Cipher Pharmaceuticals Inc (CPH)

Cipher Pharmaceuticals Reports First Quarter ResultsMay 7, 2026 5:00 PM
PR Newswire (Canada) (All figures are presented in U.S. Dollars)Adjusted EBITDA1 of $7.7 million in Q1 2026, a sequential increase of 10% over Q4 2025 and a year-over-year increase of 25% compared to Q1 2025Revolving credit facility fully repaid during Q1 2026; remaining cash balance of $6.4 millionMISSISSAUGA, ON, May 7, 2026 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: CPH) (OTCQX: CPHRF) ("Cipher" or the "Company") today announced its financial and operating results for the three months ended March 31, 2026.First Quarter 2026 Financial Highlights(All figures in U.S. dollars, compared to Q1 2025, unless otherwise noted)Net income of $6.2 million, compared to $2.6 million in Q1 2025, an increase of 135%Adjusted EBITDA1 was $7.7 million, compared to $6.2 million in Q1 2025, an increase of 25%Basic earnings per share of $0.24, compared to $0.10 in Q1 2025, an increase of $0.14 or 140%Total revenue was $12.5 million in Q1 2026, an increase of 4%Licensing revenue increased 52% to $1.1 million, compared to $0.7 million in Q1 2025Revenue from Natroba™ was $6.9 million, compared to $6.7 million in Q1 2025, an increase of 3%Positive operating cash flows of $4.5 million, compared to $4.2 million in Q1 2025, an increase of 7%Cash balance of $6.4 million at March 31, 2026, subsequent to $5.0 million repayment of debt in Q1 2026Management CommentaryCraig Mull, Interim CEO, commented: "Having achieved our goal of doubling Cipher's revenue and earnings in 2025, we are focused on securing Cipher's next leg of growth in 2026. We continue to dedicate a great deal of our time identifying, evaluating and pursuing various business development opportunities as we search for an opportunity that is the right fit for Cipher. Although these activities are taking time, we remain optimistic that we will achieve success in this area, providing further size and scale to Cipher."Ryan Mailling, CFO, commented: "The first quarter of 2026 built upon Cipher's proven success in fiscal 2025, demonstrating another strong quarter post-acquisition of the U.S.-based operations, led by Natroba™.  Our dependable Canadian product portfolio and the Natroba™ products in the U.S. provide a solid foundation for our overall business, allowing us to focus our time on pursuing further growth opportunities including product in-licensing and acquisitions of products or companies. Having fully repaid the outstanding balance on our revolving credit facility during the quarter, and maintaining strong cash flows from operations, we are well positioned to deploy our capital for further growth, once we identify the right opportunity."Corporate HighlightsOn January 28, 2026, Cipher announced that Health Canada had accepted for review its New Drug Submission (NDS) for Natroba™, a topical treatment for head lice and scabies. Upon regulatory approval, Cipher intends to commercialize Natroba™ in Canada directly through its existing sales and distribution infrastructure.On March 30, 2026, the Company made a $5.0 million repayment of the outstanding balance on its revolving credit facility. As a result of this repayment, the Company no longer has an outstanding balance on its revolving credit facility and has maintained $6.4 million cash on hand as at March 31, 2026. Due to the revolving nature of the credit facility, $65.0 million remains available to the Company to draw upon, plus a $25.0 million accordion option, should additional financing be required.On May 1, 2026, Cipher announced that the Toronto Stock Exchange had approved the Company's Notice of Intention to Make a Normal Course Issuer Bid ("NCIB") under which the Company may purchase for cancellation, from time to time until May 4, 2027, up to an aggregate of 1,490,343 of its issued and outstanding common shares, being 10% of its public float of 14,903,431 common shares as of April 24, 2026. Under Cipher's previous NCIB that commenced on May 5, 2025 and expired on May 4, 2026, the Company had purchased for cancellation 532,940 common shares, with a total value of $5.4 million.Q1 2026 Financial Review(All figures in U.S. dollars, compared to Q1 2025, unless otherwise noted)Total revenue was $12.5 million, compared to $12.0 million in Q1 2025, an increase of 4%.Revenue from Natroba™ was $6.9 million, compared to $6.7 million in Q1 2025, an increase of 3%.Revenue from the Canadian product portfolio was $4.5 million, compared to $4.6 million in Q1 2025, a decrease of 2%.Licensing revenue was $1.1 million, an increase of $0.4 million or 52%, compared to $0.7 million in Q1 2025, due to higher product shipments to licensing partners and increased net sales royalties.Total gross profit was $10.3 million, compared to $9.1 million in Q1 2025, an increase of 13%.Gross margin increased by 6% to 82%, from 76% in Q1 2025, primarily due to the impact of non-cash fair value adjustments on acquired inventory included in the cost of products sold during Q1 2025, contributed to by higher licensing revenue in Q1 2026.Selling, general and administrative expenses were reduced by $2.1 million or 42%, to $2.9 million in Q1 2026, compared to $5.0 million in Q1 2025, as result of non-recurring legal costs related to arbitration proceedings in Q1 2025 and a reduced cost structure of the U.S. commercial operations.Net income and earnings per common share were $6.2 million and $0.24, respectively, compared to $2.6 million and $0.10, respectively in Q1 2025, benefitting from improved gross profit, combined with reduced selling, general and administrative expenses.Adjusted EBITDA1 in Q1 2026 was $7.7 million, compared to $6.2 million in Q1 2025, an increase of $1.5 million or 25%.Adjusted EBITDA1 per common share in Q1 2026 was $0.30 compared to $0.24 in Q1 2025, an increase of $0.06 per common share or 25%.Business Strategy & OutlookCipher expects to continue to execute on its business strategy in 2026 and remains focused on profitability and driving shareholder value. Key areas of focus include:Driving market share growth of Natroba™ in the anti-parasitic market in the U.S. where market leader "Permethrin" is no longer an effective treatment but still holds 75%2 market share.Acquiring or in-licensing complementary products to add to our North American platform to enhance the profitability, size and scale of the business.Obtaining Health Canada regulatory approval for Natroba™ and commercializing the product directly in the Canadian market by leveraging Cipher's existing infrastructure in Canada.Out-licensing Natroba™ globally where there is high unmet need, such as warm climate regions.Pursuing acquisitions of companies or products with specific strategic value.Financial Statements and MD&ACipher's financial statements for the three months ended March 31, 2026, and management's discussion and analysis (the "MD&A") for the three months ended March 31, 2026, are available on the Company's website at www.cipherpharma.com in the "Investors" section under "Financial Reports" and on SEDAR+ at www.sedarplus.ca.Notice of Conference CallCipher will hold a conference call on May 8, 2026, at 8:30 a.m. (ET) to discuss its financial results and other corporate developments.To access the conference call by telephone, dial (416) 945-7677 or (888) 699-1199A live audio webcast will be available at https://app.webinar.net/5bGg3G0Dv96 An archived replay of the webcast will be available until May 15, 2026 and can be accessed by dialing (289) 819-1450 or (888) 660-6345 and entering conference replay code 18643#About Cipher Pharmaceuticals Inc.Cipher Pharmaceuticals (TSX: CPH) (OTCQX: CPHRF) is a specialty pharmaceutical company with a robust and diversified portfolio of commercial and early to late-stage products. Cipher acquires products that fulfill unmet medical needs, manages the required clinical development and regulatory approval process, and currently markets those products either directly or indirectly in Canada, the U.S., and South America. For more information, visit www.cipherpharma.com.Forward-Looking Statements and Non-IFRS MeasuresThis document includes forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, among others, statements with respect to objectives and goals and strategies to achieve those objectives and goals, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates and intentions.  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. Forward-looking statements in this press release include statements relating to Cipher's strategy to expand product offerings through acquisitions and in-licensing; the pursuit of growth through accretive acquisitions of companies or products of strategic value; Cipher's financial position, expected strong cash flows, and ability to execute its growth strategy utilizing its available $85 million in debt financing; the intent to obtain Health Canada regulatory approval for Natroba™ and commercialize it directly in the Canadian market using existing infrastructure; expectations for driving market share growth for Natroba™ in the U.S. anti-parasitic market; plans to acquire complementary products to enhance the profitability, size, and scale of the North American platform; and intentions to out-license Natroba™ globally in regions with high unmet need.By their nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, which give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved. 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. These assumptions include, but are not limited to: the Company's ability to successfully identify, evaluate, and complete accretive acquisitions and in-licensing opportunities that fit its strategic goals; the timely and successful receipt of regulatory approval from Health Canada for Natroba™; the continued generation of strong cash flows from operations and the continued availability of the $85 million debt financing facility; the ability of Natroba™ to effectively compete against existing treatments, such as Permethrin, and capture significant market share in the U.S.; the adequacy of Cipher's existing Canadian sales and distribution infrastructure to commercialize Natroba™; and the existence of favourable market conditions and global partners willing to enter into out-licensing agreements for Natroba™.We caution readers not to place undue reliance on these statements as a number of important factors, many of which are beyond our control, could cause our actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: the inability to identify suitable business development or acquisition targets, or the failure to successfully integrate acquired businesses and achieve expected synergies; delays, restrictions, or the ultimate failure to obtain necessary regulatory approvals, including Health Canada approval for Natroba™; intense competition in the pharmaceutical industry and the U.S. anti-parasitic market, which may hinder Natroba™'s market share growth; changes in macroeconomic conditions, interest rates, or the Company's financial performance that could negatively impact cash flows or restrict access to capital and debt financing; challenges in negotiating favourable out-licensing agreements globally or failure of international partners to successfully commercialize products; our ability to enter into 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; our dependency on protection from patents that will expire; the extent and impact of health pandemic outbreaks on our business; 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 by regulators which can be highly unpredictable; the timing of completion of clinical trials, regulatory submissions and regulatory approvals; reliance on third parties to manufacture our products and events outside of our control that could adversely impact the ability of our manufacturing partners to supply products to meet our demands; we may be subject to future 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 Company's performance depends, in part, on the performance of its distributors and suppliers; the pharmaceutical industry is highly competitive with new competing product entrants; requirements for additional capital to fund future operations; products may be subject to pricing regulation; dependence on key managerial personnel and external collaborators; the ability to receive regulatory approvals for products in development or future products; certain of our products are subject to regulation as controlled substances; limitations on reimbursement in the healthcare industry; the ability to convince public payors and hospitals to include our products on the approved formulary lists; ability to receive timely payment from certain customers; application of various laws pertaining to health care fraud and abuse; the Company's 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 healthcare industry generally; 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; success in applying tax loss carry forwards; inability to meet covenants under our long-term debt arrangement; compliance with privacy and security regulation; our policies regarding product returns, allowances and chargebacks may reduce revenues; additional regulatory burden and controls over financial reporting; application of regulations that could restrict our activities and abilities to generate revenues as planned; reliance on third parties to perform distribution, logistics, invoicing, regulatory and sales services; general commercial litigation, class actions, other litigation claims and regulatory actions; the difficulty for shareholders to realize in the United States upon judgments of U.S. courts predicated upon civil liability of the Company and its directors and officers who are not residents of the United States; increases in tariffs, trade restrictions or taxes on our products; 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; inability to protect our trademarks from infringement; shareholders may be further diluted if we issue securities to raise capital; volatility of our share price; the fact that we have a significant shareholder; our operating results may fluctuate significantly; and our debt obligations will have priority over the common shares of the Company in the event of a liquidation, dissolution or winding up.  We caution that the foregoing list of important factors that may affect future results is not exhaustive. When reviewing our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Additional information about factors that may cause actual results to differ materially from expectations, and about material factors or assumptions applied in making forward-looking statements, may be found in the "Risk Factors" section of our MD&A for the year ended December 31, 2025 and the Company's Annual Information Form, and elsewhere in our filings with Canadian securities regulators. Except as required by Canadian securities law, we do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf; such statements speak only as of the date made. The forward-looking statements included herein are expressly qualified in their entirety by this cautionary language.1)EBITDA and adjusted EBITDA are non-IFRS financial measures.  These non-IFRS measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are unlikely to be comparable to similar measures presented by other companies. Management uses non-IFRS measures such as Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA to provide investors with supplemental measures of the Company's operating performance and thus highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS financial measures.  The Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depreciation of property and equipment, amortization of intangible assets, non-cash share-based compensation, changes in fair value of derivative financial instruments, costs and provisions for arbitration, gain or loss on disposal of assets and gain or loss on extinguishment of leases, impairment of intangible assets, acquisition costs, restructuring costs, fair value adjustments to acquired inventory and unrealized foreign exchange gains and losses.

