Navigation Links
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 for Neuradiab and is continuing to explore opportunities that would permit further development of Neuradiab."

As a result of the restructuring, Bradmer will reduce its operating expenses leaving unencumbered cash resources available for careful strategic deployment. The Board of Directors will continue to conduct a review of strategic options and recommendations will be forthcoming.

About Bradmer Pharmaceuticals Inc. (www.bradmerpharma.com)

Bradmer Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of new and innovative cancer therapies. Bradmer's 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 in a Phase III multi-center clinical trial of the licensed treatment. 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 shares have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or any state regulatory agency in the United States. The resale or transfer by a U.S. investor of such common shares of Bradmer Pharmaceuticals Inc. is subject to the requirements of Rule 904 of Regulation S of the Securities Act or such other applicable exemption thereunder, and other applicable state securities laws.

Except for historical information, this press release may contain forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting.


'/>"/>
SOURCE Bradmer Pharmaceuticals Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Bradmer announces management changes
2. Bradmer provides Phase III Neuradiab trial update and guidance
3. Bradmer to present at Rodman & Renshaw Healthcare Conference
4. Bradmer Medical Isotope Supply For Phase III Trial Secure
5. Bradmer announces additions to Scientific Advisory Board
6. Bradmer to present at the 10th Annual BIO CEO & Investor Conference
7. Bradmer announces Phase II results published in newly diagnosed glioblastoma which demonstrate improved survival and support upcoming Phase III study
8. Notice of Bradmer Pharmaceuticals Conference Call
9. Bradmer announces 2007 fourth quarter and fiscal year operational and financial results
10. Bradmer announces new additions to management team
11. Bradmer announces 2008 first quarter operational and financial results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... Global Healthcare ... scenic Alexandria Park in Milford, NJ. This free event, sponsored by Global Healthcare ... activity. The fun run is geared towards children of all ages; it is ...
(Date:10/13/2017)... ... 13, 2017 , ... “America On The Brink”: the Christian history of the ... is the creation of published author, William Nowers. Captain Nowers and his wife, ... he spent thirty years in the Navy. Following his career as a naval ...
(Date:10/12/2017)... (PRWEB) , ... October 12, 2017 , ... IsoComforter, Inc. ... products, announced today the introduction of an innovative new design of the shoulder pad. ... so you get maximum comfort while controlling your pain while using cold therapy. By ...
(Date:10/12/2017)... ... October 12, 2017 , ... HMP , a leader in ... 2017 Folio Magazine Eddie Digital Award for ‘Best B-to-B Healthcare Website.’ Winners were announced ... 2017. , The annual award competition recognizes editorial and design excellence across a range ...
(Date:10/12/2017)... ... , ... In the United States, single-family home owners pay ... York, New Jersey, Massachusetts, Texas, Virginia, Connecticut, and California—the average is $7,000 a ... rates, which contributes to the relatively lower cost of living in places like ...
Breaking Medicine News(10 mins):
(Date:9/25/2017)... Sept. 25, 2017   Montrium , an ... solutions, today—from the IQPC Trial Master Files & ... NL)—announced that EastHORN Clinical Services has selected ... and TMF management. EastHORN, a leading European contract ... to increase transparency to enable greater collaboration with ...
(Date:9/22/2017)...  As the latest Obamacare repeal effort moves is ... (R-LA) and Lindsey Graham (R-SC) medical device ... industry is in an odd place.  The industry wants ... tax on medical device sales passed along with the ... increased visits and hospital customers with the funding to ...
(Date:9/19/2017)...   ZirMed Inc ., a recognized leader in cloud-based ... has been ranked #1 by its users for the seventh ... User Survey. ZirMed was recognized as the top-ranked end-to-end revenue ... centers over 200 beds and holds one of the longest ... history. ...
Breaking Medicine Technology: