Bradmer announces 2007 third quarter operational and financial results



    TSX: BMR

    TORONTO, Nov. 13 /CNW/ - Bradmer Pharmaceuticals Inc., a clinical
oncology company specializing in the development and commercialization of
cancer therapies, today announced its 2007 third quarter operational and
financial results.
    "In recent months, we have secured additional funding of Cdn $23.1
 million, finalized our drug formulation and held a key meeting with the FDA
to discuss our proposed multi-center Phase III trial for Neuradiab as a
therapy for primary glioblastoma multiforme," said Dr. Alan M. Ezrin,
President and Chief Executive Officer of Bradmer. "The trial design that we
submitted to the U.S. Food and Drug Administration (FDA) will provide the
definitive answer on the therapeutic potential of Neuradiab for the treatment
of glioblastoma multiforme and the reproducibility of the proof of concept
data stemming from previous studies in approximately 200 patients conducted at
Duke University. Our next step in the preparation for the trial is to present
Bradmer's chemistry, manufacturing and controls (CMC) update to the FDA for
their review and to meet with them for further guidance later this quarter.
Following the completion of this meeting and subsequent update of the
regulatory documents to the FDA we look forward to receiving the necessary
regulatory approvals and to initiating the Phase III trial early in 2008."

    Operational Highlights and Outlook

    During the three-month period ended September 30, 2007, the Company
completed and submitted to the FDA the trial protocol for the proposed
multi-center Phase III trial of its lead drug, Neuradiab. Based upon this
submission and a subsequent meeting the Company held with the FDA, the FDA
concurred with Bradmer's proposed design of the Phase III trial for Neuradiab.
The proposed trial is a randomized two arm multi-center study targeting 380
patients in each arm comparing the current standard of care for primary
glioblastoma multiforme (GBM) with a group receiving Neuradiab as an adjunct
to the current standard of care. Bradmer has received indications of interest
from more than 30 GBM treatment centers in the U.S., which historically have
treated the majority of the annual GBM cases in the U.S., for participation in
the proposed trial.
    The Company has completed formulation development work for Neuradiab and
has initiated the final validation phase of the manufacturing process for the
drug. The data produced from this final manufacturing phase will comprise the
last component of Bradmer's manufacturing data submission to the FDA and will
be the subject of a guidance meeting scheduled during the fourth quarter of
2007. Prior to initiating the trial, the Company must submit a complete update
to the existing investigational new drug (IND) application. Approval of the
Phase III Neuradiab protocol in newly diagnosed GBM patients has been received
from a centralized institutional review board (IRB). With the concurrence of
the FDA and a central IRB regarding trial design, clinical trial site
contracting has been initiated.

    Financial Highlights

    Amounts in US Dollars, unless specified otherwise, and results expressed
in accordance with Canadian Generally Accepted Accounting Principles (Canadian
GAAP).
    For the three-month period ended September 30, 2007, Bradmer recorded a
net loss of $2,284,000, or $0.17 per common share, compared with a net loss of
$457,000 or $0.06 per common share for the three-month period ended September
30, 2006. For the nine-month period ended September 30, 2007, Bradmer recorded
a net loss of $5,919,000, or $0.60 per common share compared with a net loss
of $1,746,000 or $0.22 per common share for the nine-month period ended
September 30, 2006. The increased losses during the 2007 periods were
primarily related to higher planned research and development spending on the
Company's lead clinical program, Neuradiab.
    Research and development expenses for the three-month and nine-month
periods ended September 30, 2007 totaled $1,556,000 and $3,922,000
respectively, compared with $235,000 and $894,000 for the corresponding
periods in 2006. Research and development expenses incurred in 2007 were
primarily related to amounts paid under drug manufacturing contracts of
$798,000, as well as amounts paid to clinical and regulatory collaborators of
$758,000.
    Management salaries for the three-month and nine-month periods ended
September 30, 2007 were $325,000 and $862,000 respectively, compared with
salaries of $138,000 and $444,000 for the corresponding periods in 2006.
Current year management salaries were higher due primarily to an expanded
team.
    Non-cash stock-based compensation charges totaled $121,000 and $311,000
for the three-month and nine-month periods ended September 30, 2007, resulting
from the issuance of employee options. Such stock-based compensation charges
totaled $28,000 and $117,000 in the comparative periods ended September 30,
2006.
    As at September 30, 2007, Bradmer had available cash of $21.8 million
compared with $8.8 million at December 31, 2006. The increase was related to
the gross proceeds of Cdn $23.1 million from the public offering of units of
Bradmer, each unit comprised of one common share and one-half of one common
share purchase warrant, which closed on June 22, 2007. After deducting
cash-based share issue costs and converting to U.S. dollars, net proceeds
totaled $19.6 million. It is anticipated that cash on hand at September 30,
2007 will be sufficient to fund Company operations at least through 2009,
inclusive of clinical trial costs and infrastructure costs during such period.
    As at September 30, 2007, there were 13,568,215 common shares issued and
outstanding.
    Additional information about the Company, including the MD&A and
financial results may be found on SEDAR at www.sedar.com.

    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 risks and
uncertainties, which may include but are not limited to, the receipt of all
regulatory approvals required to conduct the proposed clinical trial of
Neuradiab, 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.

