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Bradmer provides update on substantial issuer bid

^{Published on 2009-07-28 13:24:32, Last Modified on 2009-07-28 13:24:40 - Market Wire}
 

 TSX: BMR TORONTO, July 28 /CNW/ - Bradmer Pharmaceuticals Inc. (TSX: BMR) ("Bradmer" or the "Corporation") announced previously on July 17, 2009 that it intends to offer to purchase for cancellation up to 8.3 million of its outstanding common shares, at a price of Cdn.$0.20 per share or approximately US$0.18 per share, pursuant to a substantial issuer bid. Bradmer announces today that full details of the offer, including the procedure for depositing shares, and the accompanying issuer bid circular and other related documents have now been mailed to shareholders. These documents contain important information which should be read carefully before making a decision in respect of the offer. Bradmer also announced previously that the TSX is reviewing the eligibility for continued listing of the company's common shares on the TSX under its Remedial Review Process. The TSX has now notified the company that it is also reviewing the company's eligibility on the basis that the company does meet minimum market capitalization requirements. Among other requirements for continued listing on the TSX, a company is required to have a market capitalization of at least $3 million. Bradmer's market capitalization is currently less than $3 million and, upon completion of the substantial issuer bid, the company's market capitalization may be significantly below $3 million. The TSX has also now reserved the right to shorten its original deadline of February 8, 2010 by which Bradmer must demonstrate that it meets all TSX requirements for continued listing, failing which the Bradmer's shares will be delisted from the TSX. The precise time frame remains to be defined and may be impacted by the extent to which shareholders participate in the issuer bid. In the meantime, the company continues its mission of seeking opportunities to advance or monetize its assets, inclusive of its lead drug, Neuradiab(R) and certain financial assets, such as its public listing and residual cash balances. With regard to Neuradiab, the company is continuing its process of seeking development partners, and has submitted multiple grants for funding to various government agencies and philanthropic organizations targeting decisions in the fourth quarter of 2009. In the event that the common shares of Bradmer are delisted from the TSX, the company will consider transferring its listing to the TSX Venture Exchange or the NEX Board of the TSX Venture Exchange in order to maintain a public listing of its common shares. Any decision in this regard will be made far in advance of any deadline imposed by the TSX. Neither Bradmer nor its Board of Directors makes any recommendation to any shareholder as to whether to deposit or refrain from depositing shares pursuant to the offer. Each shareholder must make his, her or its own decision whether to deposit shares and, if so, what number of shares to deposit. Shareholders are urged to consult their own investment and tax advisors prior to making any decision in respect of the offer. This press release is for informational purposes only and does not constitute an offer to purchase or the solicitation of an offer to sell shares. The solicitation and the offer to purchase shares will be made only pursuant to the offer to purchase and issuer bid circular and related documents. About Bradmer Pharmaceuticals Inc. ([ www.bradmerpharma.com ]) Bradmer Pharmaceuticals' lead clinical candidate, Neuradiab, was developed at Duke University Medical Center as a proprietary therapy for a particularly aggressive form of brain cancer, glioblastoma multiforme. Bradmer initiated enrollment of primary GBM patients in a Phase III multi-center clinical trial of Neuradiab. Neuradiab has been granted Orphan Drug Status by both the U.S. Food and Drug Administration and the European Medicines Agency. Bradmer Pharmaceuticals Inc.'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 press 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 successful and timely completion of clinical studies, 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. %SEDAR: 00023367E 

For further information: Bradmer Pharmaceuticals Inc., Brian Brohman, Chief Business Officer, Phone: (888) 267-0707 x804, E-mail: [ bbrohman@bradmerpharma.com ], Internet: [ www.bradmerpharma.com ]; Investor Relations, Ross Marshall, The Equicom Group Inc., Phone: (416) 815-0700 (Ext. 238), Fax: (416) 815-0080, E-mail: [ rmarshall@equicomgroup.com ]