2)IQVIA market data as at March 31, 2026. IQVIA Inc. ("IQVIA") is globally recognized as a leading independent provider of pharmaceutical market intelligence, prescription tracking and healthcare analytics.The following is a summary of how EBITDA and Adjusted EBITDA are calculated:
(IN THOUSANDS OF U.S. DOLLARS, except for per share amounts)Three months ended March 31, 2026$Three months ended March 31, 2025$


Net income and comprehensive income6,1632,624Add back:

Depreciation and amortization 1,8071,822Interest expense (income)51470Income taxes(1,214)(737)EBITDA6,8074,179Unrealized foreign exchange loss (gain)652(11)Acquisition, restructuring and other costs—128Fair value adjustments to acquired inventory—646Costs and provisions for arbitration41,000Gain on disposal of assets(57)—Share-based compensation304244Adjusted EBITDA7,7106,186Adjusted EBITDA per share – basic0.300.24Adjusted EBITDA per share – dilutive0.300.24Consolidated statements of income and comprehensive income(IN THOUSANDS OF U.S. DOLLARS, except for per share amounts)Three monthsended March 31, 20262025$$


Revenue

Licensing revenue1,114735Product revenue11,39111,284Net revenue12,50512,019


Operating expenses

Cost of products sold2,2082,879Research and development—21Depreciation and amortization1,8071,822Selling, general and administrative2,8954,951Total operating expenses6,9109,673


Other expenses (income)

Gain on disposal of assets(57)—Interest expense (income)51470Unrealized foreign exchange loss (gain)652(11)Total other expenses (income)646459


Income before income taxes4,9491,887


Current income tax expense——Deferred income tax recovery(1,214)(737)Total income tax recovery(1,214)(737)


Net income and comprehensive income for the period6,1632,624





Income per share

Basic0.240.10Diluted0.240.10Consolidated statements of financial position
As at March 31,As at December 31,
20262025(IN THOUSANDS OF U.S. DOLLARS)$$Assets




Current assets

Cash and cash equivalents6,4107,493Accounts receivable9,75211,206Inventory8,1978,190Prepaid expenses and other assets1,1401,158Total current assets25,49928,047Property and equipment478569Intangible assets70,84572,013Deferred financing costs199236Goodwill17,44717,447Deferred tax assets38,81138,190Total assets153,279156,502


Liabilities and shareholders' equity




Current liabilities

Accounts payable and accrued liabilities6,5006,391Income taxes payable77Interest payable—6Contract liability13,59818,349Current portion of lease obligation263289Total current liabilities20,36825,042Lease obligation165216Long-term debt—5,000Total liabilities20,53330,258


Shareholders' equity

Share capital28,09827,857Contributed surplus7,8867,788Accumulated other comprehensive loss(9,514)(9,514)Retained earnings106,276100,113Total shareholders' equity132,746126,244Total liabilities and shareholders' equity153,279156,502 SOURCE Cipher Pharmaceuticals Inc. Original: Cipher Pharmaceuticals Reports First Quarter Results

Cipher Pharmaceuticals Announces Normal Course Issuer BidMay 1, 2026 7:00 AM
PR Newswire (Canada)

MISSISSAUGA, ON, May 1, 2026 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: CPH) (OTCQX: CPHRF) ("Cipher" or "the Company") announced today that it has filed, and the Toronto Stock Exchange (the "TSX") has accepted, notice of Cipher's intention to commence a normal course issuer bid ("NCIB") for its common shares (the "Common Shares").The TSX notice provides that Cipher may, during the 12-month period commencing May 5, 2026 and ending on May 4, 2027, purchase for cancellation under the NCIB up to 1,490,343 of its Common Shares, representing 10% of its public float of 14,903,431 Common Shares as of April 24, 2026 (a total of 25,391,322 Common Shares were issued and outstanding as of such date). The price which Cipher will pay for any Common Shares will be the market price at the time of acquisition.Purchases under the NCIB will be made through the facilities of the TSX and/or alternative Canadian trading systems, if eligible, or by such other means as may be permitted by applicable securities laws, including private agreements. Any purchases made by private agreement under an issuer bid exemption order issued by a securities regulatory authority in Canada will generally be at a discount to the prevailing market price as provided in any such exemption order.Purchases under the NCIB made on the TSX will be made in compliance with the rules of the TSX at a price equal to the market price at the time of purchase or such other price as may be permitted by the TSX.  In accordance with TSX rules, any daily repurchases (other than pursuant to a block purchase exception) on the TSX under the NCIB are limited to a maximum of 7,505 Common Shares, which represents 25% of the average daily trading volume on the TSX of 30,023 for the six months ended March 31, 2026. To facilitate larger repurchases, the Company is entitled to make one weekly block purchase on the TSX that may exceed the daily repurchase restrictions, and the Company intends to exercise this entitlement.Under Cipher's NCIB that commenced on May 5, 2025 and expires on May 4, 2026, Cipher previously sought and received approval from the TSX to repurchase up to 1,485,260 of its Common Shares. Up to the date of this press release, Cipher has repurchased and cancelled 532,940 Common Shares at an average price of approximately CDN$13.90 per Common Share. Such purchases were made on the TSX and on alternative exchanges.Cipher believes that, from time to time, the Common Shares trade in price ranges that do not fully reflect their value. In such circumstances, Cipher believes that acquiring Common Shares for cancellation may represent an attractive and desirable use of its available funds. Decisions regarding the amount and timing of future purchases of Common Shares will be based on market conditions, share price and other factors and will be in management's discretion. Cipher may elect to modify, suspend or discontinue the NCIB at any time. Repurchases under the NCIB will be funded using Cipher's cash resources and all Common Shares repurchased will be cancelled. Common Shares may be purchased in accordance with management's discretion.About Cipher Pharmaceuticals Inc.Cipher Pharmaceuticals (TSX: CPH) (OTCQX: CPHRF) is a specialty pharmaceutical company with a robust and diversified portfolio of commercial and early to late-stage products. Cipher acquires products that fulfill unmet medical needs, manages the required clinical development and regulatory approval process, and currently markets those products either directly or indirectly in Canada, the U.S., and South America. For more information, visit www.cipherpharma.com.Forward-Looking Statements This document includes forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, among others, statements with respect to the timing of the NCIB and the intention to utilize block purchases, our objectives and goals and strategies to achieve those objectives and goals, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. 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.By their nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, which give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved. 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. We caution readers not to place undue reliance on these statements as a number of important factors, many of which are beyond our control, could cause our actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, our ability to enter into 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; our dependency on protection from patents that will expire; the extent and impact of health pandemic outbreaks on our business; 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 by regulators which can be highly unpredictable; the timing of completion of clinical trials, regulatory submissions and regulatory approvals; reliance on third parties to manufacture our products and events outside of our control that could adversely impact the ability of our manufacturing partners to supply products to meet our demands; we may be subject to future 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 Company's performance depends, in part, on the performance of its distributors and suppliers; the pharmaceutical industry is highly competitive with new competing product entrants; requirements for additional capital to fund future operations; products may be subject to pricing regulation; dependence on key managerial personnel and external collaborators; the ability to receive regulatory approvals for products in development or future products; certain of our products are subject to regulation as controlled substances; limitations on reimbursement in the healthcare industry; the ability to convince public payors and hospitals to include our products on the approved formulary lists; ability to receive timely payment from certain customers; application of various laws pertaining to health care fraud and abuse; the Company's 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 healthcare industry generally; 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; success in applying tax loss carry forwards; inability to meet covenants under our long-term debt arrangement; compliance with privacy and security regulation; our policies regarding product returns, allowances and chargebacks may reduce revenues; additional regulatory burden and controls over financial reporting; application of regulations that could restrict our activities and abilities to generate revenues as planned; reliance on third parties to perform distribution, logistics, invoicing, regulatory and sales services; general commercial litigation, class actions, other litigation claims and regulatory actions; the difficulty for shareholders to realize in the United States upon judgments of U.S. courts predicated upon civil liability of the Company and its directors and officers who are not residents of the United States; increases in tariffs, trade restrictions or taxes on our products; 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; inability to protect our trademarks from infringement; shareholders may be further diluted if we issue securities to raise capital; volatility of our share price; the fact that we have a significant shareholder; our operating results may fluctuate significantly; and our debt obligations will have priority over the common shares of the Company in the event of a liquidation, dissolution or winding up. We caution that the foregoing list of important factors that may affect future results is not exhaustive. When reviewing our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Additional information about factors that may cause actual results to differ materially from expectations, and about material factors or assumptions applied in making forward-looking statements, may be found in the "Risk Factors" section of our MD&A for the year ended December 31, 2025 and the Company's Annual Information Form, and elsewhere in our filings with Canadian securities regulators. Except as required by Canadian securities law, we do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf; such statements speak only as of the date made. The forward-looking statements included herein are expressly qualified in their entirety by this cautionary language.SOURCE Cipher Pharmaceuticals Inc.

