MISSISSAUGA, ON, Nov. 11, 2016 /PRNewswire/ - Cipher
Pharmaceuticals Inc. (NASDAQ:CPHR; TSX:CPH) ("Cipher" or "the
Company") today announced that Stephen L.
Lemieux, Chief Financial Officer and Secretary of the
Company, has been named Interim Chief Executive Officer, replacing
Shawn O'Brien, who is pursuing other
opportunities. Cipher has commenced a formal search process for a
new Chief Executive Officer.
"With his extensive public company and operational experience,
we are highly confident Stephen can assume additional
responsibilities and ensure a smooth and successful transition,"
said Dr. John Mull, Chair of
Cipher's Board of Directors. "Stephen has been very involved in the
strategic review of the business, working closely with the
directors and advisors, and the Board will continue to provide a
high level of engagement and support to Stephen and the executive
team."
"We thank Shawn for his contributions to Cipher over the past
several years and we wish him all the best in his future
endeavors," added Dr. Mull.
Mr. Lemieux will also continue in the role as Chief Financial
Officer and Secretary of the Company during this interim
period.
Prior to joining Cipher, Mr. Lemieux served as Vice President
and Chief Financial Officer of Nuvo Pharmaceuticals (TSX:NRI), a
healthcare company with a portfolio of commercial products and
pharmaceutical manufacturing capabilities. In his role, Mr. Lemieux
was responsible for all of Nuvo's financial operations as well as
information technology, manufacturing, human resources and
planning. Mr. Lemieux's transactional experience includes licensing
and asset sales, debt and equity financing, acquisitions, corporate
reorganizations and plans of arrangement.
Prior to joining Nuvo in 2007, Mr. Lemieux held multiple senior
financial positions, including Corporate Controller at Martinrea
International Inc., a Tier One automotive supplier, and Assistant
Controller at Magna Powertrain. Mr. Lemieux also worked for Ernst
& Young performing audit, restructuring and accounting work for
its clients. Mr. Lemieux is a Chartered Professional Accountant and
holds a Master of Management & Professional Accounting from the
University of Toronto.
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, there is no certainty that the consideration of strategic
alternatives will result in any transaction or alternative being
undertaken or pursued, 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 long-term debt arrangement ; 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.
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals (NASDAQ:CPHR;TSX:CPH) is a 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, 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.
SOURCE Cipher Pharmaceuticals Inc.