TSX: BMR
TORONTO, July 28 /CNW/ - Bradmer Pharmaceuticals Inc. (TSX: BMR)
("Bradmer" or the "Corporation") announced previously on July 17, 2009 that it
intends to offer to purchase for cancellation up to 8.3 million of its
outstanding common shares, at a price of Cdn.$0.20 per share or approximately
US$0.18 per share, pursuant to a substantial issuer bid. Bradmer announces
today that full details of the offer, including the procedure for depositing
shares, and the accompanying issuer bid circular and other related documents
have now been mailed to shareholders. These documents contain important
information which should be read carefully before making a decision in respect
of the offer.
Bradmer also announced previously that the TSX is reviewing the
eligibility for continued listing of the company's common shares on the TSX
under its Remedial Review Process. The TSX has now notified the company that
it is also reviewing the company's eligibility on the basis that the company
does meet minimum market capitalization requirements. Among other requirements
for continued listing on the TSX, a company is required to have a market
capitalization of at least $3 million. Bradmer's market capitalization is
currently less than $3 million and, upon completion of the substantial issuer
bid, the company's market capitalization may be significantly below $3
million. The TSX has also now reserved the right to shorten its original
deadline of February 8, 2010 by which Bradmer must demonstrate that it meets
all TSX requirements for continued listing, failing which the Bradmer's shares
will be delisted from the TSX. The precise time frame remains to be defined
and may be impacted by the extent to which shareholders participate in the
issuer bid.
In the meantime, the company continues its mission of seeking
opportunities to advance or monetize its assets, inclusive of its lead drug,
Neuradiab(R) and certain financial assets, such as its public listing and
residual cash balances. With regard to Neuradiab, the company is continuing
its process of seeking development partners, and has submitted multiple grants
for funding to various government agencies and philanthropic organizations
targeting decisions in the fourth quarter of 2009.
In the event that the common shares of Bradmer are delisted from the TSX,
the company will consider transferring its listing to the TSX Venture Exchange
or the NEX Board of the TSX Venture Exchange in order to maintain a public
listing of its common shares. Any decision in this regard will be made far in
advance of any deadline imposed by the TSX.
Neither Bradmer nor its Board of Directors makes any recommendation to
any shareholder as to whether to deposit or refrain from depositing shares
pursuant to the offer. Each shareholder must make his, her or its own decision
whether to deposit shares and, if so, what number of shares to deposit.
Shareholders are urged to consult their own investment and tax advisors prior
to making any decision in respect of the offer.
This press release is for informational purposes only and does not
constitute an offer to purchase or the solicitation of an offer to sell
shares. The solicitation and the offer to purchase shares will be made only
pursuant to the offer to purchase and issuer bid circular and related
documents.
About Bradmer Pharmaceuticals Inc. (www.bradmerpharma.com)
Bradmer Pharmaceuticals' lead clinical candidate, Neuradiab, was
developed at Duke University Medical Center as a proprietary therapy for a
particularly aggressive form of brain cancer, glioblastoma multiforme. Bradmer
initiated enrollment of primary GBM patients in a Phase III multi-center
clinical trial of Neuradiab. Neuradiab has been granted Orphan Drug Status by
both the U.S. Food and Drug Administration and the European Medicines Agency.
Bradmer Pharmaceuticals Inc.'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 press 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 successful and timely completion of clinical studies, 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.
%SEDAR: 00023367E
For further information: Bradmer Pharmaceuticals Inc., Brian Brohman,
Chief Business Officer, Phone: (888) 267-0707 x804, E-mail:
bbrohman@bradmerpharma.com, Internet: www.bradmerpharma.com; Investor
Relations, Ross Marshall, The Equicom Group Inc., Phone: (416) 815-0700 (Ext.
238), Fax: (416) 815-0080, E-mail: rmarshall@equicomgroup.com
