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

of $556,000. During the period, BMR expanded drug manufacturing analytical support and completed a second GMP batch of drug substance in order to exceed expected regulatory requests and ensure initiation of the trial in 2008.

General and administrative expenses were $955,000 in the first quarter of 2008 compared to $521,000 in the prior year as we added a new Chief Financial Officer in the third quarter of 2007 and additional administrative support. Recruitment fees of $138,000 were incurred in the first quarter of 2008 to retain a Chief Operating and Medical Officer and a Senior Vice-President Manufacturing. The share of stock-based compensation, a noncash item, included in general and administrative expenses was $109,000 for the quarter, as compared to $73,000 for the same period in 2007.

Interest income increased to $91,000 for the quarter from $85,000 in the same period of 2007, largely due to higher average cash balances after the completion of the June 2007 financing. However, the impact of the increase in cash balances was almost totally offset by the significant decline in interest rates over the past year.

As at March 31, 2008, Bradmer had available cash and cash equivalents of $16,652,000 as compared with $19,469,000 as at December 31, 2007. The decrease in cash was related to the operating costs incurred in the first quarter. The Company expects that cash on hand at March 31, 2008 will be sufficient to fund operations at least through 2009, inclusive of clinical trial costs and infrastructure costs during such period.

Operational activities for the quarter ended March 31, 2008 were financed by cash on hand and the proceeds of the public offering completed in June 2007.

As at March 31, 2008, there were 13,488,215 common shares issued and outstanding.

Outlook

Bradmer's operational objectives are clear: prepare, launch, and execute a multi-center randomized trial evaluating Neuradiab in newly diagnosed GBM pa
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SOURCE Bradmer Pharmaceuticals Inc.
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