Bradmer Announces First Quarter 2015 Operational and Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/07/15 -- Bradmer Pharmaceuticals Inc. (TSX VENTURE: BMR.H) ("Bradmer" or the "Company") today announced its first quarter 2015 operational and financial results.
Operational Highlights
On November 18, 2014, the Company announced that it had entered into a letter of intent with XORTX Pharma Corp. ("XORTX") to complete a going-public transaction for XORTX (the "Proposed Transaction"). XORTX is a privately held life science company based in Calgary.
In conjunction with and as a condition to the closing of the Proposed Transaction, XORTX is continuing to complete a brokered private placement of common shares and/or receipts for aggregate gross proceeds of $7,500,000 (the "Private Placement"), at an offering price, of $0.515 per XORTX Share.
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 March 31, 2015, the Company recorded net income of $3,000 or $0.0002 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 $33,000 or $0.001 per common share for the quarter ended March 31, 2014 based on the same weighted average outstanding shares of 19,659,726.
General and administrative expenses were $32,000 in the three months ended March 31, 2015 compared to $49,000 in the same quarter of the prior year. Major expenses in 2015 consisted of consulting fees of $15,000, audit fees of $3,000, legal fees of $9,000 and directors'' and officers'' liability insurance premiums of $3,000. Major expenses in 2013 consisted of consulting fees of $16,000, directors'' and officers'' liability insurance premiums of $4,000 and legal fees of $26,000.
The $35,000 foreign exchange gain in the first quarter of 2015 compared with the $16,000 foreign exchange gain in the same quarter of 2014.
The Company''s operational activities for the three months ended March 31, 2015 were financed by cash on hand. At March 31, 2015, Bradmer had working capital of $610,000, compared to $663,000 at December 31, 2014. It had available cash of $614,000 (CDN $777,000) at March 31, 2015, compared to cash of $699,000 (CDN $811,000) at December 31, 2014. The decrease in cash was due to the $56,000 foreign exchange translation adjustment and the $33,000 increase in non-cash working capital partially offset by the $3,000 of net income in the quarter.
As at May 7, 2015 and March 31, 2015, the Company had 19,659,726 common shares and options to purchase 1,950,000 common shares outstanding.
Bradmer Pharmaceuticals Inc.
Paul Van Damme, Chief Financial Officer
Additional information about Bradmer, including the MD&A and financial results may be found on SEDAR at .
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.
Contacts:
Bradmer Pharmaceuticals Inc.
Paul van Damme
Chief Financial Officer
1.416.847.6905
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Datum: 07.05.2015 - 14:00 Uhr
Sprache: Deutsch
News-ID 1357306
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