Original: Cipher Pharmaceuticals Announces Normal Course Issuer Bid

Cipher Pharmaceuticals Schedules Q1 2026 Earnings Release and Conference CallApril 29, 2026 5:00 PM
PR Newswire (Canada)

MISSISSAUGA, ON, April 29, 2026 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: CPH) (OTCQX: CPHRF) ("Cipher" or the "Company") today announced that it will release its financial results for the first quarter of 2026 after the market close on Thursday, May 7, 2026. The Company will also hold a conference call on Friday, May 8, 2026 at 8:30am ET to discuss the results and corporate developments.CONFERENCE CALL DETAILSDATE:                  Friday, May 8, 2026

TIME:  8:30 a.m. ET

DIAL-IN NUMBER:  416-945-7677 or 888-699-1199

REPLAY:  289-819-1450 or 888-660-6345 Code: 18643#


Expires: May 15, 2026

WEBCAST:https://app.webinar.net/5bGg3G0Dv96About Cipher Pharmaceuticals Inc.Cipher Pharmaceuticals (TSX: CPH) (OTCQX: CPHRF) is a specialty pharmaceutical company with a robust and diversified portfolio of commercial and early to late-stage products. Cipher acquires products that fulfill unmet medical needs, manages the required clinical development and regulatory approval process, and currently markets those products in Canada, the U.S., and South America. For more information, visit www.cipherpharma.com.SOURCE Cipher Pharmaceuticals Inc.

Original: Cipher Pharmaceuticals Schedules Q1 2026 Earnings Release and Conference Call

Cipher Pharmaceuticals Reports Fourth Quarter Results and Full Year 2025 Record Revenue and EarningsMarch 12, 2026 5:00 PM
PR Newswire (Canada)

(All figures are presented in U.S. Dollars)Achieved record-high full year revenue, net income and adjusted EBITDA1Full year total revenue of $50.5 million in 2025, an increase of 51% over fiscal 2024Full year net income of $27.3 million, an increase of 137% over fiscal 2024Full year adjusted EBITDA1 of $28.1 million, an increase of 79% over fiscal 2024Generated $8.7 million in cash from operations during Q4 2025 and $29.7 million for the full yearDebt repayments of $35.0 million in fiscal 2025, with $7.5 million cash balance which exceeds outstanding long-term debt of $5.0 million at December 31, 2025$5.4 million in share repurchases under Normal Course Issuer Bid during fiscal 2025MISSISSAUGA, ON, March 12, 2026 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: CPH) (OTCQX: CPHRF) ("Cipher" or the "Company") today announced its financial and operating results for the year ended December 31, 2025.Full Year 2025 Financial Highlights
(All figures in U.S. dollars, compared to full year 2024, unless otherwise noted)Total revenue was $50.5 million in 2025, compared to $33.4 million in 2024, an increase of 51%Revenue from the U.S.-based business was $30.0 million in 2025, an increase of $18.0 million or 150%, compared to $12.0 million in 2024Revenue from the Canadian product portfolio increased by $2.2 million or 15%, compared to 2024Net income of $27.3 million, compared to $11.5 million in 2024, an increase of 137%Adjusted EBITDA1 of $28.1 million, compared to $15.7 million in 2024, an increase of 79%Basic earnings per share of $1.07, compared to $0.47 in 2024, an increase of $0.60 or 128%Positive operating cash flows of $29.7 million in 2025, compared to $19.5 million in 2024, an increase of 52%Q4 2025 Financial Highlights
(All figures in U.S. dollars, compared to Q4 2024, unless otherwise noted)Total revenue was $12.2 million, compared to $11.8 million in Q4 2024, an increase of 3%Revenue from Natroba™ was $7.4 million, compared to $6.5 million in Q4 2024, an increase of 14%Revenue from Epuris was $3.7 million, compared to $3.5 million in Q4 2024, an increase of 6%Net income of $13.3 million, compared to $3.3 million in Q4 2024, an increase of 303%Adjusted EBITDA1 was $7.0 million, compared to $5.0 million in Q4 2024, an increase of 40%Management CommentaryCraig Mull, Interim CEO, commented: "In 2025, Cipher achieved the goal it set for itself in connection with its acquisition of the Natroba™ business during the second half of 2024, to double the Company's revenue and earnings. In fact, we have exceeded our goal with a more than doubling of both, with revenue of $50.5 million in 2025, a 138% increase compared to $21.2 million in 2023, the most recent full year prior to the Natroba™ acquisition, and Adjusted EBITDA of $28.1 million in 2025, a 121% increase compared to $12.7 million in 2023.As the U.S. business, led by Natroba™ continues to perform well, we are looking forward to our next acquisition. In doing so, we are spending a significant amount of our time identifying, evaluating and pursuing various business development opportunities, including opportunities for accretive acquisitions of companies with strategic value to Cipher."Ryan Mailling, CFO, commented: "During 2025, once we substantially completed the integration of the acquired U.S. business, led by Natroba™, an area of focus was purposeful allocations of capital to better position Cipher for its next leg of growth, including the near full repayment of our revolving credit facility that was negotiated and drawn upon to partially fund the Natroba™ acquisition.With minimal outstanding debt, strong cash flows from operations, and access to capital through $85 million of available debt financing, we are well positioned to execute on our strategy of pursuing growth opportunities, however we remain selective in our approach to pursuing these opportunities to ensure they are the right fit for Cipher. We look forward to being able to provide further updates on the progress of our business development activities."Corporate HighlightsOn April 29, 2025, Cipher announced its product NatrobaTM received preferred step-through status on Medicaid in the state of Illinois, whereby its main product competitor Permethrin 5% was downgraded to non-preferred status on the state's preferred drug listing. This move by Illinois Medicaid requires all prescriptions for Permethrin 5% to first 'step-through' NatrobaTM making it the treatment of choice in the state.On May 1, 2025, Cipher announced that the Toronto Stock Exchange had approved the Company's Notice of Intention to Make a Normal Course Issuer Bid ("NCIB") under which the Company may purchase for cancellation, from time to time until May 4, 2026, up to an aggregate of 1,485,260 of its issued and outstanding common shares, being 10% of its public float of 14,852,604 common shares as of April 22, 2025. As at December 31, 2025, the Company had purchased for cancellation 532,940 common shares since the commencement of the NCIB, with a total value of $5.4 million.The Company has made repayments totaling $35.0 million of the outstanding balance on its revolving credit facility, during the year ended December 31, 2025. As a result of these repayments, the outstanding balance on the Company's revolving credit facility has been reduced to $5.0 million, with $7.5 million of cash remaining on hand. Due to the revolving nature of the credit facility, an additional $60.0 million remains available to the Company to draw upon, plus a $25.0 million accordion option, should additional financing be required.On January 28, 2026, Cipher announced that Health Canada had accepted for review its New Drug Submission (NDS) for Natroba™ (Spinosad), a topical treatment for head lice and scabies. Upon regulatory approval, Cipher intends to commercialize Natroba™ in Canada directly through its existing sales and distribution infrastructure.Q4 2025 Financial Review
(All figures in U.S. dollars, compared to Q4 2024, unless otherwise noted))Total revenue was $12.2 million, compared to $11.8 million in Q4 2024, an increase of 3%.Total gross profit was $9.9 million, compared to $6.7 million in Q4 2024, an increase of 48%.Gross margin percentage increased by 24% to 81%, from 57% in Q4 2024, primarily due to the impact of non-cash fair value adjustments on acquired inventory in connection with the Company's acquisition of Natroba™ included in the cost of products sold during Q4 2024, combined with additional product revenues from Natroba™ in Q4 2025 which had gross margins of 85%, partially offset by lower licensing revenue in Q4 2025.Net income and earnings per common share were $13.3 million and $0.52, respectively, compared to $3.3 million and $0.13, respectively in Q4 2024, with the increase primarily attributable to the additional operating income generated from the Company's U.S. based operations, led by Natroba™, in Q4 2025, including reduced operating expenses due to non-recurring acquisition related costs and non-cash fair value adjustments on acquired inventory included in cost of products sold in Q4 2024.Adjusted EBITDA1 in Q4 2025 was $7.0 million, compared to $5.0 million in Q4 2024, an increase of $2.0 million or 40%.Adjusted EBITDA1 per common share in Q4 2025 was $0.27 compared to $0.19 in Q4 2024, an increase of $0.08 per common share or 42%.Under the Company's NCIB, 160,962 common shares were repurchased and cancelled during Q4 2025 at an average share price of CDN$14.22.Outstanding debt balance reduced to $5.0 million at December 31, 2025, compared to $40.0 million at December 31, 2024, due to $35.0 million of repayments during the year ended December 31, 2025, including $8.0 million in Q4 2025.Business Strategy & OutlookCipher expects to continue to execute on its business strategy in 2026 and remains focused on profitability and driving shareholder value. Key areas of focus include:Driving market share growth of Natroba™ in the anti-parasitic market in the U.S. where market leader "Permethrin" is no longer an effective treatment but still holds 75%2 market share.Acquiring complementary products to add to our North American platform to enhance the profitability, size and scale of the business.Obtaining Health Canada regulatory approval for Natroba™ and commercializing the product directly in the Canadian market by leveraging Cipher's existing infrastructure in Canada.Out-licensing Natroba™ globally where there is high unmet need, such as warm climate regions.Pursuing acquisitions of companies or products with specific strategic value.Financial Statements and MD&ACipher's financial statements for the year ended December 31, 2025, and management's discussion and analysis (the "MD&A") for the three and twelve months ended December 31, 2025, are available on the Company's website at www.cipherpharma.com in the "Investors" section under "Financial Reports" and on SEDAR+ at www.sedarplus.ca.Notice of Conference CallCipher will hold a conference call on March 13, 2026, at 8:30 a.m. (ET) to discuss its financial results and other corporate developments.To access the conference call by telephone, dial (416) 945-7677 or (888) 699-1199A live audio webcast will be available at https://app.webinar.net/G7lE687WoewAn archived replay of the webcast will be available until March 20, 2026 and can be accessed by dialing (289) 819-1450 or (888) 660-6345 and entering conference replay code 29916#About Cipher Pharmaceuticals Inc.Cipher Pharmaceuticals (TSX: CPH) (OTCQX: CPHRF) is a specialty pharmaceutical company with a robust and diversified portfolio of commercial and early to late-stage products. Cipher acquires products that fulfill unmet medical needs, manages the required clinical development and regulatory approval process, and currently markets those products either directly or indirectly in Canada, the U.S., and South America. For more information, visit www.cipherpharma.com.Forward-Looking Statements and Non-IFRS MeasuresThis document includes forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, among others, statements with respect to objectives and goals and strategies to achieve those objectives and goals, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates and intentions.  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. Forward-looking statements in this press release include statements relating to Cipher's strategy to expand product offerings through acquisitions and in-licensing; the pursuit of growth through accretive acquisitions of companies or products of strategic value; Cipher's financial position, expected strong cash flows, and ability to execute its growth strategy utilizing its available $85 million in debt financing; the intent to obtain Health Canada regulatory approval for Natroba™ and commercialize it directly in the Canadian market using existing infrastructure; expectations for driving market share growth for Natroba™ in the U.S. anti-parasitic market; plans to acquire complementary products to enhance the profitability, size, and scale of the North American platform; intentions to out-license Natroba™ globally in regions with high unmet need; and the intention to provide further updates on business development activities.By their nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, which give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved. 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. These assumptions include, but are not limited to: the company's ability to successfully identify, evaluate, and complete accretive acquisitions and in-licensing opportunities that fit its strategic goals; the timely and successful receipt of regulatory approval from Health Canada for Natroba™; the continued generation of strong cash flows from operations and the continued availability of the $85 million debt financing facility; the ability of Natroba™ to effectively compete against existing treatments, such as Permethrin, and capture significant market share in the U.S.; the adequacy of Cipher's existing Canadian sales and distribution infrastructure to commercialize Natroba™; and the existence of favourable market conditions and global partners willing to enter into out-licensing agreements for Natroba™ in warm climate regions.We caution readers not to place undue reliance on these statements as a number of important factors, many of which are beyond our control, could cause our actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: the inability to identify suitable business development or acquisition targets, or the failure to successfully integrate acquired businesses and achieve expected synergies; delays, restrictions, or the ultimate failure to obtain necessary regulatory approvals, including Health Canada approval for Natroba™; intense competition in the pharmaceutical industry and the U.S. anti-parasitic market, which may hinder Natroba™'s market share growth; changes in macroeconomic conditions, interest rates, or the Company's financial performance that could negatively impact cash flows or restrict access to capital and debt financing; challenges in negotiating favourable out-licensing agreements globally or failure of international partners to successfully commercialize the product; our ability to enter into 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; our dependency on protection from patents that will expire; the extent and impact of health pandemic outbreaks on our business; 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 by regulators which can be highly unpredictable; the timing of completion of clinical trials, regulatory submissions and regulatory approvals; reliance on third parties to manufacture our products and events outside of our control that could adversely impact the ability of our manufacturing partners to supply products to meet our demands; we may be subject to future 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 Company's performance depends, in part, on the performance of its distributors and suppliers; the pharmaceutical industry is highly competitive with new competing product entrants; requirements for additional capital to fund future operations; products may be subject to pricing regulation; dependence on key managerial personnel and external collaborators; the ability to receive regulatory approvals for products in development or future products; certain of our products are subject to regulation as controlled substances; limitations on reimbursement in the healthcare industry; the ability to convince public payors and hospitals to include our products on the approved formulary lists; ability to receive timely payment from certain customers; application of various laws pertaining to health care fraud and abuse; the Company's 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 healthcare industry generally; 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; success in applying tax loss carry forwards; inability to meet covenants under our long-term debt arrangement; compliance with privacy and security regulation; our policies regarding product returns, allowances and chargebacks may reduce revenues; additional regulatory burden and controls over financial reporting; application of regulations that could restrict our activities and abilities to generate revenues as planned; reliance on third parties to perform distribution, logistics, invoicing, regulatory and sales services; general commercial litigation, class actions, other litigation claims and regulatory actions; the difficulty for shareholders to realize in the United States upon judgments of U.S. courts predicated upon civil liability of the Company and its directors and officers who are not residents of the United States; increases in tariffs, trade restrictions or taxes on our products; 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; inability to protect our trademarks from infringement; shareholders may be further diluted if we issue securities to raise capital; volatility of our share price; the fact that we have a significant shareholder; our operating results may fluctuate significantly; and our debt obligations will have priority over the common shares of the Company in the event of a liquidation, dissolution or winding up.  We caution that the foregoing list of important factors that may affect future results is not exhaustive. When reviewing our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Additional information about factors that may cause actual results to differ materially from expectations, and about material factors or assumptions applied in making forward-looking statements, may be found in the "Risk Factors" section of our MD&A for the year ended December 31, 2025 and the Company's Annual Information Form, and elsewhere in our filings with Canadian securities regulators. Except as required by Canadian securities law, we do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf; such statements speak only as of the date made. The forward-looking statements included herein are expressly qualified in their entirety by this cautionary language.EBITDA and adjusted EBITDA are non-IFRS financial measures.  These non-IFRS measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are unlikely to be comparable to similar measures presented by other companies. Management uses non-IFRS measures such as Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA to provide investors with supplemental measures of the Company's operating performance and thus highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS financial measures.  The Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depreciation of property and equipment, amortization of intangible assets, non-cash share-based compensation, changes in fair value of derivative financial instruments, costs and provisions for arbitration, gain or loss on disposal of assets and gain or loss on extinguishment of leases, impairment of intangible assets, acquisition costs, restructuring costs, fair value adjustments to acquired inventory and unrealized foreign exchange gains and losses.IQVIA market data as at December 31, 2025. IQVIA Inc. ("IQVIA") is globally recognized as a leading independent provider of pharmaceutical market intelligence, prescription tracking and healthcare analytics.The following is a summary of how EBITDA and Adjusted EBITDA are calculated:
(IN THOUSANDS OF U.S. DOLLARS, except for per share amounts)Three months
ended 
December 31,
2025Three months
ended
December 31,
2024 Year ended
December 31,
2025Year ended
December 31,
2024
$$$$Net income and comprehensive income13,3113,34427,32911,545Add back:



