MISSISSAUGA, ON, Oct. 31, 2016 /PRNewswire/ - Cipher
Pharmaceuticals Inc. (NASDAQ:CPHR; TSX:CPH) ("Cipher" or "the
Company"), in response to a request for comment from Investment
Industry Regulatory Organization of Canada ("IIROC") and an article which appeared
today in Reuters, announced that the Company is working
with an advisor to consider various strategic
alternatives potentially available to enhance shareholder value,
with a focus on the U.S. business. The advisor was
engaged as part of the previously announced strategic review being
undertaken by Cipher's Board of Directors.
"As we have discussed in recent months, we are very focused on
increasing the profitability of the business and are working
with our advisor to evaluate options with a view to enhancing
value for all shareholders," said Dr. John
D. Mull, Chair of Cipher's Board of
Directors.
While Cipher has engaged an advisor, there is no certainty that
any transaction or alternative will be undertaken or pursued. The
Company has not set a definitive schedule to complete its
evaluation and no decision on any particular transaction or
alternative has been reached at this time. The Company does not
intend to disclose ongoing developments with respect to this
process, but in accordance with its continuous disclosure
obligations, will disclose material developments if, as and when
they occur.
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.