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

up-front licensing fee from ProEthic. Cipher received the initial payment of US$1 million in the third quarter of 2007 and expects to receive the second payment of US$1 million in March 2008. Revenue is presented on a net basis and reflects the elements of the ProEthic licensing and distribution agreement, as well as direct product-related expenses and amounts due to Galephar, the Company's technology partner.

Research and development (R&D) expenses for the third quarter of 2007 were $0.2 million, compared with $1.4 million in the third quarter of 2006. The decrease in R&D spending reflects the advanced stage of development of the Company's current products. Operating, general and administrative (OG&A) expenses for the third quarter of 2007 were $1.1 million, compared with $0.9 million in the same period last year. The increase in OG&A is due to higher compensation expense resulting from an increase in personnel to support current growth plans, as well as stock-based compensation expense. Net loss for the three months ended September 30, 2007 was $1.1 million ($0.04 per basic and diluted share), compared with a net loss of $2.0 million ($0.08 per basic and diluted share) in the same period last year.

As at September 30, 2007, Cipher had cash and cash equivalents of $12.1 million, compared with $12.1 million as at June 30, 2007 and $15.1 million as at December 31, 2006.

Product Update

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In July 2007, Cipher entered into a licensing and distribution agreement with ProEthic Pharmaceuticals under which ProEthic was granted the exclusive right to market, sell and distribute Lipofen in the United States. The agreement with ProEthic is for a period of ten years and they have the right to extend the term for additional two-year periods. In late September 2007, ProEthic launched Lipofen 150 mg and 50 mg capsules in the U.S. market with the full effort of its sales and marketing teams. Lipofen is the lead product for ProEthic as it s
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SOURCE Cipher Pharmaceuticals Inc.
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