Risk-free interest rate 3.96%
Expected life 10 years
Expected volatility 87%
Expected dividend Nil
(c) During the three months ended June 30, 2007, 37,500 stock
options were exercised in exchange for 19,277 common shares.
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. As a
result of the departure of an employee during the three months
ended June 30, 2007, 112,500 options were cancelled.
(d) During the three months ended September 30, 2007, 15,000 stock
options were cancelled as a result of the death of a Board
7 Loss per share Loss per share is calculated using the weighted
average number of shares outstanding. The weighted average number of
shares outstanding for the nine and three month periods ended
September 30, 2007 was 24,047,252 and 24,054,878 respectively (for
the nine and three month periods ended September 30, 2006
respectively 23,304,649 and 24,035,601).
As the Company had a loss for each of the periods presented, basic
and diluted loss per share are the same because the exercise of all
stock options would have an anti-dilutive effect.
|SOURCE Cipher Pharmaceuticals Inc.|
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