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Bradmer provides clinical trial update and announces evaluation of strategic alternatives
Date:2/17/2009

TSX: BMR

TORONTO, Feb. 17 /PRNewswire-FirstCall/ - Bradmer Pharmaceuticals Inc. (BMR.TSX), provided an update today on the ongoing Phase III GLASS-ART Trial testing Neuradiab(R) in the most advanced form of brain cancer (glioblastoma). Bradmer also announced that its Board of Directors has recommended a review of strategic options in light of performance, market conditions and new projections of site initiation and patient enrollment from the Company's clinical research organization (CRO).

During the second half of 2008, the Phase III GLASS-ART Trial was successfully launched with five clinical trial sites activated and another 15 sites near initiation with regulatory and budgeting processes completed. Bradmer has now also completed a review of the first cohort of patients.

"We have enrolled our first cohort of patients in the trial and documented the appropriateness of dosing and protocol compliance with no reports of any serious adverse events," said Dr. Alan M. Ezrin, President and Chief Executive Officer. "While the efficiency and quality review of the Phase III study to date yielded encouraging protocol adherence and proof of execution, it also revealed significant logistical issues."

The Company's present CRO has indicated that it is unable to meet the targets for site initiation and enrollment of sufficient patients in a timely manner. This has occurred despite Bradmer having secured participation of multiple key centers across the United States. This projected delay in patient enrollment translates into a longer time to reach key clinical milestones that would require additional capital beyond 2009 to complete a planned 60-patient "run-in phase" and full trial enrollment.

The Company has terminated the relationship with the CRO which has agreed to continue through any "transition" or "wind down" phase. Management and the Board of Directors of Bradmer are now examining the ramification of this delay and
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SOURCE Bradmer Pharmaceuticals Inc.
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