TORONTO, ONTARIO -- (Marketwired) -- 04/05/16 -- Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") (NEX: BMR.H) today announced its fourth quarter and full year 2015 financial results.
Financial Results
Amounts in US dollars, unless specified otherwise, and results prepared in accordance with International Financial Reporting Standards ("IFRS").
For the three months ended December 31, 2015, the Company recorded a net loss of $7,000 or $0.000 per common share based on the weighted average outstanding shares of 19,659,726 during the three month period, compared to a net loss of $20,000 or $0.001 per common share for the quarter ended December 31, 2014 based on the same weighted average outstanding shares of 19,659,726.
Fee income of $22,000 was generated in the fourth quarter of 2014 by Bradmer agreeing to an extension of the letter of intent deadline to enter into a definitive agreement with respect to a proposed transaction with Alpha Cancer Technologies Inc. No fee income was generated in 2015.
General and administrative expenses were $22,000 in the three months ended December 31, 2015 compared to $58,000 in the same quarter of the prior year. Major expenses in 2015 consisted of consulting fees of $13,000, directors' and officers' liability insurance premiums of $3,000, audit fees of $2,000 and legal fees of $1,000,. In 2014 major expenses consisted of a bonus to the President & Chief Executive Officer of $25,000, consulting fees of $16,000, legal fees of $7,000, directors' and officers' liability insurance premiums of $4,000 and audit fees of $2,000.
The $15,000 foreign exchange gain in the fourth quarter of 2015 compared with the $15,000 foreign exchange gain in the same quarter of 2014.
For the year ended December 31, 2015, the Company recorded a net loss of $60,000 or $0.003 per common share based on the weighted average outstanding shares of 19,659,726 during the period, compared to a net loss of $59,000 or $0.003 per common share for the year ended December 31, 2014 based on the weighted average outstanding shares of 19,659,726.
Fee income of $91,000 was generated in 2014 from Alpha by agreeing to several extensions of the letter of intent deadline from April 30, 2014 to November 14, 2014 to enter into a definitive agreement with respect to a proposed transaction. No fee income was generated in 2015.
General and administrative expenses were $131,000 in the year ended December 31, 2015 compared to $188,000 in the prior year. Major expenses in 2015 consisted of a work fee from WCM Capital of $19,500, consulting fees of $56,000, legal fees of $21,000, insurance premiums of $11,000, audit fees of $10,000 and transfer agent and stock exchange listing fees of $8,000. Major expenses in 2014 consisted of consulting fees of $65,000, legal fees of $58,000, a bonus to the President & Chief Executive Officer of $25,000, insurance premiums of $15,000, transfer agent and stock exchange listing fees of $10,000 and audit fees of $8,000.
A $71,000 foreign exchange gain in 2015 compared with a $38,000 foreign exchange gain in the prior year.
Bradmer's operational activities for the year ended December 31, 2015 were financed by cash on hand. At December 31, 2015, the Company had working capital of $500,000, compared to $663,000 at December 31, 2014. The Company had available cash of $521,000 (CDN $721,000) as at December 31, 2015, compared to cash of $699,000 (CDN $811,000) at December 31, 2014. The decrease in cash was primarily due to the $60,000 net loss and $103,000 of foreign exchange adjustments.
As at April 5, 2016 and December 31, 2015, the Company had 19,659,726 common shares and options to purchase 1,950,000 common shares outstanding.
Additional information about Bradmer, including the MD&A and financial results, may be found on SEDAR at www.sedar.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Bradmer'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 news 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 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.
Statements of Financial Position
As at December 31
(All amounts expressed in United States dollars)
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2015 2014
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Assets
Current assets
Cash $ 520,758 $ 699,158
Amounts receivable 5,098 483
Prepaid expenses 1,268 1,746
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Total assets $ 527,124 $ 701,387
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Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 27,039 $ 38,485
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Shareholders' Equity
Share capital 1,659,105 1,979,314
Contributed surplus 1,833,363 2,187,203
Accumulated other comprehensive income 985,568 414,186
Deficit (3,977,951) (3,917,801)
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Total shareholders' equity 500,085 662,902
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Total liabilities and shareholders' equity $ 527,124 $ 701,387
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BRADMER PHARMACEUTICALS INC.
Statements of Comprehensive Income
For the years ended December 31
(All amounts expressed in United States dollars)
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2015 2014
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Expenses
General and administrative $ 131,406 187,663
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Other Income
Fee income - 90,511
Interest 128 181
Foreign exchange gain 71,128 37,667
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$ 71,256 128,359
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Loss for the year $ (60,150) $ (59,304)
Other comprehensive income 571,382 315,582
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Comprehensive income for the year $ 511,232 $ 256,278
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Loss per share
Basic and diluted $ (0.003) $ (0.003)
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Weighted average number of shares outstanding 19,659,726 19,659,726
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BRADMER PHARMACEUTICALS INC.
Statements of Changes in Shareholders' Equity
For the years ended December 31
(All amounts expressed in United States dollars)
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Share capital
Number of Contributed
shares Amount surplus
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Balance, January 1, 2014 19,659,726 $ 2,158,896 $ 2,385,647
Foreign currency translation
adjustment - (179,582) (198,444)
Loss for the year - - -
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Balance, December 31, 2014 19,659,726 $ 1,979,314 $ 2,187,203
Foreign currency translation
adjustment - (320,209) (353,840)
Loss for the year - - -
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Balance, December 31, 2015 19,659,726 $ 1,659,105 $ 1,833,363
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Accumulated
Other Total
Comprehensive Shareholders'
Income/(Loss) Deficit equity
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Balance, January 1, 2014 $ 98,604 $ (3,858,497) $ 784,650
Foreign currency translation
adjustment 315,582 - (62,444)
Loss for the year - (59,304) (59,304)
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Balance, December 31, 2014 $ 414,186 $ (3,917,801) $ 662,902
Foreign currency translation
adjustment 571,382 - (102,667)
Loss for the year - (60,150) (60,150)
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Balance, December 31, 2015 $ 985,568 $ (3,977,951) $ 500,085
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BRADMER PHARMACEUTICALS INC.
Statements of Cash Flows
For the years ended December 31
(All amounts expressed in United States dollars)
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2015 2014
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Cash flows from operating activities
Loss for the year $ (60,150) $ (59,304)
Adjustments for:
Foreign currency translation adjustment (66,063) (62,444)
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(126,213) (121,748)
Change in non-cash operating items
Amounts receivable (4,615) 6,185
Prepaid expenses 478 1,333
Accounts payable and accrued expenses (11,446) 12,820
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(141,796) (101,410)
Effect of exchange rate fluctuations on cash held (36,604) -
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Decrease in cash (178,400) (101,410)
Cash at beginning of year 699,158 800,568
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Cash at end of year $ 520,758 $ 699,158
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Contacts:
Bradmer Pharmaceuticals Inc.
Paul Van Damme
Chief Financial Officer
1.416.847.6905
pvandamme@wcmcapital.ca
