Bradmer implements cash conservation plan
TORONTO, March 5 /CNW/ - 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.