Depreciation and amortization 1,8061,5117,2324,017Interest expense (income)1095441,165(330)Income taxes(8,698)(6,198)(10,166)(8,590)EBITDA6,528(799)25,5606,642Unrealized foreign exchange (gain) loss(520)1,790(1,685)2,508Acquisition, restructuring and other costs2248543522,715Fair value adjustments to acquired inventory—2,7477772,747Costs and provisions for arbitration211—1,445—Gain on disposal of assets——(130)—Share-based compensation5253741,7381,072Adjusted EBITDA6,9684,96628,05715,684Adjusted EBITDA per share – basic0.270.191.100.63Adjusted EBITDA per share – dilutive0.270.191.080.62Consolidated statements of income and comprehensive income(IN THOUSANDS OF U.S. DOLLARS, except for per share amounts)Three months ended December 31,Yearended December 31, 2025202420252024$$$$




Revenue



Licensing revenue5811,3503,5546,623Product revenue11,63710,47246,89726,740Net revenue12,21811,82250,45133,363




Operating expenses



Cost of products sold2,3045,12910,0299,260Research and development——21—Depreciation and amortization1,8061,5117,2324,017Selling, general and administrative3,9065,70216,65614,953Total operating expenses8,01612,34233,93828,230




Other expenses (income)



Gain on disposal of assets——(130)—Interest expense (income)1095441,165(330)Unrealized foreign exchange (gain) loss (520)1,790(1,685)2,508Total other (income) expenses(411)2,334(650)2,178




Income (loss) before income taxes4,613(2,854)17,1632,955




Current income tax expense12541254Deferred income tax recovery(8,710)(6,252)(10,178)(8,644)Total income tax recovery(8,698)(6,198)(10,166)(8,590)




Net income and comprehensive income for the year13,3113,34427,32911,545









Income per share



Basic0.520.131.070.47Diluted0.510.131.050.46





Consolidated statements of financial position
As at December 31,As at December 31,
20252024(IN THOUSANDS OF U.S. DOLLARS)$$Assets




Current assets

Cash and cash equivalents7,49317,837Accounts receivable11,20613,860Inventory8,1905,792Prepaid expenses and other assets1,158995Total current assets28,04738,484Property and equipment, net569680Intangible assets, net72,01378,754Deferred financing costs236386Goodwill17,44717,447Deferred tax assets38,19026,761Total assets156,502162,512


Liabilities and shareholders' equity




Current liabilities

Accounts payable and accrued liabilities6,3915,873Income taxes payable754Interest payable6358Contract liability18,34913,306Current portion of lease obligation289283Total current liabilities25,04219,874Lease obligation216295Long-term debt5,00040,000Total liabilities30,25860,169


Shareholders' equity

Share capital27,85727,680Contributed surplus7,7886,525Accumulated other comprehensive loss(9,514)(9,514)Retained earnings100,11377,652Total shareholders' equity126,244102,343Total liabilities and shareholders' equity156,502162,512



SOURCE Cipher Pharmaceuticals Inc.

Original: Cipher Pharmaceuticals Reports Fourth Quarter Results and Full Year 2025 Record Revenue and Earnings

Cipher Pharmaceuticals Schedules Q4 & Fiscal 2025 Earnings Release and Conference CallMarch 4, 2026 5:00 PM
PR Newswire (Canada)

MISSISSAUGA, ON, March 4, 2026 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: CPH) (OTCQX: CPHRF) ("Cipher" or the "Company") today announced that it will release its financial results for the fourth quarter and fiscal 2025 after the market close on Thursday, March 12, 2026. The Company will also hold a conference call on Friday, March 13, 2026 at 8:30am ET to discuss the results and corporate developments.CONFERENCE CALL DETAILSDATE:                                                                    Friday, March 13, 2026TIME:                                                                     8:30 a.m. ETDIAL-IN NUMBER:                                                416-945-7677 or 888-699-1199REPLAY:                                                               289-819-1450 or 888-660-6345 Code: 29916#                                                                              Expires: March 20, 2026WEBCAST:                                                           https://app.webinar.net/G7lE687WoewAbout Cipher Pharmaceuticals Inc.Cipher Pharmaceuticals (TSX: CPH) (OTCQX: CPHRF) is a specialty pharmaceutical company with a robust and diversified portfolio of commercial and early to late-stage products. Cipher acquires products that fulfill unmet medical needs, manages the required clinical development and regulatory approval process, and currently markets those products in Canada, the U.S., and South America. For more information, visit www.cipherpharma.com.SOURCE Cipher Pharmaceuticals Inc.

