TORONTO, May 30, 2018 (GLOBE NEWSWIRE) -- Bradmer Pharmaceuticals Inc. (TSX VENTURE:BMR.H) (“Bradmer” or the “Company”) today announced its first quarter 2018 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 March 31, 2018, the Company recorded a net loss of $273,000 or $0.014 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 $0.002 per common share for the quarter ended March 31, 2017 based on the weighted average outstanding shares of 19,659,726.
General and administrative expenses were $280,000 in the three months ended March 31, 2018 compared to $28,000 in the same quarter of the prior year. Major expenses in 2018 consisted of legal fees of $253,000, consulting fees of $14,200, filing fees of $6,300, audit fees of $2,900 and directors and officers’ liability insurance premiums of $2,500. In 2017 major expenses consisted of consulting fees of $13,600, legal fees of $6,000, audit fees of $2,800 and directors and officers’ liability insurance premiums of $2,400.
The main reason for the increased net loss in 2018 is the $247,000 increase in legal fees related to the ongoing work on the reverse takeover transaction.
Cash financed Bradmer’s operational activities for the three months ended March 31, 2018. At March 31, 2018, the Company had a working capital deficiency of $56,000, compared to working capital of $218,000 at December 31, 2017. Bradmer had available cash of $266,000 (CDN $344,000) as at March 31, 2018, compared to cash of $319,000 (CDN $400,000) as at December 31, 2017. The $53,000 decrease in cash was due to the $273,000 net loss partially offset by the $222,000 decrease in non-cash working capital.
As at May 31, 2018 and March 31, 2018, 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
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.
Condensed Interim Statements of Financial Position
As at
(All amounts expressed in United States dollars)
| March 31, | December 31, | ||||||||||||
| Notes | 2018 | 2017 | |||||||||||
| Assets | |||||||||||||
| Current assets | |||||||||||||
| Cash | $ | 266,440 | $ | 318,879 | |||||||||
| Amounts receivable | 4,070 | 2,515 | |||||||||||
| Prepaid expenses | 1,195 | 1,259 | |||||||||||
| Total assets | $ | 271,705 | $ | 322,653 | |||||||||
| Liabilities and Shareholders’ Equity (Deficiency) | |||||||||||||
| Current liabilities | |||||||||||||
| Accounts payable and accrued liabilities | 10 | $ | 327,873 | $ | 104,860 | ||||||||
| Shareholders’ Equity (Deficiency) | |||||||||||||
| Share capital | 6 | 1,780,830 | 1,830,372 | ||||||||||
| Contributed surplus | 1,967,872 | 2,022,618 | |||||||||||
| Accumulated other comprehensive income | 766,194 | 662,594 | |||||||||||
| Deficit | (4,571,064) | (4,297,791) | |||||||||||
| Total shareholders’ equity (deficiency) | (56,168) | 217,793 | |||||||||||
| Total liabilities and shareholders’ equity | $ | 271,705 | $ | 322,653 | |||||||||
BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Comprehensive Income
For the three months ended March 31
(All amounts expressed in United States dollars)
| 2018 | 2017 | |||||||
| Expenses | ||||||||
| General and administrative | $ | 279,730 | $ | 28,199 | ||||
| Other (income) loss | ||||||||
| Interest | (28) | (27) | ||||||
| Foreign exchange (gain) loss | (6,429) | 5,148 | ||||||
| Loss for the period | $ | (273,273) | $ | (33,320) | ||||
| Other comprehensive income (loss) | 103,600 | (30,798) | ||||||
| Comprehensive loss for the period | $ | (169,673) | $ | (64,118) | ||||
| Loss per share | ||||||||
| Basic and diluted | $ | (0.014) | $ | (0.002) | ||||
| Weighted average number of shares outstanding | 19,659,726 | 19,659,726 | ||||||
BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Changes in Shareholders’ Equity (Deficiency)
For the three months ended March 31
(All amounts expressed in United States dollars)
| Accumulated | ||||||||||||||||||||
| Share capital | Other | Total | ||||||||||||||||||
| Number of | Contributed | Comprehensive | Shareholders’ | |||||||||||||||||
| shares | Amount | surplus | Income | Deficit | equity | |||||||||||||||
| (Deficiency) | ||||||||||||||||||||
| Balance, January 1, 2017 | 19,659,726 | $ | 1,710,138 | $ | 1,889,755 | $ | 895,332 | $ | (4,113,501) | $ | 381,724 | |||||||||
| Foreign currency translation adjustment | - | 16,459 | 18,188 | (30,798) | - | 3,849 | ||||||||||||||
| Loss for the period | - | - | - | - | (33,320) | (33,320) | ||||||||||||||
| Balance, March 31, 2017 | 19,659,726 | $ | 1,726,597 | $ | 1,907,943 | $ | 864,534 | $ | (4,146,821) | $ | 352,253 | |||||||||
| Balance, January 1, 2018 | 19,659,726 | $ | 1,830,372 | $ | 2,022,618 | $ | 662,594 | $ | (4,297,791) | $ | 217,793 | |||||||||
| Foreign currency translation adjustment | - | (49,542) | (54,746) | 103,600 | - | (688) | ||||||||||||||
| Loss for the period | - | - | - | - | (273,273) | (273,273) | ||||||||||||||
| Balance, March 31, 2018 | 19,659,726 | $ | 1,780,830 | $ | 1,967,872 | $ | 766,194 | $ | (4,571,064) | $ | (56,168) | |||||||||
BRADMER PHARMACEUTICALS INC.
Condensed Interim Statements of Cash Flows
For the three months ended March 31
(All amounts expressed in United States dollars)
| 2018 | 2017 | |||||||||
| Cash flows from operating activities | ||||||||||
| Loss for the period | $ | (273,273) | $ | (33,320) | ||||||
| Adjustments for: | ||||||||||
| Foreign currency translation adjustment | (1,690) | 3,754 | ||||||||
| (274,963) | (29,567) | |||||||||
| Change in non-cash operating items | ||||||||||
| Amounts receivable | (1,555) | (297) | ||||||||
| Prepaid expenses | 64 | (8,078) | ||||||||
| Accounts payable and accrued liabilities | 223,013 | (26,429) | ||||||||
| (53,441) | (64,371) | |||||||||
| Effect of exchange rate fluctuations on cash held | 1,002 | 96 | ||||||||
| Decrease in cash | (52,439) | (64,275) | ||||||||
| Cash at beginning of period | 318,879 | 413,894 | ||||||||
| Cash at end of period | $ | 266,440 | $ | 349,619 |