TORONTO, ONTARIO–(Marketwired – Aug. 1, 2017) – Bradmer Pharmaceuticals Inc. (“Bradmer” or the “Company”) (NEX:BMR.H) today announced its second quarter 2017 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 June 30, 2017, the Company recorded a net loss of $40,000 or $0.002 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 $42,000 or $0.002 per common share for the quarter ended June 30, 2016 based on the weighted average outstanding shares of 19,659,726.
General and administrative expenses were $32,000 in the three months ended June 30, 2017 compared to $42,000 in the same quarter of the prior year. Major expenses in 2017 consisted of consulting fees of $13,400, legal fees of $11,700, directors’ and officers’ liability insurance premiums of $2,300 and audit fees of $2,200. In 2016 major expenses consisted of legal fees of $21,000, consulting fees of $14,000, directors’ and officers’ liability insurance premiums of $2,500 and audit fees of $2,800.
The $7.700 foreign exchange loss in the first quarter of 2017 compared with a $300 foreign exchange gain in the same quarter of 2016.
For the six months ended June 30, 2017, Bradmer recorded a net loss of $73,000 or $0.004 per common share based on the weighted average outstanding shares of 19,659,726 during the six month period, compared to a net loss of $94,000 or $0.005 per common share for the six months ended June 30, 2016 based on the weighted average outstanding shares of 19,659,726.
General and administrative expenses were $61,000 in the six months ended June 30, 2017 compared to $69,000 in the same period of the prior year. Major expenses in 2017 consisted of consulting fees of $27,000, legal fees of $18,000, audit fees of $5,000 and insurance premiums of $5,000. Expenses in 2016 consisted of consulting fees of $27,000, legal fees of $21,000, transfer agent and stock exchange listing fees of $9,000 and insurance premiums of $5,000.
A $12,900 foreign exchange loss in the first half of 2017 compared with a $25,300 foreign exchange loss in the prior year period.
Bradmer’s operational activities for the six months ended June 30, 2017 were financed by cash on hand. At June 30, 2017, the Company had working capital of $320,000, compared to $382,000 at December 31, 2016. We had available cash of $334,000 (CDN $434,000) as at June 30, 2017, compared to cash of $414,000 as at December 31, 2016. The $80,000 decrease in cash was due to the $73,000 net loss and the $18,000 increase in non-cash working capital, offset by $11,000 of foreign currency adjustments.
As at August 1 and June 30, 2017, 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. | |||||||
| Condensed Interim Statements of Financial Position | |||||||
| As at | |||||||
| (All amounts expressed in United States dollars) | |||||||
| June 30, | December 31 | ||||||
| 2017 | 2016 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 334,263 | $ | 413,894 | |||
| Amounts receivable | 3,059 | 3,413 | |||||
| Prepaid expenses | 6,086 | 1,176 | |||||
| Total assets | $ | 343,408 | $ | 418,483 | |||
| Liabilities and Shareholders’ Equity | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued liabilities | $ | 23,850 | $ | 36,759 | |||
| Shareholders’ Equity | |||||||
| Share capital | 1,769,440 | 1,710,138 | |||||
| Contributed surplus | 1,955,285 | 1,889,755 | |||||
| Accumulated other comprehensive income | 781,668 | 895,332 | |||||
| Deficit | (4,186,835 | ) | (4,113,501 | ) | |||
| Total shareholders’ equity | 319,558 | 381,724 | |||||
| Total liabilities and shareholders’ equity | $ | 343,408 | $ | 418,483 | |||