Original: Cipher Pharmaceuticals Schedules Q4 & Fiscal 2025 Earnings Release and Conference Call

Any news about the next quarter? this is such a quiet board...

Zacks issues price target of $11.00.


http://finance.yahoo.com/news/dnd-another-solid-quarter-cipher-140000213.html

CPHMF.. $7.777 Cipher reports record financial results for Q3 2013..
I have decided to repurchase a smaller position in CPHMF.. I know there is a lawsuit out there for thier patent infringment but the last reported numbers are too compelling to ignore.. Hank
Cipher reports record financial results for Q3 2013

Cipher Pharmaceuticals (TSX:DND)

Revenue increases to $5.6 million and earnings per share rise to $0.14

MISSISSAUGA,, ON, Oct. 30, 2013 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: DND) ("Cipher") today announced its financial and operational results for the three and nine months ended September 30, 2013.

Q3 2013 Highlights

•Net revenue increased to $5.6 million, from $2.1 million in Q3 2012.

•EBITDA1 of $3.6 million versus $1.0 million in Q3 2012.

•Net income was $3.4 million, or $0.14 per share, compared with net income of $0.08 million, or $0.03 per share, in Q3 2012.

•Cash balance increased to $20.0 million at quarter end, compared with $15.8 million at December 31, 2012 and $17.8 million at June 30, 2013.

•Launched Epuris™ (isotretinoin) capsules in the Canadian market.

"Absorica™ performed well again in the third quarter, with market share increasing to 17.3%2 by September from 13.1% in June, resulting in strong increases in our revenue, earnings and cash," said Larry Andrews, President and CEO of Cipher. "While Epuris™ was only launched recently, feedback from the Canadian dermatology community has been very encouraging. With a healthy financial position, we continue to pursue growth through product portfolio expansion and new out-licensing agreements for our current products in other regions."

Financial Review

Net revenue for Q3 2013 was $5.6 million, compared with $2.1 million in Q3 2012. The year-over-year increase was mainly driven by the success of Absorica™, which contributed $4.5 million of net revenue in Q3 2013 versus $0.5 million in Q3 2012.

Net revenue from Lipofen® was $0.6 million in Q3 2013, compared with $1.3 million in Q3 2012. The comparable period in 2012 benefited from $0.4 million in revenue from a retroactive increase in Cipher's royalty percentage.

Net revenue from the Company's extended release tramadol product (ConZip®/Durela®) increased to $0.5 million in Q3 2013, compared with $0.3 million in Q3 2012.

Research and Development expense in Q3 2013 was $0.4 million, a slight increase over $0.3 million in Q3 2012. Selling, General and Administrative ("SG&A") expenses for Q3 2013 increased to $1.7 million, compared to $0.8 million in Q3 2012. The year-over-year increase in SG&A reflects the build out of the Company's commercial infrastructure in Canada to support the launch of Epuris™ and future products.

Net income in Q3 2013 grew to $3.4 million, or $0.14 per share ($0.13 per share on a fully diluted basis), compared with net income of $0.8 million, or $0.03 per share, in Q3 2012.
The Company's cash position increased at quarter end. As at September 30, 2013, Cipher had cash and cash equivalents of $20.0 million, compared with $15.8 million at December 31, 2012.

1 EBITDA - Non-IFRS Financial Measure: the term EBITDA (earnings before interest, taxes, depreciation and amortization) does not have any standardized meaning under International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures presented by other companies. The Company defines EBITDA as earnings before interest expense, income taxes, depreciation of property and equipment, amortization of intangible assets and non-cash share-based compensation.

2 Source: IMS Health. Market share calculated based on total isotretinoin prescriptions.

Product Update

Absorica™/Epuris™ (CIP-ISOTRETINOIN)
Absorica™ was released in the U.S. market in late November 2012. The product has performed well to date, achieving 17.3% market share by September 2013, compared to 13.1% in June 2013, based on total isotretinoin prescriptions. In addition, the overall U.S. isotretinoin market continues to show growth. Prescriptions increased by 15%3 in the nine months of 2013 and by 19%4 in Q3 2013, over the comparable periods in the prior year. While total U.S. prescriptions increased year-over-year, they declined from Q2 2013 to Q3 2013. This is consistent with the historical seasonal pattern that has seen total U.S. isotretinoin prescriptions decrease by approximately 11% from Q2 (the summer months) to Q3. Based on Absorica's strong sales performance to-date, Cipher expects to achieve a US$10.0 million milestone payment by the end of Q1 2014 at the latest (50% of which would be shared with its technology partner, Galephar Pharmaceutical Research).

In September 2013, Cipher's partner Ranbaxy received a Paragraph IV Certification Notice of filing from Watson Laboratories Inc. ("Watson") of an Abbreviated New Drug Application ("ANDA") to the FDA for a generic version of Absorica™.

Ranbaxy and Cipher intend to vigorously defend Absorica's intellectual property rights and pursue all available legal and regulatory pathways in defense of the product. Cipher has been advised by Ranbaxy that this development has no impact on current sales and marketing plans for the product, and that Ranbaxy plans to continue to invest in Absorica™ to increase sales and market penetration.

CIP-ISOTRETINOIN was approved by Health Canada in Q4 2012 under the trade name Epuris™. Cipher launched Epuris™ in early July 2013, supported by a field sales force of six full-time representatives and one part-time representative.
Lipofen® (CIP-FENOFIBRATE)

In Q3 2013, new prescriptions for Lipofen® were 6% below Q3 2012 levels. Kowa Pharmaceuticals America, Cipher's U.S. marketing partner for Lipofen®, plans to continue to promote the product in a second detail position for the remainder of 2013.

ConZip®/Durela® (CIP-TRAMADOL ER)
Cipher's extended-release tramadol is marketed in the U.S. by Vertical Pharmaceuticals under the trade name ConZip®. In Q1 2013, Vertical expanded its sales force from 60 to 75 representatives, which has contributed to modestly improved performance. In Q3 2013, prescriptions grew 3% compared to Q3 2012. In Canada, Medical Futures launched the product in March 2012 under the trade name Durela®, with a dedicated sales force comprising 22 representatives. Following its strong performance in Q2 2013, the product continued to demonstrate steady improvement, with a 25% growth in sales during Q3 2013.

In Q2 2013, Cipher out-licensed the Latin American distribution rights for CIP-TRAMADOL ER to Tecnofarma International Ltd. Cipher is working closely with Tecnofarma in preparing regulatory submissions for certain countries in Latin America.
Cipher is also actively pursuing marketing partners for CIP-TRAMADOL ER and CIP-ISOTRETINOIN in other territories.
Other Products

In Q3 2012, Cipher obtained exclusive license and distribution rights in Canada to market the Betesil® Patch, a novel, patent-protected, self-adhesive medicated plaster for the treatment of inflammatory skin conditions such as plaque psoriasis. The efficacy and safety of the Betesil® Patch has been established in three successful phase III trials, and the product is currently marketed in several European countries. Cipher is working with its partner, Institut Biochimique SA, on a New Drug Submission for the product, and will provide additional detail on expected timelines and plans in the coming months.

In addition, the Company is seeking other late-stage to commercial-stage product candidates targeting specialty markets to support its commercial marketing and sales presence in Canada.

3 Source: IMS Health

4 Source: IMS Health

Notice of Conference Call
Cipher will hold a conference call today, October 30, 2013, at 8:30 a.m (ET) to discuss its financial results and other corporate developments. To access the conference call by telephone, dial 647-427-7450 or 1-888-231-8191. A live audio webcast of the call will be available at www.cipherpharma.com. The webcast will be archived for 90 days.

About Cipher Pharmaceuticals Inc.

Cipher Pharmaceuticals (TSX: DND) is a growing specialty pharmaceutical company with three commercial products and a fourth in development. Our product candidates are typically improved formulations of successful, currently marketed drugs. We in-license a product, manage the required clinical development and regulatory approval process, and either out-license it to a marketing partner, or, in Canada, we may market the product ourselves. Our core capabilities are in clinical and regulatory affairs, product licensing, supply chain management, and marketing and sales. Since the Company was founded in 2000, we have achieved final regulatory approval in the U.S. and Canada for all three of our original products and completed six marketing partnerships, generating growing licensing revenue.

Cipher Pharmaceuticals Inc.
Balance Sheets

As at September 30, 2013 and December 31, 2012
(in thousands of Canadian dollars - unaudited)



September 30, December 31,
2013 2012
$ $
ASSETS

Current assets
Cash and cash equivalents 20,035 15,843
Accounts receivable 9,220 3,185
Inventory 318 -
Prepaid expenses and other assets 200 212
29,773 19,240

Property and equipment, net 21 25

Intangible assets, net 1,859 2,690

31,653 21,955

LIABILITIES

Current liabilities
Accounts payable and accrued liabilities 5,747 2,808
Current portion of deferred revenue 2,392 2,392
8,139 5,200

Deferred revenue 2,611 4,349
10,750 9,549

SHAREHOLDERS' EQUITY

Share capital 9,514 50,339
Contributed surplus 3,464 33,227
Retained earnings (Deficit) 7,925 (71,160)
20,903 12,406

31,653 21,955


Cipher Pharmaceuticals Inc.
Statements of Operations and Comprehensive Income

Three and nine month periods ended September 30, 2013 and 2012
(in thousands of Canadian dollars, except per share data - unaudited)


Three months Nine months
September 30, September 30, September 30, September 30,
2013 2012 2013 2012
$ $ $ $

Revenues
Licensing revenue 5,592 2,118 14,344 5,558
Product revenue 44 - 132 -

5,636 2,118 14,476 5,558

Expenses
Cost of product sold 12 - 39 -
Research and development 388 335 1,037 1,154
Selling, general and administrative 1,660 799 4,823 2,676
Amortization of intangible assets 277 277 831 747
Interest income (64) (47) (179) (108)

2,273 1,364 6,551 4,469

Income before income taxes 3,363 754 7,925 1,089

Provision for (recovery of) income taxes
Current 891 225 2,100 352
Deferred (891) (225) (2,100) (352)

