MISSISSAUGA, ON, Aug. 9, 2016 /PRNewswire/ - Cipher
Pharmaceuticals Inc. (NASDAQ: CPHR; TSX:CPH) ("Cipher") today
announced certain changes to its board of directors (the
"Board").
As previously disclosed, a special committee of the Board (the
"Special Committee") was established to address the issues of the
type referred to in an early warning report filed on July 5,
2016 by 1207407 Ontario Limited, a company wholly-owned by Dr.
John D. Mull.
The Special Committee, after communications with a majority of
shareholders and careful deliberation with its advisors, determined
that a reconstitution of the Board was in the best interests of
Cipher and its shareholders. Gerald P.
McDole, Dr. William D.
Claypool, Dr. Renee P.
Tannenbaum and Rosemary A.
Crane will step down from the Board effective immediately.
Incumbent directors Stephen R.
Wiseman, Dr. Stefan Aigner,
Thomas G. Wellner and Dr.
John D. Mull, will be joined on the
Board by Mark Beaudet, Christian Godin and Harold Wolkin, each of whom will be appointed as
a director with immediate effect.
"Cipher is extremely grateful to the outgoing directors for
their conscientious service to the Board and wish them continued
success in their professional endeavours," said Stephen Wiseman, chairman of the Special
Committee.
"I am very pleased to welcome the new members of the Board and I
thank my fellow Board members for working constructively towards
this result and for their diligent service. Cipher's reconstituted
Board is excited to continue the strategic review of Cipher's
business with a view to enhancing value for all shareholders," said
Dr. Mull.
The biographies of the new directors are listed below:
- Mark Beaudet -
Mark Beaudet is a co-founder of
Paladin Labs Inc., a specialty pharmaceutical company focused on
acquiring or in-licensing innovative pharmaceutical products, which
was acquired by Endo International plc in 2014 for approximately
$3.0 billion. Since Paladin's
founding in 1996, Mr. Beaudet served as a member of its board of
directors and as the company's Vice President of Sales and
Marketing until 2011 when he became President and Chief Executive
Officer. Following Endo's acquisition of Paladin, Mr. Beaudet
joined the Endo International plc executive leadership team and
continued to lead the Paladin team until his departure in
June 2016. Prior to his work with
Paladin, Mr. Beaudet held marketing management positions at Procter
& Gamble Canada and Pizza Hut Canada. Mr. Beaudet is a member
of the board of directors of the McGill
University Health Center Foundation, Loyola High School and
the Loyola High School Foundation. Mr. Beaudet also serves on the
board of Altus Formulations Inc., a privately held drug formulation
and development company. He is a former member of the board and
former Chair of the Regulatory Affairs Committee of Innovative
Medicines Canada (formerly Rx&D - Canada's Research Based Pharmaceutical
Industry Association). Mr. Beaudet holds a B.Comm in Marketing and
Entrepreneurship from McGill University
and is recognized as a Certified Market Research Professional
(CMRP) by the Canadian Market Research and Intelligence Association
and as an Accredited Pharmaceutical Manufacturer's Representative
by the Council for Continuing Pharmaceutical Education (CCPE). In
2003, Mr. Beaudet was a co-recipient of the Ernst and Young
Entrepreneur of the Year award in the Quebec Life Sciences Sector.
In 2015, Mr. Beaudet was inducted into the Canadian Healthcare
Marketing Hall of Fame.
- Christian Godin - Mr.
Godin is Head of Equities at Montrusco Bolton Investments Inc. and
sits on its board of directors. He is also a member of the
Management Committee of Montrusco. Montrusco is a Montreal-based investment firm that has
approximately $6.0 billion in assets
under management. Prior to joining Montrusco in 2001, Christian
worked for Merrill Lynch Canada where he was a director and senior
equity research analyst. He also worked for Midland Walwyn Capital
and CTI Capital. Christian holds a Bachelor of Business
Administration from Université du Québec à Montréal and a Master of
Science in Administration specialized in Finance from HEC
Montréal.
- Harold Wolkin - Mr.