| BRADMER PHARMACEUTICALS INC. | |||||||||||||
| Condensed Interim Statements of Comprehensive Income | |||||||||||||
| (All amounts expressed in United States dollars) | |||||||||||||
| Six Months Ended | Three Months Ended | ||||||||||||
| June 30 | June 30 | ||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||
| Expenses | |||||||||||||
| General and administrative | $ | 60,520 | $ | 68,778 | $ | 32,306 | $ | 42,330 | |||||
| Other Income | |||||||||||||
| Interest | 56 | 58 | 29 | 29 | |||||||||
| Foreign exchange (loss)/income | (12,870 | ) | (25,346 | ) | (7,705 | ) | 330 | ||||||
| Loss for the period | (73,334 | ) | (94,066 | ) | (39,982 | ) | (41,971 | ) | |||||
| Other comprehensive (loss)/income | (113,664 | ) | (193,340 | ) | (82,866 | ) | 10,231 | ||||||
| Comprehensive (loss) for the period | $ | (186,998 | ) | $ | (287,406 | ) | $ | (122,848 | ) | $ | (31,740 | ) | |
| Loss per share | |||||||||||||
| Basic and diluted | $ | 0.004 | $ | 0.005 | $ | 0.002 | $ | 0.002 | |||||
| Weighted average number of shares outstanding | 19,659,726 | 19,659,726 | 19,659,726 | 19,659,726 | |||||||||
| BRADMER PHARMACEUTICALS INC. | ||||||||||||||
| Condensed Interim Statements of Changes in Shareholders’ Equity | ||||||||||||||
| For the six months ended June 30 | ||||||||||||||
| (All amounts expressed in United States dollars) | ||||||||||||||
| Share capital | ||||||||||||||
| Accumulated | ||||||||||||||
| Other | Total | |||||||||||||
| Number of | Contributed | Comprehensive | Shareholders’ | |||||||||||
| shares | Amount | surplus | Income/ (Loss) | Deficit | equity | |||||||||
| Balance, January 1, 2016 | 19,659,726 | $ | 1,659,105 | $ | 1,833,363 | $ | 985,568 | $ | (3,977,951 | ) | $ | 500,085 | ||
| Foreign currency translation adjustment | – | 105,982 | 117,113 | (193,340 | ) | – | 29,755 | |||||||
| Loss for the period | – | – | – | – | (94,066 | ) | (94,066 | ) | ||||||
| Balance, June 30, 2016 | 19,659,726 | $ | 1,765,087 | $ | 1,950,476 | $ | 792,228 | $ | (4,072,017 | ) | $ | 435,774 | ||
| Balance, January 1, 2017 | 19,659,726 | $ | 1,710,138 | $ | 1,889,755 | $ | 895,332 | $ | (4,113,501 | ) | $ | 381,724 | ||
| Foreign currency translation adjustment | – | 59,202 | 65,530 | (113,664 | ) | – | 11,168 | |||||||
| Loss for the period | – | – | – | – | (73,334 | ) | (73,334 | ) | ||||||
| Balance, June 30, 2017 | 19,659,726 | $ | 1,769,440 | $ | 1,955,285 | $ | 781,668 | $ | (4,186,835 | ) | $ | 319,558 | ||
| BRADMER PHARMACEUTICALS INC. | ||||||||
| Condensed Interim Statements of Cash Flows | ||||||||
| For the six months ended June 30 | ||||||||
| (All amounts expressed in United States dollars) | ||||||||
| 2017 | 2016 | |||||||
| Cash flows from operating activities | ||||||||
| (Loss) for the period | $ | (73,335 | ) | $ | (94,066 | ) | ||
| Adjustments for: | ||||||||
| Foreign currency translation adjustment | 10,892 | 18.367 | ||||||
| (62,442 | ) | (75,699 | ) | |||||
| Change in non-cash operating items | ||||||||
| Amounts receivable | 354 | (349 | ) | |||||
| Prepaid expenses | (4,910 | ) | (4,803 | ) | ||||
| Accounts payable and accrued expenses | (12,909 | ) | 4,109 | |||||
| (79.907 | ) | (76,742 | ) | |||||
| Effect of exchange rate fluctuations on cash held | 276 | 11,388 | ||||||
| Decrease in cash | (79,631 | ) | (65,354 | ) | ||||
| Cash at beginning of period | 413,894 | 520,758 | ||||||
| Cash at end of period | $ | 334,263 | $ | 455,404 | ||||
Paul Van Damme
Chief Financial Officer
pvandamme@wcmcapital.ca
1.416.847.6905