Income and comprehensive income for the period 3,363 754 7,925 1,089


Basic earnings per share 0.14 0.03 0.32 0.04

Diluted earnings per share 0.13 0.03 0.31 0.04

Cipher Pharmaceuticals Inc.
Statements of Changes in Equity

Nine month periods ended September 30, 2013 and 2012
(in thousands of Canadian dollars - unaudited)



Retained Total
Share Contributed Earnings Shareholders'
Capital Surplus (Deficit) Equity
$ $ $ $

Balance, January 1, 2013 50,339 33,227 (71,160) 12,406

Income and comprehensive income for the period - - 7,925 7,925

Exercise of stock options 194 (93) - 101

Shares issued under the share purchase plan 141 - - 141

Share-based compensation - stock option plan - 330 - 330

Reduction of stated capital (41,160) (30,000) 71,160 -


Balance, September 30, 2013 9,514 3,464 7,925 20,903



Balance, January 1, 2012 50,172 33,032 (73,704) 9,500

Income and comprehensive income for the period - - 1,089 1,089

Exercise of stock options 8 (8) -

Shares issued under the share purchase plan 114 - - 114

Share-based compensation - stock option plan - 151 - 151

Balance, September 30, 2012 50,294 33,175 (72,615) 10,854

Cipher Pharmaceuticals Inc.
Statements of Cash Flows

Three and nine month periods ended September 30, 2013 and 2012
(in thousands of Canadian dollars - unaudited)



Three months Nine months
September 30, September 30, September 30, September 30,
2013 2012 2013 2012
$ $ $ $

Cash provided by (used in)

Operating activities
Income for the period 3,363 754 7,925 1,089
Items not affecting cash:
Depreciation of property and equipment 3 3 12 16
Amortization of intangible assets 277 277 831 747
Share-based compensation - share purchase plan 7 6 21 17
Share-based compensation - stock option plan 141 51 330 151
3,791 1,091 9,119 2,020

Changes in non-cash operating items:
Accounts receivable (1,158) (417) (6,035) (975)
Inventory 10 - (318) -
Prepaid expenses and other assets (130) (27) 12 170
Accounts payable and accrued liabilities 227 795 2,939 898
Deferred revenue (607) (698) (1,738) 4,018

Net cash generated from operating activities 2,133 744 3,979 6,131

Investing activities
Purchase of property and equipment (3) - (8) (12)
Acquisition of intangible rights - (100) - (771)

Net cash used in investing activities (3) (100) (8) (783)

Financing activities
Proceeds from shares issued under the share purchase plan 41 34 120 97
Proceeds from exercise of stock options 89 - 101 -

Net cash generated from financing activities 130 34 221 97


Increase in cash and cash equivalents 2,260 678 4,192 5,445
Cash and cash equivalents, beginning of period 17,775 14,403 15,843 9,636

Cash and cash equivalents, end of period 20,035 15,081 20,035 15,081

SOURCE Cipher Pharmaceuticals Inc.

Copyright 2013 Canada NewsWire

So if Absorica is protected by patent until 2021, why would this filing concern anyone? Watson would have to get a go-ahead, and if the patent is worth anything at all, shouldn't Watson be summarily denied their application?

Is this really about fearing how others might fear this?

CPHMF.. $6.26..Down 30.33%.. The shit hit the fan and it cost me over $50K big ones.. Watson filed to make thier Blockbuster drug generic.. hank

09/19/13 12:16 PM EDT Sell 88 CPHMF Executed @ $6.25 Details | Edit
09/19/13 12:16 PM EDT Sell 300 CPHMF Executed @ $6.274 Details | Edit
09/19/13 12:13 PM EDT Sell 6888 CPHMF Executed @ $6.2387 Details | Edit
09/19/13 11:57 AM EDT Sell 8888 CPHMF Executed @ $6.1749 Details | Edit
09/19/13 11:50 AM EDT Sell 1400 CPHMF Executed @ $6.671 Details | Edit
09/19/13 11:50 AM EDT Sell 300 CPHMF Executed @ $6.671 Details | Edit
09/19/13 11:50 AM EDT Sell 300 CPHMF Executed @ $6.681 Details | Edit
09/19/13 11:50 AM EDT Sell 100 CPHMF Executed @ $6.602 Details | Edit
09/19/13 11:50 AM EDT Sell 400 CPHMF Executed @ $6.602 Details | Edit
09/19/13 11:50 AM EDT Sell 800 CPHMF Executed @ $6.612 Details | Edit
09/19/13 11:50 AM EDT Sell 1000 CPHMF Executed @ $6.69 Details | Edit
09/19/13 11:50 AM EDT Sell 100 CPHMF Executed @ $6.612 Details | Edit
09/19/13 11:50 AM EDT Sell 1000 CPHMF Executed @ $6.661 Details | Edit
09/19/13 11:50 AM EDT Sell 100 CPHMF Executed @ $6.612 Details | Edit
09/19/13 11:50 AM EDT Sell 500 CPHMF Executed @ $6.602 Details | Edit

the "bad" part being the assumption that the "small guy" won't be able to defend against the bigger one (Watson)?

CPHMF.. Bad News..

Cipher's Partner Ranbaxy receives Paragraph IV Certification

Cipher Pharmaceuticals (TSX:DND)

MISSISSAUGA, ON, Sept. 19, 2013 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: DND) ("Cipher") today announced that its sales and distribution partner, Ranbaxy Laboratories Inc. ("Ranbaxy") has received a Paragraph IV Certification Notice of filing from Watson Laboratories Inc. of an Abbreviated New Drug Application ("ANDA") to the U.S. Food and Drug Administration ("FDA") for a generic version of Absorica™ (isotretinoin capsules).
Ranbaxy and Cipher intend to vigorously defend Absorica's intellectual property rights and pursue all available legal and regulatory pathways in defense of the product. Absorica is currently protected by two issued patents listed in the FDA's Approved Drug Products List (Orange Book), which expire in September 2021. Ranbaxy shall take appropriate actions in response to the Paragraph IV notice letter, and FDA approval of the ANDA shall then be governed by the Hatch-Waxman Act.
Absorica was approved by the FDA in May 2012, and granted a three-year market exclusivity period, which expires in May 2015.
About Cipher Pharmaceuticals Inc.

Cipher Pharmaceuticals (TSX: DND) is a growing specialty pharmaceutical company with three commercial products and a fourth in development. Our product candidates are typically improved formulations of successful, currently marketed drugs. We in-license a product, manage the required clinical development and regulatory approval process, and either out-license it to a marketing partner, or, in Canada, we may market the product ourselves. Our core capabilities are in clinical and regulatory affairs, product licensing, supply chain management, and marketing and sales. Since Cipher was founded in 2000, we have achieved final regulatory approval in the U.S. and Canada for all three of our original products and completed six marketing partnerships, generating growing licensing revenue.
Forward-Looking Statements

Statements made in this news release, other than those concerning historical financial information, 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 and other filings with Canadian securities regulatory authorities. These factors include, but are not limited to; the applicability of patents and proprietary technology; possible patent litigation; approval of products in the Company's pipeline; marketing of products; meeting projected drug development timelines and goals; product liability and insurance; dependence on strategic partnerships and licensees; concentration of the Company's revenue; substantial competition and rapid technological change in the pharmaceutical industry; the publication of negative results of clinical trials of the Company's products; the ability to access capital; the ability to attract and retain key personnel; changes in government regulation or regulatory approval processes; dependence on contract research organizations; third party reimbursement; the success of the Company's strategic investments; the achievement of development goals and time frames; the possibility of shareholder dilution; market price volatility of securities; and the existence of significant shareholders. All forward-looking statements presented herein should be considered in conjunction with such filings. Except as required by Canadian 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.

CPHMF.. $9.045.. New High..

I can't believe this board is so quiet... (and isn't it time for the moderator to change the symbol to the Nasdaq one?)

Stock seems comfortable in its current price. Forming a basis for another move up?

CPHMF..$8.8738 With Chart..

10 bagger Friday, August 30, 2013 3:10:21 PM
Re: 10 bagger post# 4935 Post # of 4945

CPHMF..$8.8738 With Chart..

A case for $25.00 per share in 2014.. Looking for doubters with reasons why I'm wrong.. You gotta love the chart..


Cipher Pharmaceuticals Inc. Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2013; Provides Revenue Guidance for 2013.. Earnings were $0.12 CAD fully diluted for for the second Qtr. while earnings were $0.18 CAD for six months.. I think earnings could exceed projections by some analysts by as much as 100% for the year..

I think that in the third Qtr,, CPHMF could earn at lest $0.19 and in the forth Qtr. earnings could exceed $0.25.. This would give EPS. at $0.62. for the year on a conservative basis and a runrate going into 2014 of at least $1.00 but I think that $1.25 will fall short of real numbers created.. This stock is cheap and the reason I bought my position back yesterday.. Analysts project $0.40 EPS this year and $0.60 EPS in 2014.. At present w/o any growth CPHMF has a $0.48 run rate which already exceed Analysts opinions.. Then there is always a take over by a major that just wants thier drugs and expertise in thier space.. hank

CPHMF.. $8.82.. REBUY of 21,776 Shares..

10 bagger Thursday, August 29, 2013 2:24:32 PM
Re: 10 bagger post# 4926 Post # of 4945

CPHMF.. $8.82.. Ever get the felling you made a bad trade.. I did on CPHMF and decided to buy some back today.. I bought 21776 and with the 12888 it brings my position back to almost inital levels.. hank

08/29/13 2:21 PM EDT Buy 4588 CPHMF Executed @ $8.82 Details | Edit
08/29/13 2:20 PM EDT Buy 900 CPHMF Executed @ $8.82 Details | Edit
08/29/13 2:18 PM EDT Buy 1000 CPHMF Executed @ $8.82 Details | Edit
08/29/13 2:17 PM EDT Buy 1300 CPHMF Executed @ $8.82 Details | Edit
08/29/13 2:17 PM EDT Buy 1000 CPHMF Executed @ $8.82 Details | Edit
08/29/13 2:17 PM EDT Buy 100 CPHMF Executed @ $8.81 Details | Edit
08/29/13 2:13 PM EDT Buy 88 CPHMF Executed @ $8.745 Details | Edit
08/29/13 2:13 PM EDT Buy 400 CPHMF Executed @ $8.745 Details | Edit
08/29/13 2:13 PM EDT Buy 500 CPHMF Executed @ $8.736 Details | Edit
08/29/13 2:13 PM EDT Buy 9700 CPHMF Executed @ $8.745 Details | Edit
08/29/13 2:13 PM EDT Buy 500 CPHMF Executed @ $8.736 Details | Edit
08/29/13 2:13 PM EDT Buy 1000 CPHMF Executed @ $8.736 Details | Edit
08/29/13 2:13 PM EDT Buy 500 CPHMF Executed @ $8.736 Details | Edit
08/29/13 2:13 PM EDT Buy 200 CPHMF Executed @ $8.745 Details | Ed

CPHMF.. $8.70..

