Bradmer announces 2006 fourth quarter and fiscal year operational and financial results



    TSX: BMR

    TORONTO, March 1 /CNW/ - Bradmer Pharmaceuticals Inc., a clinical
oncology company specializing in the development and commercialization of
cancer therapies, today announced its 2006 fourth quarter and fiscal year
operational and financial results.

    Fourth Quarter Highlights
    During the three-month period ended December 31, 2006, the Company
achieved the following steps in preparation for the upcoming multi-center
Phase III trial and subsequent planned commercialization for its lead drug
Neuradiab, a treatment for brain cancer:

    
    -   Conducted an End of Phase II meeting regarding Neuradiab with the
        U.S. Food and Drug Administration (FDA), and received guidance on the
        Company's plans for the upcoming Phase III trial
    -   Obtained EU Orphan Drug Status for Neuradiab from the European
        Medicines Agency (EMEA)
    -   Contracted with Prologue Research International for the data
        management and project management aspects of its upcoming Phase III
        trial
    -   Completed the scale-up of bulk drug substance manufacturing, and
        initiated the production of cGMP quantities of its bulk drug
        substance
    

    "During 2006, we made important progress with our Neuradiab program, and
in particular, in the critical regulatory, manufacturing, and clinical
operations areas," said Mark C. Rogers, M.D., Chief Executive Officer of
Bradmer. "These achievements clear the path toward the launch of the Phase III
trial in the summer of 2007."
    The Phase III trial will study Neuradiab as an adjuvant therapy to
surgery, external beam radiation, and temozolomide in more than 600 patients
with newly diagnosed glioblastoma multiforme ("GBM"). The randomized trial is
expected to be conducted at leading brain tumor treatment centers across the
US.

    Financial Highlights
    Amounts in US Dollars, unless specified otherwise, and results expressed
in accordance with Canadian Generally Accepted Accounting Principles (Canadian
GAAP).
    Research expenses for the three-month and twelve-month periods ended
December 31, 2006 were $2,072,617 and $2,966,384, which related primarily to
drug manufacturing contracts as well as amounts paid to clinical and
regulatory advisors.
    Management wage expenses, including payroll taxes, for the three-month
and twelve-month periods ended December 31, 2006 were $302,186 and $745,878.
    Office and administrative expenses for the three-month and twelve-month
periods ended December 31, 2006 were $180,612 and $594,512, respectively,
which included charges related to facilities, communications, travel, investor
relations and insurance. Professional fee expenses for the three-month and
twelve-month periods ended December 31, 2006 were $98,541 and $282,225,
respectively, and consisted primarily of legal and accounting costs.
    The non-cash stock-based compensation charges for the three-month and
twelve-month periods ended December 31, 2006 totaled $66,570 and $183,369,
respectively, as a result of the issuance of options.
    Operational expenses were offset in part by interest income of $107,895
and $390,913 during the three-month and twelve-month periods ended
December 31, 2006.
    The Company recorded a net loss for the three-month and twelve-month
periods ended December 31, 2006 of $2,699,528 or ($0.35 per share) and
$4,445,618 or ($0.57 per share), respectively.
    As at December 31, 2006, Bradmer had available cash and cash equivalents
of $8,813,427 as compared with $262,723 as at December 31, 2005. The Company
expects that cash on hand at December 31, 2006 will be sufficient to fund
operations into early 2008, inclusive of clinical trial costs and
infrastructure costs during such period.
    Operational activities for the period ended December 31, 2006 were
financed by the proceeds of separate financing events which occurred prior to
the amalgamation of Bradmer's two predecessor companies. Prior to the February
2006 amalgamation, a capital pool company also named Bradmer ("Bradmer CPC")
received gross proceeds totaling Cdn$1.0 million from the sale of its common
shares by way of a June, 2005 private placement and a September, 2005 initial
public offering. Net proceeds from the two Bradmer CPC offerings, after
deducting share issue costs, amounted to Cdn$875,244. Also prior to the
amalgamation, a private company named Blue Devil Pharmaceuticals ("Blue
Devil") received gross proceeds of approximately $12,975,000 (or
Cdn$15,052,000) from the sale of its common shares under concurrent brokered
and non-brokered private offerings in Canada and the United States. Net
proceeds from the Blue Devil offerings, after deducting share issue costs,
amounted to approximately $12,026,000.
    As at December 31, 2006, there were 7,781,346 common shares issued and
outstanding.

