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Bradmer announces 2008 fourth quarter and fiscal year operational and financial results
Date:3/31/2009

2,620,000 in 2007. During 2007, Bradmer manufactured drug product and conducted considerable analytical work to prepare for the start of the clinical trial.

General and administrative expenses were $3,389,000 in 2008 compared to $2,796,000 in the prior year as a result of the recruitment of senior executives and additional administrative support. Compensation costs amounted to $1,237,000 in 2008 compared to $1,101,000 in 2007. The portion of stock-based compensation, a noncash item, included in general and administrative expenses was $320,000 for the year, as compared to $324,000 for 2007. The remaining $124,000 of stock-based compensation is included in research and development expenses compared to $24,000 in 2007. Recruitment fees of $210,000 were incurred to retain clinical and manufacturing staff, compared to $101,000 in 2007.

Interest income was $273,000 during fiscal 2008 compared to $577,000 in 2007, due to lower cash balances and significantly lower interest rates.

For the three-month period ended December 31, 2008, Bradmer recorded a net loss of $2,327,000, or $0.17 per common share. This compares to a net loss of $3,517,000, or $0.26 per common share for the three months ended December 31, 2007. During the fourth quarter of 2008, the Corporation focused on cost reduction opportunities in all areas of the business in response to the credit crisis and the downtown in the economy.

Research and development expenses for the fourth quarter of 2008 were $1,586,000, compared to $2,826,000 in the same period of 2007. The decrease was primarily due to reduced support costs from our clinical research organization (CRO), for our Phase III clinical development program. The expenses incurred in 2008 consisted primarily of CRO costs of $354,000 and drug manufacturing and related analytical costs of $685,000.

General and administrative expenses were $761,000 in the fourth quarter of 2008, compared to $873,000 in 2007. The portion of
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SOURCE Bradmer Pharmaceuticals Inc.
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