FORT WORTH, TX, Feb. 22 /CNW/ - Corriente Advisors L.L.C., the general
partner of Corriente Master Fund, L.P., announced today that in a series of
transactions concluding on January 24, 2008, Corriente Master Fund, L.P.
acquired beneficial ownership of 1,666,600 common shares (the "Shares") of
Cipher Pharmaceuticals Inc. ("Cipher"). The Shares acquired represent
approximately 6.93% of the 24,054,878 issued and outstanding Shares.
After giving effect to the acquisition of the Shares, Corriente Master
Fund, L.P. is the beneficial owner of 4,334,700 Shares, which represents
18.02% of the 24,054,878 Shares issued and outstanding. Corriente Advisors,
L.L.C. is the general partner of Corriente Master Fund, L.P. and, as such, has
the power to exercise control and direction over the securities of Cipher
beneficially owned by Corriente Master Fund, L.P.
The Shares were acquired through the facilities of the Toronto Stock
Exchange for investment purposes. Corriente Master Fund, L.P. and its joint
actors may, from time to time, acquire additional securities of Cipher,
dispose of some or all of the existing or additional securities they hold, or
may hold, or may continue to hold their current positions.
Corriente Advisors L.L.C. will be filing a report (as contemplated by
National Instrument 62-103 - The Early Warning System and Related Takeover Bid
and Insider Reporting Issues) in connection with its acquisition of the
For further information:
For further information: or to obtain a copy of such report, please
contact Mr. Chad Fahlberg, the Compliance Officer of Corriente Advisors,
L.L.C. at (817) 870-0455; Corriente Advisors, L.L.C., 201 Main Street, Suite
1800, Fort Worth, TX, 76102