Bradmer announces 2007 fourth quarter and fiscal year operational and financi...(. President and ChiefExecutive Officer o...),Health

Date:3/12/2008

., President and Chief Executive Officer of Bradmer. "We successfully initiated and completed manufacturing of the drug product at cGMP contract manufacturing facilities and we gained concurrence with the FDA as to our clinical trial design. These achievements clear the path towards the launch of the Phase III trial in the spring of 2008."

The Phase III trial will investigate Neuradiab as an adjuvant therapy to surgery, external beam radiation and temozolomide in 760 patients with newly diagnosed glioblastoma multiforme (GBM). The randomized trial is expected to be conducted at leading brain tumor treatment centers across the US.

Financial Highlights

Amounts in US dollars, unless specified otherwise, and results expressed in accordance with Canadian Generally Accepted Accounting Principles (Canadian GAAP).

The Company recorded a net loss for the three-month and twelve-month periods ended December 31, 2007 of $3,517,000 or $0.26 per share and $9,436,000 or $0.87 per share, respectively. For the three-month and twelve-month periods ended December 31, 2006, the net loss was $2,700,000 or $0.35 per share and $4,446,000 or $0.57 per share, respectively.

Research and development expenses for the three-month and twelve-month periods ended December 31, 2007 were $2,669,000 and $6,590,000 compared with $2,073,000 and $2,966,000 in the comparable periods in 2006. These expenses related primarily to drug manufacturing costs as well as amounts paid to clinical and regulatory advisors. The increase was due to increased costs associated with manufacturing and support for our Phase III clinical development program. During the fourth quarter, Bradmer expanded drug manufacturing analytical support and prepared a second GMP batch of drug substance in order to exceed expected regulatory requests and ensure initiation of the trial in 2008.

Management salaries for the three-month and twelve-month periods ended December 31, 2007 were $419,000 and
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SOURCE Bradmer Pharmaceuticals Inc. Copyright©2008 PR Newswire. All rights reserved

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