TORONTO — Bradmer Pharmaceuticals Inc. said Friday it is offering shareholders a chance to unload their stock by buying back up to 8.3 million shares, representing nearly two-thirds of its outstanding stock. Bradmer is offering 20 cents per share, 7.5 cents above the previous closing price. The stock closed the gap Friday, rising 4.5 cents to 17 cents on the Toronto Stock Exchange in early trading after the announcement. If all possible shares are deposited, the Toronto-based maker of cancer treatment drugs would buy back about 61 per cent of its outstanding stock for $16.6 million. Bradmer said the offer, called a substantial issuer bid,” doesn’t hinge on a minimum number of shares deposited but requires regulatory approval. ” “While we continue to pursue an appropriate business strategy for our Neuradiabasset, 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,” Bradmer chief executive Alan Ezrin,President said in a statement. “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.” At the end of Thursday’s trade on the Toronto Stock Exchange, Bradmer shares closed at a 52-week low of 12.5 cents per share. Last july, the stock traded at a high of $1.30 per share.
