Bradmer announces 2009 first quarter operational and financi...( TSX: BMR TORONTO May 7 / Bradm...),Health

TSX: BMR

TORONTO, May 7 /PRNewswire-FirstCall/ - Bradmer Pharmaceuticals Inc. ("Bradmer" or the "Company") today announced its 2009 first quarter operational and financial results.

Operational Highlights

During the three months ended March 31, 2009, the Company commenced a strategic review of its operations, as more particularly described in news releases of the Company dated February 17, 2009, March 5, 2009, and March 31, 2009. Pursuant to the strategic review, the Company has closed its Phase III GLASS-ART Trial to further patient enrollment, as the completion of initial milestones was projected to fully exhaust the Company's cash resources, while capital market conditions restricted the ability to raise further capital at this time. Subsequent to March 31, 2009, the Company has executed on a cash conservation plan with a reduction of staff and clinical trial related expenses, while continuing to evaluate strategic options.

"Despite our pride in the progress made bringing Neuradiab from a single-site Phase II program to a multicenter Phase III registration trial, this is a time of considerable challenge for our sector," said Alan M. Ezrin, Ph.D., President and Chief Executive Officer of Bradmer. "We continue our strategic evaluation of the future of the Company and ways in which we can achieve our objectives while being extremely attentive to the care of our patients and optimizing downside protection for our shareholders. The Board and Management look forward to sharing this plan with our stakeholders in the immediate near future. Our conservation of capital is evident in our reduced burn in Q1 2009 and will be the central theme of our emerging strategy."

Financial Results

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

For the three months ended M
'/>"/>