    Outlook
    Bradmer's operational objectives are clear; organize, launch, and execute
a multi-center randomized trial testing Neuradiab in newly diagnosed GBM
patients, which it expects to commence in mid-2007. During the time leading up
to opening the trial for enrollment, Bradmer intends to execute on the
following components of its operational plan:

    
    -   Execute clinical trial contracts with leading glioblastoma multiforme
        treatment centers across the U.S. for participation in the multi-
        center clinical trial of Neuradiab.
    -   Complete the cGMP manufacturing of the initial quantities of
        Neuradiab for testing and use in the upcoming clinical trial.
    -   Submit all necessary information to the FDA, including updated
        manufacturing data and finalized protocol, for its consideration to
        approve the initiation of the Company's multi-center trial.
    

    Additional information about the Company, including the MD&A and
financial results may be found on SEDAR at www.sedar.com.

    Neuradiab Treatment
    Neuradiab is a monoclonal antibody, conjugated to radioactive iodine,
used to treat glioblastoma multiforme (GBM), the most common and most advanced
form of brain cancer. Neuradiab delivers tumor-killing radiation specifically
to residual brain tumor cells after surgery, with minimal impact on normal
brain tissue. During the course of development at Duke University, over US$60
million in research grants and related support has produced a series of Phase
I and Phase II clinical trials on Neuradiab. Approximately 200 brain cancer
patients, including over 160 with GBM, have been treated with Neuradiab, and
survival benefits have significantly exceeded historical controls in each
completed trial.
    Each year up to 30,000 new cases of GBM are diagnosed in world's seven
largest healthcare markets. The current standard of care for GBM patients is
surgical resection followed by radiation and temozolomide. GBM tumors
typically have infiltrating edges that are very difficult to completely remove
with surgery. The Neuradiab therapy is delivered directly into the surgical
resection cavity in a separate procedure after the initial surgery. Neuradiab
delivers a concentrated level of radiation specifically to the remaining
cancer cells by targeting tenascin. Tenascin is a protein over-expressed in
99% of GBM cells but absent from normal brain cells.

    About Bradmer Pharmaceuticals Inc. (www.bradmerpharma.com)
    Bradmer Pharmaceuticals is a biopharmaceutical company focused on the
development and commercialization of new and innovative cancer therapies.
Bradmer's 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. To date, over US$60 million in grants
and related support has driven research and development of the licensed
treatment, which has been delivered to over 200 patients with promising
results and has completed Phase II clinical trials at Duke University. Bradmer
is currently in the process of organizing a pivotal multi-center clinical
trial of the licensed treatment. 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.



    
    BRADMER PHARMACEUTICALS INC.
    Balance Sheets
    As at December 31
    (Expressed in United States Dollars)
    -------------------------------------------------------------------------
                                                           2006         2005
    -------------------------------------------------------------------------

    Assets

    Current
      Cash                                          $ 8,813,427  $   262,723
      Amounts receivable                                 77,085            -
      Prepaid expenses                                   10,632            -
    -------------------------------------------------------------------------
                                                      8,901,144      262,723
    Deferred share issue costs                                -       60,469
    Patent rights                                       469,817      217,148

    -------------------------------------------------------------------------
                                                    $ 9,370,961  $   540,340
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities

    Current
      Accounts payable and accrued liabilities      $ 1,384,367  $   389,427
      Due to related party                                    -      401,210

    -------------------------------------------------------------------------
                                                      1,384,367      790,637
    -------------------------------------------------------------------------

    Shareholders' Equity

    Capital stock                                    12,504,066        3,366
    Contributed surplus                                 183,369        1,560
    Deficit                                          (4,700,841)    (255,223)

    -------------------------------------------------------------------------
                                                      7,986,594     (250,297)
    -------------------------------------------------------------------------
                                                    $ 9,370,961  $   540,340
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    BRADMER PHARMACEUTICALS INC.
    Statements of Operations and Deficit
    (Expressed in United States Dollars)

