Toronto Stock Exchange Symbol: DND
MISSISSAUGA, ON, Sept. 26, 2011 /CNW/ - Cipher Pharmaceuticals Inc.
(TSX: DND) ("Cipher" or "the Company") today announced that it has
entered into a distribution and supply agreement with Medical Futures
Inc. ("Medical Futures"), a Canadian-based pharmaceutical company,
under which Cipher has granted Medical Futures the exclusive right to
market, sell and distribute Durela™ in Canada.
Durela™ is a patent-protected, once-daily capsule formulation of
tramadol, which has both immediate-release and extended-release
components. Durela™ is indicated for the treatment of moderate to
moderately severe chronic pain in adults. The product received approval
from Health Canada in August 2011.
"This agreement, coupled with our recently announced tramadol
distribution agreement with Vertical Pharmaceuticals for the US market,
will provide another valuable royalty revenue stream for Cipher," said Larry Andrews, President and Chief Executive Officer of Cipher
Pharmaceuticals. "With sales of more than $60 million in 2010, the
Canadian tramadol market remains robust, and we believe Medical
Futures, with its primary care focus, will be an excellent partner for
Under the terms of the agreement with Medical Futures, Cipher will
receive an upfront payment of CAD$300,000. Cipher is also eligible to
receive future payments contingent upon the achievement of cumulative
net sales milestones. In addition, Cipher will receive a double-digit
royalty on net sales Cipher is responsible for product supply and
manufacturing, which will be fulfilled by its partner, Galephar
"We are excited to be introducing Durela™, a new treatment option for
pain in Canada. The addition of Durela™ to the Medical Futures product
portfolio strengthens and demonstrates our commitment to providing top
tier solutions to the Canadian marketplace," says Colin Campbell,
Medical Futures' CEO.
Medical Futures plans to launch Durela™ in Q1 2012 with a dedicated
sales force comprising approximately 22 representatives with plans for
About Medical Futures Inc.
Medical Futures Inc. is one of Canada's fastest growing pharmaceutical
companies that sells both pharmaceutical and natural therapeutic
products. Medical Futures has a focus in pain, women's health and
gastrointestinal disorders. Founded in 2000, this privately held
company is dedicated to advancing the quality of life of all North
Americans. Some of the products marketed in Canada include: Moviprep™,
Proferrin, Florastor™, Iberogast™ and Onypen™.
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals is a commercial-stage drug development company
focused on commercializing novel formulations of successful, currently
marketed molecules using advanced drug delivery technologies. Cipher's
strategy is to in-license products that incorporate proven drug
delivery technologies and advance them through the clinical development
and regulatory approval stages, after which the products are
out-licensed to international partners. Because Cipher's products are
based on proven technology platforms applied to currently marketed
drugs, they are expected to have lower approval risk, shorter
development timelines and significantly lower development costs. The
Company's lead compound is being marketed in the United States by Kowa
Pharmaceuticals America under the label Lipofen®. Cipher's second
product, an extended-release version of the pain reliever tramadol, has
received final FDA and Health Canada approval and was launched by
Vertical Pharmaceuticals in the United States in September 2011 under
trade name ConZip™. The Company's third product, a novel formulation of
the acne treatment isotretinoin, recently completed its final Phase III
safety study, with regulatory submissions planned in the United States
and Canada in Q4, 2011.
Cipher is listed on the Toronto Stock Exchange under the symbol 'DND'
and has approximately 24 million shares outstanding. For more
information, please visit www.cipherpharma.com.
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, such as the applicability of patents
and proprietary technology; possible patent litigation; regulatory
approval of products in the Company's pipeline; changes in government
regulation or regulatory approval processes; government and third-party
payer reimbursement; dependence on strategic partnerships for product
candidates and technologies, marketing and R&D services; meeting
projected drug development timelines and goals; intensifying
competition; rapid technological change in the pharmaceutical industry;
anticipated future losses; the ability to access capital to fund R&D;
and the ability to attract and retain key personnel. 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.
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