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Bradmer announces 2009 third quarter financial results

^{Published on 2009-11-12 04:07:11 - Market Wire}
 

 Bradmer Pharmaceuticals Inc. Balance Sheets (Expressed in United States Dollars) ------------------------------------------------------------------------- September 30 December 31 2009 2008 ------------------------------------------------------------------------- (audited) Assets Current Cash and cash equivalents $ 1,443,036 $ 8,245,455 Amounts receivable 5,648 12,520 Prepaid expenses 31,267 27,158 ------------------------------------------------------------------------- 1,479,951 8,285,133 Patent rights - 711,054 ------------------------------------------------------------------------- $ 1,479,951 $ 8,996,187 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Liabilities Current Accounts payable and accrued liabilities $ 254,312 $ 1,594,578 ------------------------------------------------------------------------- Shareholders' Equity Capital stock 955,520 31,026,728 Warrants 783,988 881,488 Contributed surplus 1,210,796 1,158,886 Deficit (1,724,665) (25,665,493) ------------------------------------------------------------------------- 1,225,639 7,401,609 ------------------------------------------------------------------------- $ 1,479,951 $ 8,996,187 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Bradmer Pharmaceuticals Inc. Statements of Operations and Deficit (Expressed in United States Dollars) (unaudited) ------------------------------------------------------------------------- Nine Months Ended Three Months Ended September 30 September 30 2009 2008 2009 2008 ------------------------------------------------------------------------- Expenses Research expenses $ 2,289,383 $ 6,741,195 $ 43,513 $ 1,908,153 General and adminis- trative 1,685,939 2,628,846 187,436 768,454 Amortization of patents 47,397 45,549 15,202 15,747 Foreign exchange loss 4,352 14,432 3,755 3,032 Write-down of patent rights 672,865 - 472,865 - ------------------------------------------------------------------------- 4,699,936 9,430,022 722,771 2,695,386 Interest income 23,916 228,099 1,039 68,725 ------------------------------------------------------------------------- Net loss (4,676,020) (9,201,923) (721,732) (2,626,661) Deficit at beginning of period (25,665,493) (14,136,436) (29,619,781) (20,711,698) Application of stated capital against deficit 28,616,848 - 28,616,848 - ------------------------------------------------------------------------- Deficit at end of period $ (1,724,665) $(23,338,359) $ (1,724,665) $(23,338,359) ------------------------------------------------------------------------- Basic and diluted loss per share $ (0.36) $ (0.68) $ (0.06) $ (0.19) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Weighted average number of shares 12,886,915 13,488,215 11,832,537 13,488,215 ------------------------------------------------------------------------- Bradmer Pharmaceuticals Inc. Statements of Cash Flows (Expressed in United States Dollars) (unaudited) ------------------------------------------------------------------------- Nine Months Ended Three Months Ended September 30 September 30 2009 2008 2009 2008 ------------------------------------------------------------------------- Cash flows from operating activities Net loss for the period $ (4,676,020) $ (9,201,923) $ (721,732) $ (2,626,661) Add items not affecting cash Amortization of patents 47,397 45,549 15,202 15,747 Stock based compensation (recovery) (45,590) 394,567 (138,192) 113,253 Accrued interest on short-term investment - - - 31,944 Write-down of patent rights 672,865 - 472,865 - ------------------------------------------------------------------------- (4,001,348) (8,761,807) (371,857) (2,465,717) Changes in non-cash working capital items Amounts receivable 6,872 139,163 (1,628) 13,510 Prepaid expenses (4,109) (22,339) 14,048 5,297 Accounts payable and accrued liabilities (1,340,266) 490,639 (200,988) 439,078 ------------------------------------------------------------------------- (5,338,851) (8,154,344) (560,425) (2,007,832) ------------------------------------------------------------------------- Cash flows from investing activities Investment in patent rights (9,208) (68,086) (4,000) (33,471) Purchase of short-term investment - (10,000,000) - - Redemption of short-term investment - 10,000,000 - 10,000,000 ------------------------------------------------------------------------- (9,208) (68,086) (4,000) 9,966,529 ------------------------------------------------------------------------- Cash flows from financing activities Repurchase of common shares (1,454,360) - (1,454,360) - ------------------------------------------------------------------------- Increase (Decrease) in cash and cash equiva- lents during the period (6,802,419) (8,222,430) (2,018,785) 7,958,697 Cash and cash equivalents at beginning of period 8,245,455 19,469,337 3,461,821 3,288,210 ------------------------------------------------------------------------- Cash and cash equivalents at end of period $ 1,443,036 $ 11,246,907 $ 1,443,036 $ 11,246,907 ------------------------------------------------------------------------- -------------------------------------------------------------------------