10 bagger Monday, August 26, 2013 12:39:01 PM
Re: 10 bagger post# 4924 Post # of 4945

CPHMF.. Sold 10,000 CPHMF at $8.70 +.. Still holding 12888.. Nice ride from $3.15.. hank

CPHMF.. $8.24.. NEW HIGH..

10 bagger Monday, August 19, 2013 10:14:32 AM
Re: 10 bagger post# 152910 Post # of 155853

CPHMF.. $8.24.. NEW HIGH.. Sold about 5% of my position today.. CPHMF has and continues to be a remarkable ride to prosperity.. hank

CPHMF.. $7.34 New high..

10 bagger Thursday, August 01, 2013 10:12:32 AM
Re: 10 bagger post# 1837 Post # of 2197

CPHMF.. $7.34 New high.. Took advantage and made a few tics.. Position is just getting too large in the percentage of the portfolio.. Nice problem to have.. hank



08/01/13 10:06 AM EDT Sell 400 CPHMF Executed @ $7.124 Details | Edit
08/01/13 10:06 AM EDT Sell 100 CPHMF Executed @ $7.162 Details | Edit
08/01/13 10:06 AM EDT Sell 100 CPHMF Executed @ $7.162 Details | Edit
08/01/13 10:06 AM EDT Sell 100 CPHMF Executed @ $7.162 Details | Edit
08/01/13 10:06 AM EDT Sell 100 CPHMF Executed @ $7.162 Details | Edit
08/01/13 10:06 AM EDT Sell 100 CPHMF Executed @ $7.124 Details | Edit
08/01/13 10:06 AM EDT Sell 100 CPHMF Executed @ $7.162 Details | Edit
08/01/13 10:06 AM EDT Sell 100 CPHMF Executed @ $7.124 Details | Edit
08/01/13 10:06 AM EDT Sell 1000 CPHMF Executed @ $7.162 Details | Edit
08/01/13 9:54 AM EDT Sell 78 CPHMF Executed @ $7.277 Details | Edit
08/01/13 9:54 AM EDT Sell 500 CPHMF Executed @ $7.316 Details | Edit
08/01/13 9:54 AM EDT Sell 300 CPHMF Executed @ $7.316 Details | Edit
08/01/13 9:51 AM EDT Sell 100 CPHMF Executed @ $7.34 Details | Edit
08/01/13 9:51 AM EDT Sell 200 CPHMF Executed @ $7.34 Details | Edit
08/01/13 9:51 AM EDT Sell 100 CPHMF Executed @ $7.34 Details | Edit
08/01/13 9:51 AM EDT Sell 78 CPHMF Executed @ $7.34 Details | Edit
08/01/13 9:51 AM EDT Sell 800 CPHMF Executed @ $7.34 Details | Edit

CPHMF.. $7.34..

10 bagger Thursday, August 01, 2013 9:57:07 AM
Re: 10 bagger post# 4904 Post # of 4945

CPHMF.. $7.34.. Now thats a wheeeee.. Made some tics today.. hank



08/01/13 9:54 AM EDT Sell 78 CPHMF Executed @ $7.277 Details | Edit
08/01/13 9:54 AM EDT Sell 300 CPHMF Executed @ $7.316 Details | Edit
08/01/13 9:54 AM EDT Sell 500 CPHMF Executed @ $7.316 Details | Edit
08/01/13 9:51 AM EDT Sell 100 CPHMF Executed @ $7.34 Details | Edit
08/01/13 9:51 AM EDT Sell 200 CPHMF Executed @ $7.34 Details | Edit
08/01/13 9:51 AM EDT Sell 100 CPHMF Executed @ $7.34 Details | Edit
08/01/13 9:51 AM EDT Sell 78 CPHMF Executed @ $7.34 Details | Edit
08/01/13 9:51 AM EDT Sell 800 CPHMF Executed @ $7.34 Details | Edit

CPHMF..$6.807.. Made some sales today..

10 bagger Wednesday, July 31, 2013 3:22:19 PM
Re: 10 bagger post# 4902 Post # of 4945

CPHMF..$6.807.. Made some sales today..

07/31/13 Sold -1212 of CPHMF @ $6.5717 7,959.77
07/31/13 Sold -1300 of CPHMF @ $6.7316 8,745.93

CPHMF.. $6.897.. New high

10 bagger Wednesday, July 31, 2013 9:52:48 AM
Re: None Post # of 4945

CPHMF.. $6.897.. New high.. hank

CPHMF.. $6.75..

10 bagger Wednesday, July 31, 2013 9:34:54 AM
Re: 10 bagger post# 155169 Post # of 155853

CPHMF.. Opens at $6.75.. On record earnings..hank

CPHMF. $6.45..

10 bagger Wednesday, July 31, 2013 9:02:32 AM
Re: 10 bagger post# 4899 Post # of 4945

CPHMF.. $5.45.. Cipher reports record financial results for Q2 2013

Revenue increases to $5.5 million; Company records earnings per share of $0.13... Toronto Stock Exchange Symbol: DND

MISSISSAUGA, ON, July 31, 2013 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: DND) ("Cipher") today announced its financial and operational results for the three and six months ended June 30, 2013.

Q2 2013 Highlights

•Net revenue increased to $5.5 million, from $1.6 million in Q2 2012.
•EBITDA of $3.3 million versus $0.4 million in Q2 2012.
•Net income was $3.1 million, or $0.13 per basic share, compared with net income of $0.02 million, or $0.01 per basic share, in Q2 2012.
•Cash balance increased to $17.8 million at quarter end, compared with $15.8 million at December 31, 2012 and $16.5 million at March 31, 2013.
•Out-licensed Latin American distribution rights for CIP-TRAMADOL ER to Tecnofarma International Ltd.
•Subsequent to quarter end, announced the Canadian launch of Epuris™ (isotretinoin) capsules.
"The continued strong growth of Absorica™ drove significant gains in our revenue, earnings and cash for the second quarter," said Larry Andrews, President and CEO of Cipher. "The product was up to 13.1% share of the U.S. isotretinoin market by June, from 7.5% at the end of Q11, and the feedback from our marketing partner Ranbaxy has been very positive. We launched the product in Canada in late June with our own sales force and are pursuing out-licensing agreements in other markets. We are also looking at opportunities to expand our product portfolio."

Financial Review and Outlook

Net revenue for Q2 2013 was $5.5 million, compared with $1.6 million in Q2 2012. The year-over-year increase was mainly driven by the success of Absorica™, which contributed $4.2 million of net revenue in Q2 2013 versus $0.3 million in Q2 2012.
Quote:
--------------------------------------------------------------------------------
Absorica™/Epuris™ (CIP-ISOTRETINOIN)
Absorica™ was released in the U.S. market in late November 2012. The product has performed strongly to date, achieving 13.1% market share by June 2013, based on total isotretinoin prescriptions. In addition, the overall U.S. isotretinoin market continues to show growth. Prescriptions increased by 15%2 in the first half of 2013 and by 17%3 in Q2 2013, over the comparable periods in the prior year.
--------------------------------------------------------------------------------

Net revenue from Lipofen® was $0.8 million in Q2 2013, compared with $0.9 million in Q2 2012. Net revenue from the Company's extended release tramadol product (ConZip®/Durela®) increased to $0.5 million in Q2 2013, compared with $0.4 million in Q2 2012.

Research and Development expense in Q2 2013 was $0.3 million, the same level as incurred in Q2 2012. Selling, General and Administrative ("SG&A") expenses for Q2 2013 increased to $1.9 million, compared to $0.9 million in Q2 2012. The year-over-year increase in SG&A reflects the planned build out of the Company's commercial infrastructure in Canada to support the launch of Epuris™ and future products. The Company incurred approximately $0.5 million of one-time costs to support the June 2013 launch of Epuris™.

Net income in Q2 2013 grew to $3.1 million, or $0.13 per basic share ($0.12 per diluted share), compared with net income of $0.2 million, or $0.01 per basic and diluted share, in Q2 2012.

The Company's cash position increased at quarter end. As at June 30, 2013, Cipher had cash and cash equivalents of $17.8 million, compared with $15.8 million at December 31, 2012.

For the second half of fiscal 2013, Cipher expects continued aggregate revenue growth from its currently marketed products and the recent introduction of Epuris™ in Canada. In particular, the Company expects the full-year contribution of Absorica™ to be a primary revenue driver. In 2013, Cipher will be investing in commercial sales and marketing capabilities in Canada. The Company expects an increase in operating expenses of approximately $1.0 million to $1.5 million during the balance of 2013, compared to the same period in 2012, related to the launch of Epuris™ in Canada. Cipher expects its revenue growth to continue to offset the additional spending required to build its commercial infrastructure in Canada.

____________________

1 Source: IMS Health. Market share calculated based on total isotretinoin prescriptions.


Product Update

Absorica™/Epuris™ (CIP-ISOTRETINOIN)
Absorica™ was released in the U.S. market in late November 2012. The product has performed strongly to date, achieving 13.1% market share by June 2013, based on total isotretinoin prescriptions. In addition, the overall U.S. isotretinoin market continues to show growth. Prescriptions increased by 15%2 in the first half of 2013 and by 17%3 in Q2 2013, over the comparable periods in the prior year.

The product was also approved by Health Canada in Q4 2012 under the trade name Epuris™. Cipher launched Epuris™ in June 2013, supported by a field sales force of six fully dedicated representatives.

Lipofen® (CIP-FENOFIBRATE)
In Q2 2013, Lipofen® prescriptions were 6% below Q2 2012 levels, however, Cipher's royalty increased over the period due to the 3% increase in the royalty rate compared to prior year. Kowa Pharmaceuticals America, Cipher's U.S. marketing partner for Lipofen®, plans to continue to promote the product in a second detail position throughout the remainder of 2013.

