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Cipher reports third quarter fiscal 2007 results
Date:11/7/2007

ter considering share issuance costs of

$1,093 amounted to $10,907.

(b) During the three months ended June 30, 2007, 19,277 shares were

issued as a result of the exercise of 37,500 options. The

Company's stock option plan provides that an option holder may

elect to receive an amount of shares equivalent to the growth

value of vested options, which is the difference between the

market price and the exercise price of the options. There is no

cash consideration for the shares issued when this election is

chosen by an option holder.

Stock option plan

The following is a summary of the changes in the stock options

outstanding from December 31, 2005 to September 30, 2007:

Weighted

average

Number of exercise

options price

(in thousands) $

Balance outstanding - December 31, 2005 725 1.67

Options granted during 2006 489 3.91

Options exercised in exchange for

common shares during 2006 (200) 1.00

Options exercised in exchange for

cash consideration during 2006(a) (125) 2.35

--------------

Balance outstanding - December 31, 2006 889 2.96

Options granted during the

three months ended March 31, 2007(b) 274 3.90

Options exercised during the

three months ended June 30, 2007(c)
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SOURCE Cipher Pharmaceuticals Inc.
Copyright©2007 PR Newswire.
All rights reserved

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