stock-based compensation, a noncash item, included in general and administrative expenses was $28,000 for the quarter, compared to $96,000 in the same period in 2007. The remaining $21,000 of stock-based compensation is included in research and development expenses.
Interest income was $45,000 for the fourth quarter compared to $174,000 in the same period of 2007. The reduction was due to lower cash balances in 2008 and the significant decline in interest rates over the past year.
As at December 31, 2008, Bradmer had available cash and cash equivalents of $8,245,000 as compared to $19,469,000 as at December 31, 2007. The decrease in cash was due to funds spent on production of Neuradiab, on site initiation and patient enrollment. The Company expects that cash on hand at December 31, 2008 will be sufficient to fund the wind down of operations through 2009. We will be reducing funding to the minimum level consistent with our obligations to continue to monitor the progress and safety of the patients enrolled in the trial.
As at December 31, 2008, there were 13,488,215 common shares issued and outstanding.
Additional information about the Company, including the MD&A and financial results may be found on SEDAR at www.sedar.com.
About Bradmer Pharmaceuticals Inc. (www.bradmerpharma.com)
Bradmer Pharmaceuticals' lead clinical candidate, Neuradiab, was developed at Duke University Medical Center as a proprietary therapy for a particularly aggressive form of brain cancer, glioblastoma multiforme. Bradmer has initiated enrollment of primary GBM patients in a Phase III multi-center clinical trial of Neuradiab. Neuradiab has been granted Orphan Drug Status by both the U.S. Food and Drug Administration and the European Medicines Agency.
Bradmer Pharmaceuticals Inc.'s common sha
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. Bradmer implements cash conservation plan2
. Bradmer provides clinical trial update and announces evaluation of strategic alternatives3
. Bradmer to participate in panel presentation at RBC Capital Markets Healthcare Conference4
. Bradmer to present poster on progression free survival and overall survival data from Neuradiab(TM) Phase II trials at Society for Neuro-Oncology Meeting5
. Bradmer announces 2008 third quarter operational and financial results6
. Bradmer to present at Rodman & Renshaw Healthcare Conference7
. Bradmer receives FDA approval to proceed with Phase III clinical trial8
. Bradmer announces 2008 first quarter operational and financial results9
. Bradmer announces new additions to management team10
. Bradmer announces 2007 fourth quarter and fiscal year operational and financial results11
. Notice of Bradmer Pharmaceuticals Conference Call