                                                                 Period From
                                                                     Date of
                                                               Incorporation
                             3 Months     3 Months             (September 23,
                                Ended        Ended   Year Ended     2005) to
                             December     December     December     December
                             31, 2006     31, 2005     31, 2006     31, 2005
                           (unaudited)  (unaudited)    (audited)    (audited)
                          ---------------------------------------------------
    Expenses
      Stock-based
       compensation       $    66,570  $         -  $   183,369  $     1,560
      Management wages        302,186      150,163      745,878      150,163
      Professional fees        98,541       64,141      282,225       72,846
      Office and
       administrative          86,033       28,291      371,497       30,654
      Research expenses     2,072,617            -    2,966,384            -
      Travel                   94,579            -      223,015            -
      Foreign exchange
       gain                    22,100            -      (27,945)           -
      Write-off of
       patents                 54,174            -       54,174            -
      Amortization of
       patent rights           10,623            -       37,934            -
    -------------------------------------------------------------------------

                            2,807,423      242,595    4,836,531      255,223

    Interest income           107,895            -      390,913            -
    -------------------------------------------------------------------------

    Net loss               (2,699,528)    (242,595)  (4,445,618)    (255,223)

    Retained earnings
     (deficit) at
     beginning of period   (2,001,313)     (12,628)    (255,223)           -
    -------------------------------------------------------------------------
    Deficit at end of
     period               $(4,700,841) $  (255,223) $(4,700,841) $  (255,223)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic and diluted
     loss per share       $    (0.347) $    (0.031) $    (0.571) $    (0.033)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Weighted average
     number of shares
     outstanding            7,781,346    7,780,605    7,781,082    7,780,605
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    BRADMER PHARMACEUTICALS INC.
    Statements of Cash Flows
    (Expressed in United States Dollars)

                                                                 Period From
                                                                     Date of
                                                               Incorporation
                             3 Months     3 Months             (September 23,
                                Ended        Ended   Year Ended     2005) to
                             December     December     December     December
                             31, 2006     31, 2005     31, 2006     31, 2005
                           (unaudited)  (unaudited)    (audited)    (audited)
                          ---------------------------------------------------
    Cash flows from
     operating
     activities
      Net loss for the
       period             $(2,699,528) $  (242,595) $(4,445,618) $  (255,223)
      Add item not
       affecting cash
        Amortization           10,623            -       37,934            -
        Write-off of
         patents               54,174            -       54,174            -
        Stock-based
         compensation          66,571            -      183,369        1,560
    -------------------------------------------------------------------------

                           (2,568,160)    (242,595)  (4,170,141)    (253,663)

      Changes in
       non-cash working
       capital items
        Amounts
         receivable              (167)           -      (52,696)           -
        Prepaid expenses       19,721            -      (10,632)           -
        Accounts payable
         and accrued
         liabilities        1,295,766      378,359      871,628      389,427
    -------------------------------------------------------------------------

                           (1,252,840)     135,764   (3,361,841)     135,764
    -------------------------------------------------------------------------

    Cash flows from
     investing
     activities
        Investment in
         patent rights        (81,217)    (217,142)    (344,777)    (217,142)
    -------------------------------------------------------------------------

    Cash flows from
     financing
     activities
      Promissory note
       due to related
       party                        -      401,210     (401,210)     401,210
      Cash of former
       Bradmer upon
       amalgamation                 -            -      563,405            -
      Issuance of
       capital stock
       upon exercise
       of stock options             -            -        6,000            -
      Issuance of
       capital stock,
       net of share
       issue costs                  -            -   12,086,713        3,360
      Issuance of
       capital stock
       upon exercise
       of warrant                   -            -        2,414            -
      Deferred share
       issue costs                  -      (60,469)           -      (60,469)
    -------------------------------------------------------------------------

                                    -      340,741   12,257,322      344,101
    -------------------------------------------------------------------------

    Increase in cash
     during the period     (1,334,057)     259,363    8,550,704      262,723

    Cash at beginning
     of period             10,147,484        3,360      262,723            -
    -------------------------------------------------------------------------

    Cash at end of
     period               $ 8,813,427  $   262,723  $ 8,813,427  $   262,723
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    %SEDAR: 00023367E




For further information:

For further information: Bradmer Pharmaceuticals Inc., Mr. Brian
Brohman, Chief Financial Officer, Phone: (502) 657-6038, Fax: (502) 657-6039,
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

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BRADMER PHARMACEUTICALS INC.

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