Bradmer implements cash conserv... ( - Company suspends patient enrollme...)

Bradmer implements cash conservation plan

Date:3/5/2009

    - Company suspends patient enrollment and contract manufacturing
    activities -

    TSX: BMR

TORONTO, March 5 /PRNewswire-FirstCall/ - Bradmer Pharmaceuticals Inc. (BMR.TSX), today announced that it will implement a restructuring plan to conserve existing cash resources. The plan is in response to the uncertain state of the capital markets and the Company's ongoing evaluation of strategic alternatives.

As announced on February 17, 2009, a delay in completing the 60-patient "run-in phase" and full enrollment of the GLASS-ART Trial was identified by the Company. This delay will require the Company to secure additional capital in order to continue the GLASS-ART Trial in its current form. Given current market conditions, the Company does not believe that it will be able to access additional capital at this time on reasonable terms.

The restructuring plan is meant to reduce expenditures in order to conserve cash while the Board of Directors considers strategic options. While the strategic evaluation process is underway, Bradmer has suspended patient enrollment in the GLASS-ART Trial and suspended contract manufacturing of Neuradiab(R). The plan includes an approximate 70 percent reduction in headcount by May 1, 2009, representing 13 positions at the Company.

"We believe it is prudent in today's uncertain economic climate to take all appropriate measures to conserve existing capital until a new strategy is adopted by our Board," said Dr. Alan M. Ezrin, President and Chief Executive Officer of Bradmer. "The major cost drivers for Bradmer are clinical operations support, patient enrollment rate and contract manufacturing. By suspending these activities, we will significantly reduce our ongoing expenditures. However, we will continue to support and track the progress of all patients currently enrolled in the GLASS-ART Trial. The Company intends to maintain the ability to pursue business development strategies
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