Toronto Stock Exchange Symbol: DND
MISSISSAUGA, ON, March 14, 2014 /CNW/ - Cipher Pharmaceuticals Inc.
(TSX: DND) ("Cipher" or "the Company") today announced that Larry
Andrews will be stepping down from his position as President and Chief
Executive Officer. To ensure a smooth transition of responsibilities,
Mr. Andrews will remain with the Company for a period of time while the
Board undertakes a search process, following which he will continue
working with Cipher in a consulting capacity.
"On behalf of the Board and all the employees, I want to thank Larry for
many years of dedicated service to Cipher," said Gerry McDole, Chair of
Cipher. "Larry has led Cipher for its entire life as a public company
and has been instrumental in the company's regulatory and commercial
success. We wish him all the best in his future endeavors and look
forward to his continued contributions in a consulting capacity."
"Leading Cipher has been an incredibly rewarding professional experience
and I would like to sincerely thank our employees," said Mr. Andrews.
"With strong financial performance, a growing cash balance, and a
talented, dedicated team, Cipher has an excellent foundation for
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals (TSX: DND) is a growing specialty pharmaceutical
company with three commercial products and a fourth in development. Our
product candidates are typically improved formulations of successful,
currently marketed drugs. We in-license a product, manage the required
clinical development and regulatory approval process, and either
out-license it to a marketing partner, or, in Canada, we may market the
product ourselves. Our core capabilities are in clinical and regulatory
affairs, product licensing, supply chain management, and marketing and
sales. Since the Company was founded in 2000, we have achieved final
regulatory approval in the U.S. and Canada for all three of our
original products and completed six marketing partnerships, generating
growing licensing revenue.
Statements made in this news release, other than those concerning
historical financial information, may be forward-looking and therefore
subject to various risks and uncertainties. The words "may", "will",
"could", "should", "would", "suspect", "outlook", "believe", "plan",
"anticipate", "estimate", "expect", "intend", "forecast", "objective",
"hope" and "continue" (or the negative thereof), and words and
expressions of similar import, are intended to identify forward-looking
statements. Certain material factors or assumptions are applied in
making forward-looking statements and actual results may differ
materially from those expressed or implied in such statements. Factors
that could cause results to vary include those identified in the
Company's Annual Information Form and other filings with Canadian
securities regulatory authorities. These factors include, but are not
limited to; the applicability of patents and proprietary technology;
possible patent litigation; approval of products in the Company's
pipeline; marketing of products; meeting projected drug development
timelines and goals; product liability and insurance; dependence on
strategic partnerships and licensees; concentration of the Company's
revenue; substantial competition and rapid technological change in the
pharmaceutical industry; the ability to access capital; the ability to
attract and retain key personnel; changes in government regulation or
regulatory approval processes; dependence on contract research
organizations; third party reimbursement; the success of the Company's
strategic investments; the possibility of shareholder dilution; market
price volatility of securities; and the existence of significant
shareholders. All forward-looking statements presented herein should be
considered in conjunction with such filings. Except as required by
Canadian securities laws, the Company does not undertake to update any
forward-looking statements; such statements speak only as of the date
SOURCE: Cipher Pharmaceuticals Inc.
For further information:
(416) 815-0700 ext 278
Cipher Pharmaceuticals Inc.