TORONTO, April 04, 2018 (GLOBE NEWSWIRE) --
Bradmer Pharmaceuticals Inc. (TSX VENTURE:BMR.H) (“Bradmer” or the “Company”) today announced its fourth quarter and full year 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 December 31, 2017, the Company recorded a net loss of $74,000 or $0.004 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 $21,000 or $0.001 per common share for the quarter ended December 31, 2016 based on the same shares outstanding.
General and administrative expenses were $75,000 in the three months ended December 31, 2017 compared to $31,000 in the same quarter of the prior year. Major expenses in 2017 consisted of consulting fees of $14,000, directors’ and officers’ liability insurance premiums of $2,000, audit fees of $2,000 and legal fees of $54,000. In 2016 major expenses consisted of consulting fees of $13,000, directors’ and officers’ liability insurance premiums of $2,000, audit fees of $2,000 and legal fees of $8,000.
The $1,000 foreign exchange gain in the fourth quarter of 2017 compared with a $10,000 foreign exchange gain in the same quarter of 2016.
For the year ended December 31, 2017, we recorded a net loss of $184,000 or $0.009 per common share based on the weighted average outstanding shares of 19,659,726 during the period, compared to a net loss of 136,000 or $0.007 per common share for the year ended December 31, 2016 based on the weighted average outstanding shares of 19,659,726.
General and administrative expenses were $160,000 in the year ended December 31, 2017 compared to $123,000 in the prior year. Major expenses in 2017 consisted of consulting fees of $55,000, legal fees of $72,000, insurance premiums of $10,000, audit fees of $10,000 and transfer agent and stock exchange listing fees of $8,000. Major expenses in 2016 consisted of consulting fees of $54,000, legal fees of $32,000, insurance premiums of $10,000, audit fees of $10,000 and transfer agent and stock exchange listing fees of $12,000.
The $24,000 foreign exchange loss in 2017 compared with a $12,000 foreign exchange loss in 2016.
The main reason for the increased net loss in 2017 is due to the $40,000 increase in legal fees.
Bradmer’s operational activities for the year ended December 31, 2017 were financed by cash on hand. At December 31, 2017, the Company had working capital of $218,000, compared to $382,000 at December 31, 2016. Bradmer had available cash of $319,000 (CDN $400,000) as at December 31, 2017, compared to cash of $414,000 (CDN $556,000) as at December 31, 2016. The $95,000 decrease in cash was due to the $184,000 net loss partially offset by the $69,000 decrease in non-cash working capital and the $20,000 of foreign currency adjustments.
As at April 3, 2018 and December 31, 2017, 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
pvandamme@wdcapital.ca
1.416.847.6905
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) | |||||||
| 2017 | 2016 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 318,879 | $ | 413,894 | |||
| Amounts receivable | 2,515 | 3,413 | |||||
| Prepaid expenses | 1,259 | 1,176 | |||||
| Total assets | $ | 322,653 | $ | 418,483 | |||
| Liabilities and Shareholders’ Equity | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued liabilities | $ | 104,860 | $ | 36,759 | |||
| Shareholders’ Equity | |||||||
| Share capital | 1,830,372 | 1,710,138 | |||||
| Contributed surplus | 2,022,618 | 1,889,755 | |||||
| Accumulated other comprehensive income | 662,594 | 895,332 | |||||
| Deficit | (4,297,791 | ) | (4,113,501 | ) | |||
| Total shareholders’ equity | 217,793 | 381,724 | |||||
| Total liabilities and shareholders’ equity | $ | 322,653 | $ | 418,483 | |||
| BRADMER PHARMACEUTICALS INC. | |||||||
| Statements of Comprehensive Loss | |||||||
| For the years ended December 31 | |||||||
| (All amounts expressed in United States dollars) | |||||||
| 2017 | 2016 | ||||||
| Expenses | |||||||
| General and administrative | $ | 160,099 | $ | 123,000 | |||
| Other (income) loss | |||||||
| Interest | (113 | ) | (112 | ) | |||
| Foreign exchange loss | 24,304 | 12,662 | |||||
| Loss for the year | $ | (184,290 | ) | $ | (135,550 | ) | |
| Other comprehensive loss | (232,738 | ) | (90,236 | ) | |||
| Comprehensive loss for the year | $ | (417,028 | ) | $ | (225,786 | ) | |
| Loss per share | |||||||
| Basic and diluted | $ | (0.009 | ) | $ | (0.007 | ) | |
| Weighted average number of shares outstanding | 19,659,726 | 19,659,726 | |||||
| BRADMER PHARMACEUTICALS INC. | |||||||||||||||||||
| Statements of Changes in Shareholders’ Equity | |||||||||||||||||||
| For the years ended December 31 | |||||||||||||||||||
| (All amounts expressed in United States dollars) | |||||||||||||||||||
| Accumulated | |||||||||||||||||||
| Share capital | Other | Total | |||||||||||||||||
| Number of | Contributed | Comprehensive | Shareholders’ | ||||||||||||||||
| shares | Amount | surplus | Income | 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 | - | 51,033 | 56,392 | (90,236 | ) | - | 17,189 | ||||||||||||
| Loss for the year | - | - | - | - | (135,550 | ) | (135,550 | ) | |||||||||||
| Balance, December 31, 2016 | 19,659,726 | $ | 1,710,138 | $ | 1,889,755 | $ | 895,332 | $ | (4,113,501 | ) | $ | 381,724 | |||||||
| Foreign currency translation | |||||||||||||||||||
| adjustment | - | 120,234 | 132,863 | (232,738 | ) | - | 20,359 | ||||||||||||
| Loss for the year | - | - | - | - | (184,290 | ) | (184,290 | ) | |||||||||||
| Balance, December 31, 2017 | 19,659,726 | $ | 1,830,372 | $ | 2,022,618 | $ | 662,594 | $ | (4,297,791 | ) | $ | 217,793 | |||||||
| BRADMER PHARMACEUTICALS INC. | |||||||
| Statements of Cash Flows | |||||||
| For the years ended December 31 | |||||||
| (All amounts expressed in United States dollars) | |||||||
| 2017 | 2016 | ||||||
| Cash flows from operating activities | |||||||
| Loss for the year | $ | (184,290 | ) | $ | (135,550 | ) | |
| Adjustments for: | |||||||
| Foreign currency translation adjustment | (5,829 | ) | 12,174 | ||||
| (190,119 | ) | (123,376 | ) | ||||
Change in non-cash operating items | |||||||
| Amounts receivable | 898 | 1,685 | |||||
| Prepaid expenses | (83 | ) | 92 | ||||
| Accounts payable and accrued expenses | 68,101 | 9,720 | |||||
| (121,203 | ) | (111,879 | ) | ||||
| Effect of exchange rate fluctuations on cash held | 26,188 | 5,015 | |||||
| Decrease in cash | (95,015 | ) | (106,864 | ) | |||
| Cash at beginning of year | 413,894 | 520,758 | |||||
| Cash at end of year | $ | 318,879 | $ | 413,894 | |||