Bradmer Announces Fourth Quarter and Fiscal Year 2011 Operational and Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 03/09/12 -- Bradmer Pharmaceuticals Inc. (TSX VENTURE: BMR.H) ("Bradmer" or the "Company") today announced its fourth quarter and fiscal year 2011 operational and financial results.
Operational Highlights
On December 21, 2011, Bradmer announced that it had entered into a letter of intent to complete a business combination (the "Proposed Transaction") with Epic Production Technologies International Inc. ("Epic"). The Proposed Transaction will be effected by way of a three-cornered amalgamation, share exchange or similar transaction between Bradmer and Epic (the resulting entity of the Transaction being referred to as the "Resulting Issuer"). It is anticipated that the Resulting Issuer will be named "Epic Production Technologies International Inc.". The Proposed Transaction is an arm's length transaction and will constitute a reverse take-over and change of business under applicable policies of the TSX Venture Exchange (the "TSX-V").
Financial Results
Amounts in US dollars, unless specified otherwise, and results prepared in accordance with International Financial Reporting Standards ("IFRS").
For the year ended December 31, 2011, the Company recorded a net loss of $315,000 or $0.02 per common share based on the weighted average outstanding shares of 19,659,726 during the year, compared to a net loss of $524,000 or $0.04 per common share for the year ended December 31, 2010 based on the weighted average outstanding shares of 14,682,445. The reduced loss in 2011 is attributable to the reductions in general and administrative expenses and research and development expenses of $83,000 and $82,000 respectively.
Research and development expenses totaled $28,000 in the year ended December 31, 2011, compared to $110,000 in fiscal 2010. Consulting fees were $12,000 and patent fees were $15,000. These costs were incurred in connection with the termination of the Duke License Agreement. Expenses in 2010 consisted primarily of patent maintenance and related legal fees of $80,000 and drug storage costs.
General and administrative expenses were $301,000 in 2011 compared to $384,000 in the prior year. In 2011, legal fees amounted to $211,000, of which $154,000 was incurred in connection with the P1 Energy transaction. The recovery of P1 Energy transaction costs partially offset these expenses. Other major expenses included consulting fees of $90,000, insurance premiums of $61,000, stock-based compensation of $22,000 and stock exchange listing fees of $13,000. Major expenses in 2010 consisted of consulting fees of $143,000, legal fees of $69,000 and insurance premiums of $60,000.
The $14,000 foreign exchange gain in 2011 compared with a $30,000 foreign exchange loss in 2010.
Fourth Quarter Results
The net income of $4,000 in the fourth quarter of 2011 compared to the loss of $201,000 in the third quarter of 2011 occurred because of third quarter consulting fees of $41,000, legal fees of $24,000, primarily related to the annual and special meeting of shareholders, and directors' and officers' liability insurance of $32,000. Stock-based compensation for the award of stock options in the third quarter was $22,000. In the fourth quarter of 2011, the foreign exchange gain of $52,000 exceeded the general and administrative expenses of $48,000 which resulted in net income for the quarter.
Bradmer's operational activities for the year ended December 31, 2011 were financed by cash on hand. At December 31, 2011, the Company had working capital of $1,165,000, as compared to $1,491,000 at December 31, 2010. Bradmer had available cash of $1,192,000 at December 31, 2011, compared to cash of $1,525,000 at December 31, 2010.
As at March 9, 2012, the Company has 19,659,726 common shares, warrants to purchase 418,497 common shares and options to purchase 1,955,000 common shares outstanding.
Additional information about Bradmer, including the MD&A and financial results may be found on SEDAR at .
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.
Approved on behalf of the Board:
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.
Contacts:
Bradmer Pharmaceuticals Inc.
Paul Van Damme
Chief Financial Officer
1-416-987-6113
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Datum: 09.03.2012 - 15:39 Uhr
Sprache: Deutsch
News-ID 1091523
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