TORONTO, Sept. 1 /CNW/ - Bradmer Pharmaceuticals Inc. (TSX: BMR)
("Bradmer" or the "Corporation") today announced the completion of a
substantial issuer bid ("the Offer") to purchase up to 8.3 million common
shares ("Shares") of the Corporation at a price of CDN$0.20 per Share (or
approximately US$0.18316). As of the Offer expiry date, 5:00pm ET, August 28,
2009, a total of 7.5 million Shares are eligible to be tendered under the
terms of the Offer, if received by September 2, 2009 by the Company's transfer
agent. The Shares validly deposited will be purchased by Bradmer for
cancellation with payment made within ten days. Shares invalidly deposited to
the Offer will be returned promptly. Based on the cancellation of 7.5 million
Shares, Bradmer will have approximately 5.99 million Shares outstanding and,
as such, shareholders holding more than 599,000 Shares must report that they
are a 10 percent shareholder. The funds required to pay for Shares purchased
pursuant to the Offer, and the payment of the fees and expenses of the Offer,
will be funded by Bradmer out of cash on hand. As of June 30, 2009 Bradmer had
available cash of $3,462,000.
Full details of the offer are contained in the issuer bid circular,
letter of transmittal and other related documents which were mailed to
shareholders on July 21, 2009 and are also available on SEDAR at www.sedar.com
under Bradmer's profile.
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
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.
For further information:
For further information: Bradmer Pharmaceuticals Inc., Brian Brohman,
Chief Business Officer, Phone: (888) 267-0707 x804, E-mail:
email@example.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: firstname.lastname@example.org