TSX: BMR

TORONTO, July 17 /PRNewswire-FirstCall/ - Bradmer Pharmaceuticals Inc. (TSX: BMR) ('Bradmer' or the 'Corporation') announced today that its Board of Directors has authorized the Corporation to proceed with a substantial issuer bid (the 'Offer'), pursuant to which the Corporation will offer to purchase for cancellation up to 8,300,000 million of its outstanding common shares ('Shares') at a price of Cdn$0.20 (approximately US$0.1788) per Share. The funds required to pay for Shares purchased pursuant to the Offer, and the payment of the fees and expenses of the Offer, will be funded by Bradmer out of cash on hand.

'While we continue to pursue an appropriate business strategy for our Neuradiab(R) asset, the decision to provide shareholders with an opportunity to divest of their position reflects the current challenging capital markets as well as the illiquidity of the Shares,' said Alan M. Ezrin, Ph.D., President and Chief Executive Officer of Bradmer. 'We are not providing guidance to shareholders on this matter. The Offer is consistent with our strategy adopted in February 2009 to mitigate future risks and we believe does so in a manner that treats all shareholders equally. We continue to evaluate opportunities to maximize the value of the Neuradiab asset, however a substantial portion of the existing cash on hand will be utilized to ensure Bradmer is left with no future obligations or liabilities.'

As of July 17, 2009, there were 13,488,215 Shares issued and outstanding. Assuming that the Offer is fully subscribed, the Offer will result in the purchase by Bradmer of 8,300,000 Shares, representing approximately 61.5% of the total number of issued and outstanding Shares. If more than 8,300,000 Shares are deposited under the terms of the Offer, and Shares are taken up pursuant to the Offer, Bradmer will purchase the Shares on a pro rata basis according to the number of Shares deposited by each shareholder.

The Offer is not conditional on any minimum number of Shares being deposited, however, the Offer is subject to other customary conditions. Full details of the Offer, including the procedure for depositing Shares, and the accompanying issuer bid circular and other related documents (collectively, the 'Offer Documents') are expected to be mailed to shareholders shortly. The Offer Documents will contain important information which should be read carefully before making a decision in respect of the Offer.

In accordance with applicable securities laws, the Corporation has retained an independent valuator, Bloom Burton Co, to provide a formal valuation and opinion as to the fair market value of the Shares.