 2012, we recorded a net loss of $109,000 or
$0.006 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 $155,000 or
$0.008 per common share for the quarter ended June 30, 2011 based on the
weighted average outstanding shares of 19,659,726. The elimination of research
and development expenses of $26,000 from the first half of 2011 to the first
half of 2012 is the main reason for the reduced loss in 2012.
Research and development expenses totaled $NIL in the six months ended June 30,
2012, compared to $26,000 in the first half of 2011. Consulting fees were
$12,000 and patent fees were $13,000. These costs were incurred in connection
with the termination of the Duke License Agreement.
General and administrative expenses were $109,000 in the six months ended June
30, 2012 compared to $122,000 in the same period of the prior year. Major
expenses in 2012 consisted of consulting fees of $37,000, insurance premiums of
$29,000, transfer agent and stock exchange listing fees of $15,000 and audit
fees of $14,000. In 2011, legal fees amounted to $184,000, of which $157,000 was
incurred in connection with the P1 Energy transaction, consulting fees were
$87,000 and insurance premiums were $36,000. The recovery of P1 Energy
transaction costs partially offset these expenses.
Our operational activities for the quarter ended June 30, 2012 were financed by
cash on hand. At June 30, 2012, we had working capital of $1,057,000, as
compared to $1,165,000 at December 31, 2011. We had available cash of $1,066,000
at June 30, 2012, compared to cash of $1,192,000 at December 31, 2011. The
decrease was due to the $109,000 operating loss incurred in the period.
As at July 30, 2012, we have 19,659,726 common shares and options to purchase
1,955,000 common shares outstanding.
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.
Condensed Interim Statements of Financial Position
As at
(All amounts expressed in United States dollars)
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June 30, December 31,
2012 2011
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Assets
Current assets
Cash $ 1,066,086 $ 1,192,307
Amounts receivable 5,114 2,951
Prepaid expenses 7,405 7,553
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Total assets $ 1,078,606 $ 1,202,811
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Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued expenses $ 21,950 $ 37,451
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Shareholders' Equity
Share capital 2,255,380 2,257,819
Warrants - 23,255
Contributed surplus 2,492,264 2,471,705
Accumulated other comprehensive loss (70,588) (75,798)
Deficit (3,620,400) (3,511,621)
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Total shareholders' equity 1,056,656 1,165,360
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Total liabilities and shareholders' equity $ 1,078,606 $ 1,202,811
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BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Comprehensive Loss
For the six months ended June 30, 2012 and 2011
(All amounts expressed in United States dollars)
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Six Months Ended Three Months Ended
June 30 June 30
2012 2011 2012 2011
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Expenses
Research and
development $ - $ 25,899 $ - $ 7,055
General and
administrative
expense/(recovery) 109,260 122,315 47,013 (43,531)
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109,260 148,214 47,013 (36,476)
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Other Income
Interest (200) (340) (108) (138)
Foreign exchange
(gain)/loss (281) 7,336 (8,902) (726)
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(481) 6,996 (9,010) (864)
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Net loss/(income) for
the period $ 108,779 $ 155,210 $ 38,003 $ (37,340)
Other comprehensive
loss/(income) (5,210) 90,283 (75,589) 15,484
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Comprehensive
loss/(income) for the
period $ 103,569 $ 245,493 $ (37,586) $ (21,856)
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Net loss/(income) per
share
Basic and diluted $ 0.006 $ 0.008 $ 0.002 $ (0.002)
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Weighted average number
of shares outstanding 19,659,726 19,659,726 19,659,726 19,659,726
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BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Changes in Shareholders' Equity
For the six months ended June 30, 2012 and 2011
(All amounts expressed in United States dollars)
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Share capital
Number of Contributed
shares Amount Warrants surplus
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Balance, January 1, 2011 19,659,726 $ 2,319,164 $ 877,233 $ 1,664,319
Expiry of warrants - - (783,988) 783,988
Foreign currency
translation adjustment - 61,553 (60,503) 127,959
Loss for the period - - - -
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Balance, June 30, 2011 19,659,726 $ 2,380,717 $ 32,742 $ 2,576,266
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Balance, January 1, 2012 19,659,726 $ 2,257,819 $ 23,255 $ 2,471,705
Expiry of warrants - - (23,255) 23,255
Foreign currency
translation adjustment - (2,439) - (2,696)
Loss for the period - - - -
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Balance, June 30, 2012 19,659,726 $ 2,255,380 $ - $ 2,492,264
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BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Changes in Shareholders' Equity
For the six months ended June 30, 2012 and 2011
(All amounts expressed in United States dollars)
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Accumulated
Other Total
Comprehensive shareholders'
Loss Deficit equity
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Balance, January 1, 2011 $ (173,316) $ (3,196,658) $ 1,490,742
Expiry of warrants - - -
Foreign currency
translation adjustment (90,284) - 38,725
Loss for the period - (155,210) (155,210)
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Balance, June 30, 2011 $ (263,600) $ (3,351,868) $ 1,374,257
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Balance, January 1, 2012 $ (75,798) $ (3,511,621) $ 1,165,360
Expiry of warrants - - -
Foreign currency
translation adjustment 5,210 - 75
Loss for the period - (108,779) (108,779)
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Balance, June 30, 2012 $ (70,588) $ (3,620,400) $ 1,056,656
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BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Cash Flows
For the six months ended June 30, 2012 and 2011
(All amounts expressed in United States dollars)
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2012 2011
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Cash flows from operating activities
Loss for the period $ (108,779) $ (155,210)
Adjustments for:
Foreign exchange loss 75 38,725
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(108,704) (116,485)
Change in non-cash operating items
Amounts receivable (2,163) (235,821)
Prepaid expenses 148 7,530
Accounts payable and accrued expenses (15,502) 140,129
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Decrease in cash (126,221) (204,647)
Cash at beginning of period 1,192,307 1,524,972
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Cash at end of period $ 1,066,086 $ 1,320,325
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