Toronto Stock Exchange Symbol: DND
MISSISSAUGA, ON, Feb. 6, 2012 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: DND) today announced that it reached a sales milestone for Lipofen®, the Company's fenofibrate product. This one-time milestone, which is based on sales performance over a trailing 12-month period, reflects a steady increase in new prescriptions during the past quarter. Achieving this target triggers a US$1.0 million payment from Kowa Pharmaceuticals America, Inc., the Company's U.S. marketing and distribution partner. Cipher's 50% share of the milestone will be reflected in its financial results for the first quarter of fiscal 2012.
"We continue to be pleased with the solid performance of Lipofen® under Kowa's direction," said Larry Andrews, President and CEO of Cipher. "This milestone will further strengthen our balance sheet to support future growth."
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals is a growing specialty pharmaceutical company that commercializes novel formulations of successful, currently marketed molecules. Cipher's strategy is to in-license clearly differentiated products, advance them through the clinical development and regulatory approval stages, and out-license to international marketing partners. The Company's first product is a fenofibrate formulation marketed in the United States as Lipofen®. Cipher's second product, an extended-release tramadol, is marketed in the United States as ConZip™ and will be marketed in Canada as Durela™. Cipher's New Drug Application for its third product, a novel formulation of the acne treatment isotretinoin, is currently being reviewed by the FDA and Health Canada.
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 made.
For further information:
The Equicom Group
(416) 815-0700 ext 278
(416) 815-0080 fax
President and CEO
(905) 602-5840 ext 324
(905) 602-0628 fax