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Bradmer announces 2008 first quarter operational and financial results
Date:5/9/2008

the first patients in this trial and are pleased with our accomplishments of building a Phase III company in the last 18 months for less than $17 million dollars. The large expenses in developing the completed manufacturing process and ramping up toward the trial are behind us and we now go into the per patient costings as we execute this trial."

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 U.S.

Financial Highlights

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

For the three-month period ended March 31, 2008, we recorded a net loss of $3,157,000, or $0.23 per common share based on the weighted average outstanding shares of 13,488,215. This compares to a net loss of $1,854,000, or $0.24 per common share for the three months ended March 31, 2007 based on the weighted average outstanding shares of 7,781,346. The increased loss in 2008 was primarily related to planned research and development spending with regard to the Company's lead clinical program, Neuradiab, in preparation for the proposed clinical trial, as well as the growth in the Company's administrative functions in anticipation of the clinical trial launch.

Research and development expenses for the first quarter of 2008 were $2,268,000, an increase of $864,000 from $1,404,000 in the same period of 2007. The increase was primarily due to increased costs associated with manufacturing and support for our Phase III clinical development program. The expenses incurred in 2008 were primarily related to amounts paid under drug manufacturing contracts of $1,382,000, as well as amounts paid to clinical and regulatory collaborators
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SOURCE Bradmer Pharmaceuticals Inc.
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