    Financial results included below:

    
    Bradmer Pharmaceuticals Inc.
    Balance Sheets
    (Expressed in United States Dollars)
    (unaudited)
    -------------------------------------------------------------------------
                                                   September 30  December 31
                                                        2007         2006
    -------------------------------------------------------------------------
                                                                  (audited)
    Assets
    Current
      Cash                                        $ 21,800,548  $   8,813,427
      Amounts receivable                               156,414        77,085
      Prepaid expenses                                  48,989        10,632
    -------------------------------------------------------------------------

                                                    22,005,951     8,901,144
    Patent rights                                      648,957       469,817
    -------------------------------------------------------------------------
                                                  $ 22,654,908  $  9,370,961
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities
    Current
      Accounts payable and accrued liabilities    $    687,811  $  1,384,367
    -------------------------------------------------------------------------

    Shareholders' Equity
    Share capital                                   31,210,728    12,504,066
    Warrants                                           881,488             -
    Contributed surplus                                494,286       183,369
    Deficit                                        (10,619,405)   (4,700,841)
    -------------------------------------------------------------------------
                                                    21,967,097     7,986,594
    -------------------------------------------------------------------------
                                                  $ 22,654,908  $  9,370,961
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Bradmer Pharmaceuticals Inc.
    Interim Statements of Operations and Deficit
    (Expressed in United States Dollars)
    (unaudited)
    -------------------------------------------------------------------------
                              Three Months Ended          Nine Months Ended
                                 September 30                September 30
                              2007          2006          2007          2006
    -------------------------------------------------------------------------

    Expenses
      Stock based
       compensation   $    121,214  $     28,012  $    310,917  $    116,798
      Management
       salaries            324,556       137,927       861,776       443,692
      Professional fees    246,723        32,020       429,742       183,684
      Office and admini-
       strative            155,386        88,421       394,640       235,420
      Research and deve-
       lopment           1,556,160       234,957     3,921,629       893,767
      Travel               104,997        42,887       365,663       128,436
      Amortization of
       patents              13,825         9,059        37,269        27,311
    -------------------------------------------------------------------------

                         2,522,861       573,283     6,321,636     2,029,108
    Interest income        239,153       116,295       403,072       283,018
    -------------------------------------------------------------------------

    Net loss for the
     period             (2,283,708)     (456,988)   (5,918,564)   (1,746,090)

    Deficit at beginning
     of period          (8,335,697)   (1,544,325)   (4,700,841)     (255,223)
    -------------------------------------------------------------------------

    Deficit at end of
     period           $(10,619,405) $ (2,001,313) $(10,619,405) $ (2,001,313)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic and diluted
     net loss per
     share            $      (0.17) $      (0.06) $      (0.60) $      (0.22)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Weighted average
     number of shares   13,568,215     7,781,344     9,922,276     7,780,994
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Bradmer Pharmaceuticals Inc.
    Interim Statements of Cash Flows
    (Expressed in United States Dollars)
    (unaudited)
    -------------------------------------------------------------------------
                              Three Months Ended          Nine Months Ended
                                 September 30                September 30
                              2007          2006          2007          2006
    -------------------------------------------------------------------------

    Cash flows from
     operating
     activities
      Net loss for the
       period         $ (2,283,708) $   (456,988) $ (5,918,564) $ (1,746,090)
      Add items not
       affecting cash
        Amortization of
         patents            13,825         9,059        37,269        27,311
        Stock based
         compensation      121,214        28,012       310,917       116,798
    -------------------------------------------------------------------------
                        (2,148,669)     (419,917)   (5,570,378)   (1,601,981)
      Changes in non
       cash working
       capital items
        Amounts
         receivable        (39,910)       (7,224)      (79,329)      (52,529)
        Prepaid
         expenses           (3,402)        9,850       (38,357)      (30,353)
        Accounts payable
         and accrued
         liabilities       (93,970)      (19,286)     (696,556)     (424,138)
    -------------------------------------------------------------------------

                        (2,285,951)     (436,577)   (6,384,620)   (2,109,001)
    -------------------------------------------------------------------------

    Cash flows from
     investing activity
      Investment in
       patent rights      (110,766)       (5,065)     (216,409)     (263,560)
    -------------------------------------------------------------------------

    Cash flows from finan-
     cing activities
      Repayment of due to
       related party             -             -             -      (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               -             -    19,588,150    12,086,713
      Issuance of capital
       stock upon exercise
       of warrants               -             -             -         2,414
    -------------------------------------------------------------------------

                                 -             -    19,588,150    12,257,322
    -------------------------------------------------------------------------
    Increase (decrease)
     in cash during the
     period             (2,396,717)     (441,642)   12,987,121     9,884,761
    Cash at beginning
     of period          24,197,265    10,589,126     8,813,427       262,723
    -------------------------------------------------------------------------
    Cash at end of
     period           $ 21,800,548  $ 10,147,484  $ 21,800,548  $ 10,147,484
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    %SEDAR: 00023367E




For further information:

For further information: Bradmer Pharmaceuticals Inc., Mr. Brian
Brohman, Chief Business Officer, Phone: (416) 361-6058, (Ext. 804), 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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