Wolkin is an accomplished investment banker and financial analyst
with over 30 years of experience. Mr. Wolkin joined BMO Nesbitt
Burns as a senior research analyst in 1983. He went on to serve as
managing director in the Diversified Industries Group of BMO
Capital Markets until January 2008.
Most recently, Mr. Wolkin served as Executive Vice-President and
Head of Investment Banking for Dundee Capital Markets. Mr. Wolkin
has served on a number of public company and not-for-profit boards
and currently serves as a director of Diamond Estates Wines &
Spirits and Baylin Technologies Inc. He was the past President of
the CFA Society of Toronto and has
been a member of the Chartered Financial Institute since 1980. He
is a member of the Institute of Corporate Directors.
About Cipher Pharmaceuticals Inc.
Cipher
Pharmaceuticals (NASDAQ:CPHR; TSX:CPH) is a rapidly growing
specialty pharmaceutical dermatology company with a diversified
portfolio of commercial-stage products with the goal of becoming
the most customer-centric dermatology company in North America.
Through multiple transactions, including the acquisition of
Innocutis and its nine branded dermatology products, Cipher has
built its U.S. commercial presence, expanded its Canadian
dermatology franchise and broadened its pipeline. Cipher is
well-capitalized to drive long-term, sustained earnings growth by
leveraging its proven clinical development capabilities and
efficient commercial execution. For more information, visit
www.cipherpharma.com.
Forward-Looking Statements
Statements made in this
news release 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, Form 40‑F
and other filings with Canadian and U.S. securities regulatory
authorities. These factors include, but are not limited to, our
ability to enter into in-licensing, development, manufacturing and
marketing and distribution agreements with other pharmaceutical
companies and keep such agreements in effect; our dependency on a
limited number of products; integration difficulties and other
risks if we acquire or in-license technologies or product
candidates; reliance on third parties for the marketing of certain
products; the product approval process is highly unpredictable; the
timing of completion of clinical trials; reliance on third parties
to manufacture our products; we may be subject to product liability
claims; unexpected product safety or efficacy concerns may arise;
we generate license revenue from a limited number of distribution
and supply agreements; the pharmaceutical industry is highly
competitive; requirements for additional capital to fund future
operations; dependence on key managerial personnel and external
collaborators; no assurance that we will receive regulatory
approvals in the U.S., Canada or
any other jurisdictions; certain of our products are subject to
regulation as controlled substances; limitations on reimbursement
in the healthcare industry; limited reimbursement for products by
government authorities and third-party payor policies; various laws
pertaining to health care fraud and abuse; reliance on the success
of strategic investments and partnerships; the publication of
negative results of clinical trials; unpredictable development
goals and projected time frames; rising insurance costs; ability to
enforce covenants not to compete; risks associated with the
industry in which it operates; we may be unsuccessful in evaluating
material risks involved in completed and future acquisitions; we
may be unable to identify, acquire or integrate acquisition targets
successfully; operations in the U.S.; inability to meet covenants
under our debt obligations; compliance with privacy and security
regulation; our policies regarding returns, allowances and
chargebacks may reduce revenues; certain regulations could restrict
our activities; additional regulatory burden and controls over
financial reporting; reliance on third parties to perform certain
services; general commercial litigation, class actions, other
litigation claims and regulatory actions; being a foreign private
issuer may limit the information available to U.S. shareholders; we
may lose our foreign private issuer status which could result in
significant additional costs; the potential violation of
intellectual property rights of third parties; our efforts to
obtain, protect or enforce our patents and other intellectual
property rights related to our products; changes in U.S., Canadian
or foreign patent laws; litigation in the pharmaceutical industry
concerning the manufacture and supply of novel and generic versions
of existing drugs; inability to protect our trademarks from
infringement; shareholders may be further diluted; volatility of
our share price; a significant shareholder; we do not currently
intend to pay dividends; our operating results may fluctuate
significantly; and our debt obligations will have priority over the
Common Shares in the event of a liquidation, dissolution or winding
up. All forward-looking statements presented herein should be
considered in conjunction with such filings. Except as required by
Canadian or U.S. securities laws, the Company does not undertake to
update any forward-looking statements; such statements speak only
as of the date made
SOURCE Cipher Pharmaceuticals Inc.