Toronto Stock Exchange Symbol: DND
MISSISSAUGA, ON, Nov. 7 /PRNewswire-FirstCall/ - Cipher Pharmaceuticals Inc. (TSX: DND) today announced its financial and operational results for the three and nine months ended September 30, 2007.
Q3 2007 Summary
- Entered into a licensing and distribution agreement with ProEthic
Pharmaceuticals under which ProEthic was granted the exclusive right
to market, sell and distribute CIP-FENOFIBRATE (approved and marketed
in U.S. under the label Lipofen(TM))
- Successfully completed commercial scale-up and delivery of finished
packaged product to ProEthic on schedule
- Lipofen launched in U.S. market toward the end of the third quarter
- Continued dialogue and correspondence with the U.S. Food and Drug
Administration (FDA) on CIP-ISOTRETINOIN and CIP-TRAMADOL ER
- Recorded commercial revenue of $149,000
- Cash and cash equivalents of $12.1 million at quarter end
"We reached important company milestones in the third quarter with the signing of our first commercial distribution agreement in the U.S. market and, toward the end of the quarter, the launch of Lipofen in the large and growing U.S. fenofibrate market," said Larry Andrews, President and CEO of Cipher. "These successes validate our core business strategy and our transition to a commercial, specialty pharmaceutical company. During the quarter, we also continued our dialogue and correspondence with the FDA on CIP-ISOTRETINOIN and CIP-TRAMADOL ER as we work diligently to advance these two products through the remaining milestones on the path to final approval."
In the third quarter of 2007, the Company recorded total revenue of
$149,000, compared with nil in the same period last year. Revenue for the
third quarter of 2007 includes an amortized portion of the US$2 million
|SOURCE Cipher Pharmaceuticals Inc.|
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