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Bradmer announces 2007 fourth quarter and fiscal year operational and financial results
Date:3/12/2008

$1,280,000 compared with $302,000 and $746,000 for the corresponding periods in 2006, respectively. The change in management salaries is primarily due to the hiring of additional management during 2007.

Office and administrative expenses for the three-month and twelve-month periods ended December 31, 2007 were $315,000 and $710,000 respectively, while in 2006, comparable amounts were $136,000 and $371,000, respectively. These expenses include charges for facilities, communications, investor relations and insurance. Professional fees for the three-month and twelve-month periods ended December 31, 2007 were $156,000 and $586,000 compared to $99,000 and $282,000, respectively, and consisted primarily of legal, accounting and recruiting fees.

The non-cash stock-based compensation charges for the three-month and twelve-month periods ended December 31, 2007 totaled $37,000 and $348,000, respectively, while 2006 charges were $67,000 and $183,000, respectively, as a result of the issuance of options to employees, officers and directors.

Operational expenses were offset in part by interest income of $174,000 and $577,000 during the three-month and twelve-month periods ended December 31, 2007. Interest income in 2006 was $108,000 and $391,000 for the comparable periods. The increase in interest income in 2007 was primarily due to higher interest rates and higher average cash balances after the completion of the June 2007 financing.

As at December 31, 2007, Bradmer had available cash and cash equivalents of $19,469,000 as compared with $8,813,000 as at December 31, 2006. The increase in cash was related to proceeds of the public offering closed on June 22, 2007, which yielded gross proceeds of approximately Cdn$23,100,000. After deducting cash-based share issue costs and converting to US dollars, net proceeds totaled approximately $19,600,000. The Company expects that cash on hand at December 31, 2007 will be sufficient to fund operations at least
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SOURCE Bradmer Pharmaceuticals Inc.
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