Toronto Stock Exchange Symbol: DND
MISSISSAUGA, ON, March 19, 2012 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: DND; OTC: CPHMF.PK) today announced that its partner, Medical Futures Inc. ("Medical Futures"), has launched Durela™ (extended-release tramadol) in Canada. The product will be supported by a dedicated sales force comprising approximately 22 representatives initially, focused on key markets across Canada.
"We look forward to working with Medical Futures to establish the product in Canada," said Larry Andrews, President and Chief Executive Officer of Cipher Pharmaceuticals. "With sales of more than $41 million in 2011, the Canadian tramadol market remains robust, and we believe Durela's attributes, including once-daily dosing, fast onset and no food effect, will make it an attractive product for chronic pain sufferers."
Achieving this target triggers a CDN$150,000 payment from Medical Futures. Cipher's 50% share of the milestone will be reflected in its financial results for the first quarter of fiscal 2012.
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.
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals (TSX: DND; OTC: CPHMF.PK) 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 selected 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.
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. These factors include, but are not limited to losses; 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 publication of negative results of clinical trials of the Company's products; 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 achievement of development goals and time frames; 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 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