Bradmer announces 2009 third quarter financial results
TSX: BMR
Operational Highlights
During the three-month and nine-month periods ended
Financial Results
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
Research and development expenses for the three-month period ended
The Bradmer patent portfolio is based on technology, which is the subject of an exclusive license from Duke University. The Company is responsible for patent prosecution and maintenance. The portfolio comprised 31 issued patents and 28 pending patent applications in the
General and administrative expenses for the three-month period ended
For the nine-month period ended
Research and development expenses for the nine-month period ended
General and administrative expenses for the nine-month period ended
At
As at
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' 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. The Company seeks potential license partners to complete commercialization.
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
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.
Financial results are included below:
Bradmer Pharmaceuticals Inc. Balance Sheets (Expressed in United States Dollars) ------------------------------------------------------------------------- September 30 December 31 2009 2008 ------------------------------------------------------------------------- (audited) Assets Current Cash and cash equivalents $ 1,443,036 $ 8,245,455 Amounts receivable 5,648 12,520 Prepaid expenses 31,267 27,158 ------------------------------------------------------------------------- 1,479,951 8,285,133 Patent rights - 711,054 ------------------------------------------------------------------------- $ 1,479,951 $ 8,996,187 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Liabilities Current Accounts payable and accrued liabilities $ 254,312 $ 1,594,578 ------------------------------------------------------------------------- Shareholders' Equity Capital stock 955,520 31,026,728 Warrants 783,988 881,488 Contributed surplus 1,210,796 1,158,886 Deficit (1,724,665) (25,665,493) ------------------------------------------------------------------------- 1,225,639 7,401,609 ------------------------------------------------------------------------- $ 1,479,951 $ 8,996,187 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Bradmer Pharmaceuticals Inc. Statements of Operations and Deficit (Expressed in United States Dollars) (unaudited) ------------------------------------------------------------------------- Nine Months Ended Three Months Ended September 30 September 30 2009 2008 2009 2008 ------------------------------------------------------------------------- Expenses Research expenses $ 2,289,383 $ 6,741,195 $ 43,513 $ 1,908,153 General and adminis- trative 1,685,939 2,628,846 187,436 768,454 Amortization of patents 47,397 45,549 15,202 15,747 Foreign exchange loss 4,352 14,432 3,755 3,032 Write-down of patent rights 672,865 - 472,865 - ------------------------------------------------------------------------- 4,699,936 9,430,022 722,771 2,695,386 Interest income 23,916 228,099 1,039 68,725 ------------------------------------------------------------------------- Net loss (4,676,020) (9,201,923) (721,732) (2,626,661) Deficit at beginning of period (25,665,493) (14,136,436) (29,619,781) (20,711,698) Application of stated capital against deficit 28,616,848 - 28,616,848 - ------------------------------------------------------------------------- Deficit at end of period $ (1,724,665) $(23,338,359) $ (1,724,665) $(23,338,359) ------------------------------------------------------------------------- Basic and diluted loss per share $ (0.36) $ (0.68) $ (0.06) $ (0.19) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Weighted average number of shares 12,886,915 13,488,215 11,832,537 13,488,215 ------------------------------------------------------------------------- Bradmer Pharmaceuticals Inc. Statements of Cash Flows (Expressed in United States Dollars) (unaudited) ------------------------------------------------------------------------- Nine Months Ended Three Months Ended September 30 September 30 2009 2008 2009 2008 ------------------------------------------------------------------------- Cash flows from operating activities Net loss for the period $ (4,676,020) $ (9,201,923) $ (721,732) $ (2,626,661) Add items not affecting cash Amortization of patents 47,397 45,549 15,202 15,747 Stock based compensation (recovery) (45,590) 394,567 (138,192) 113,253 Accrued interest on short-term investment - - - 31,944 Write-down of patent rights 672,865 - 472,865 - ------------------------------------------------------------------------- (4,001,348) (8,761,807) (371,857) (2,465,717) Changes in non-cash working capital items Amounts receivable 6,872 139,163 (1,628) 13,510 Prepaid expenses (4,109) (22,339) 14,048 5,297 Accounts payable and accrued liabilities (1,340,266) 490,639 (200,988) 439,078 ------------------------------------------------------------------------- (5,338,851) (8,154,344) (560,425) (2,007,832) ------------------------------------------------------------------------- Cash flows from investing activities Investment in patent rights (9,208) (68,086) (4,000) (33,471) Purchase of short-term investment - (10,000,000) - - Redemption of short-term investment - 10,000,000 - 10,000,000 ------------------------------------------------------------------------- (9,208) (68,086) (4,000) 9,966,529 ------------------------------------------------------------------------- Cash flows from financing activities Repurchase of common shares (1,454,360) - (1,454,360) - ------------------------------------------------------------------------- Increase (Decrease) in cash and cash equiva- lents during the period (6,802,419) (8,222,430) (2,018,785) 7,958,697 Cash and cash equivalents at beginning of period 8,245,455 19,469,337 3,461,821 3,288,210 ------------------------------------------------------------------------- Cash and cash equivalents at end of period $ 1,443,036 $ 11,246,907 $ 1,443,036 $ 11,246,907 ------------------------------------------------------------------------- -------------------------------------------------------------------------
%SEDAR: 00023367E
For further information: For further information: Bradmer Pharmaceuticals Inc., Brian Brohman, Chief Business Officer, Phone: (888) 267-0707 x 804, E-mail: [email protected], Internet: www.bradmerpharma.com; Investor Relations, Ross Marshall, The Equicom Group Inc., Phone: (416) 815-0700 (Ext. 238), Fax: (416) 815-0080, E-mail: [email protected]
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