ConZip®/Durela® (CIP-TRAMADOL ER)
Cipher's extended-release tramadol is marketed in the U.S. by Vertical Pharmaceuticals under the trade name ConZip®. In Q1 2013, Vertical expanded its sales force from 60 to 75 representatives, which has contributed to improved performance. In Q2 2013, prescriptions grew 5% compared to Q2 2012. In Canada, Medical Futures launched the product in March 2012 under the trade name Durela®, with a dedicated sales force comprising 22 representatives. The product demonstrated steady improvement and market share growth during Q2 2013.

Cipher is actively pursuing marketing partners for CIP-TRAMADOL ER and CIP-ISOTRETINOIN in other territories, including Latin America. During Q2 2013, Cipher granted the Latin American distribution rights to CIP-TRAMADOL ER to Tecnofarma International Ltd. Tecnofarma, headquartered in Uruguay, operates in 18 Latin American countries and following regulatory approval, plans to launch the product in several jurisdictions, including Brazil and Mexico.

Other Products
In Q3 2012, Cipher obtained exclusive license and distribution rights in Canada to market the Betesil® Patch, a novel, patent-protected, self-adhesive medicated plaster for the treatment of inflammatory skin conditions such as plaque psoriasis. The efficacy and safety of the Betesil® Patch has been established in three successful phase III trials, and the product is currently marketed in several European countries. Cipher is working toward completion of a New Drug Submission for the product and will provide additional detail on expected timelines and plans in the coming months.

In addition, the Company is seeking other late-stage to commercial-stage product candidates targeting specialty markets to support its commercial marketing and sales presence in Canada.

____________________

2 Source: IMS Health
3 Source: IMS Health


Notice of Conference Call

Cipher will hold a conference call today, July 31, 2013, at 8:30 a.m (ET) to discuss its financial results and other corporate developments. To access the conference call by telephone, dial 647-427-7450 or 1-888-231-8191. A live audio webcast of the call will be available at www.cipherpharma.com. The webcast will be archived for 90 days.

About Cipher Pharmaceuticals Inc.

Cipher Pharmaceuticals (TSX: DND; OTC: CPHMF) is a growing specialty pharmaceutical company with three commercial products and a fourth in development. Our product candidates are typically improved formulations of successful, currently marketed drugs. We in-license a product, manage the required clinical development and regulatory approval process, and either out-license it to a marketing partner, or, in Canada, we may market the product ourselves. Our core capabilities are in clinical and regulatory affairs, product licensing, supply chain management, and marketing and sales. Since the Company was founded in 2000, we have achieved final regulatory approval in the U.S. and Canada for all three of our original products and completed six marketing partnerships, generating growing licensing revenue.


Cipher Pharmaceuticals Inc.

Condensed Interim Financial Statements

For the Three Months Ended June 30, 2013
(Unaudited)


Cipher Pharmaceuticals Inc.
Balance Sheets

As at June 30, 2013 and December 31, 2012
(in thousands of Canadian dollars - unaudited)



June 30, December 31,
2013 2012
$ $
ASSETS

Current assets
Cash and cash equivalents 17,775 15,843
Accounts receivable 8,062 3,185
Inventory 328 -
Prepaid expenses and other assets 70 212
26,235 19,240

Property and equipment, net 21 25

Intangible assets, net 2,136 2,690

28,392 21,955

LIABILITIES

Current liabilities
Accounts payable and accrued liabilities 5,520 2,808
Current portion of deferred revenue 2,400 2,392
7,920 5,200

Deferred revenue 3,210 4,349
11,130 9,549

SHAREHOLDERS' EQUITY

Share capital 9,298 50,339
Contributed surplus 3,402 33,227
Retained earnings (Deficit) 4,562 (71,160)
17,262 12,406

28,392 21,955






Cipher Pharmaceuticals Inc.
Statements of Operations and Comprehensive Income

Three month periods ended June 30, 2013 and 2012
(in thousands of Canadian dollars, except per share data - unaudited)


Three months Six months
June 30, June 30, June 30, June 30,
2013 2012 2013 2012
$ $ $ $

Revenues
Licensing revenue 5,459 1,629 8,752 3,440
Product revenue 88 - 88 -

5,547 1,629 8,840 3,440

Expenses
Cost of product sold 27 - 27 -
Research and development 341 348 649 819
Selling, general and administrative 1,901 861 3,163 1,877
Amortization of intangible assets 277 245 554 470
Interest income (60) (35) (115) (61)

2,486 1,419 4,278 3,105

Income before income taxes 3,061 210 4,562 335

Provision for (recovery of) income taxes
Current 811 127 1,209 127
Deferred (811) (127) (1,209) (127)

Income and comprehensive income for the period 3,061 210 4,562 335


Basic earnings per share 0.13 0.01 0.19 0.01

Diluted earnings per share 0.12 0.01 0.18 0.01






Cipher Pharmaceuticals Inc.
Statements of Changes in Equity

Three month periods ended June 30, 2013 and 2012
(in thousands of Canadian dollars - unaudited)


Retained Total
Share Contributed Earnings Shareholders'
Capital Surplus (Deficit) Equity
$ $ $ $

Balance, January 1, 2013 50,339 33,227 (71,160) 12,406

Income and comprehensive income for the period - - 4,562 4,562

Exercise of stock options 26 (14) - 12

Shares issued under the share purchase plan 93 - - 93

Share-based compensation - stock option plan - 189 - 189

Reduction of stated capital (41,160) (30,000) 71,160 -


Balance, June 30, 2013 9,298 3,402 4,562 17,262


Balance, January 1, 2012 50,172 33,032 (73,704) 9,500

Income and comprehensive income for the period - - 335 335

Exercise of stock options 8 (8) -

Shares issued under the share purchase plan 74 - - 74

Share-based compensation - stock option plan - 100 - 100


Balance, June 30, 2012 50,254 33,124 (73,369) 10,009




Cipher Pharmaceuticals Inc.
Statements of Cash Flows

Three month periods ended June 30, 2013 and 2012
(in thousands of Canadian dollars - unaudited)


Three months Six months
June 30, June 30, June 30, June 30,
2013 2012 2013 2012
$ $ $ $

Cash provided by (used in)

Operating activities
Income for the period 3,061 210 4,562 335
Items not affecting cash:
Depreciation of property and equipment 4 6 9 13
Amortization of intangible assets 277 245 554 470
Share-based compensation - share purchase plan 9 5 14 11
Share-based compensation - stock option plan 121 51 189 100
3,472 517 5,328 929

Changes in non-cash operating items:
Accounts receivable (2,720) (403) (4,877) (558)
Inventory (328) - (328) -
Prepaid expenses and other assets 69 105 142 197
Accounts payable and accrued liabilities 1,236 (197) 2,712 103
Deferred revenue (533) 4,911 (1,131) 4,716

Net cash generated from operating activities 1,196 4,933 1,846 5,387

Investing activities
Purchase of property and equipment - (2) (5) (12)
Acquisition of intangible rights - (671) - (671)

Net cash generated from (used in) investing activities - (673) (5) (683)

Financing activities
Proceeds from shares issued under the share purchase plan 49 30 79 63
Proceeds from exercise of stock options 12 - 12 -

Net cash generated from financing activities 61 30 91 63


Increase in cash and cash equivalents 1,257 4,290 1,932 4,767
Cash and cash equivalents, beginning of period 16,518 10,113 15,843 9,636

Cash and cash equivalents, end of period 17,775 14,403 17,775 14,403




SOURCE Cipher Pharmaceuticals Inc.
Craig Armitage
Investor Relations
TMX Equicom
(416) 815-0700 ext 278
(416) 815-0080 fax
carmitage@tmxequicom.com

Larry Andrews
President and CEO
Cipher Pharmaceuticals
(905) 602-5840 ext 324
(905) 602-0628 fax
landrews@cipherpharma.com

btmfdr2 Thursday, July 25, 2013 12:58:24 PM
Re: 10 bagger post# 8712 Post # of 8891

Thanks Hank, I 've been off the grid, camping along the California coast and missed alot of this run up. Probably a good thing as I would have been tempted to begin selling too early.

RX and CPHMF, both of which I bet big on, have been a hell of a one two punch for my finances. The volatility in Biosyent's share price shook me out of over half my position, but still I have a large position in the company.

I'll pass along any ideas I get. Tough to find bargains in this market. I think Munger said something like he hopes to average one good idea every two years

CPHMF.. $6.52 New High

10 bagger Tuesday, July 23, 2013 9:54:19 AM
Re: 10 bagger post# 4893 Post # of 4945

CPHMF.. $6.52.. New high again..

10 bagger Thursday, July 25, 2013 1:11:24 PM
Re: btmfdr2 post# 8727 Post # of 8891

Investing is not a sport.. It takes hard work and tempoment.. I've only had 7 or 8 stocks that became 10 Baggers while I owned them.. Bioyf was sold around $1.30 to buy CPHMF at $3.20 or lower thanks to you.. I did sell almost 10K the other day's when it was above $6.50 on the gap But still own 26,900 with a $3.14 Ave. Thanks to you.. ..

Take a look at KLYG.. Search I-Hub for all the posting or go direct to thier website.. It is my true lottery play.. hank
=================================================================
Since it's a slow day let me share this You Tube link with you.. Now this takes more gut than I ever had..

bbotcs Friday, July 19, 2013 12:46:26 PM
Re: btmfdr2 post# 8286 Post # of 8891

ftmfdr2: DND.TO/CPHMF

Thank you. I didn't buy any until today, but like 10bagger I think it could go higher by a decent percentage. Their profit margin is huge. And, if you buy on the Toronto exchange, U get a respectable divvie!

10 bagger Friday, July 19, 2013 11:06:14 AM
Re: btmfdr2 post# 8286 Post # of 8891

In Reply to 'btmfdr2' on 'Value Microcaps Zip Code Changers'

Thanks to you I loaded the boat and now this is largest position by far in my trading account.. Always looking for new ideas.. You are batting 100% so my ears are open... hank

CPHMF.. $5.93.. Another new high.. $9.09 is my target for a three bagger.. ..

CPHMF.. $5.93.. Another new high

10 bagger Friday, July 19, 2013 10:58:31 AM
Re: 10 bagger post# 4888 Post # of 4945

CPHMF.. $5.93.. Another new high.. $9.09 is my target for a three bagger.. ..

CPHMF.$5.691 New high

10 bagger Tuesday, July 16, 2013 11:39:26 AM
Re: 10 bagger post# 4887 Post # of 4945

CPHMF.$5.691 New high .Is now my largest position.. hank

CPHMF.. $5.65..

10 bagger Monday, July 15, 2013 9:25:57 AM
Re: 10 bagger post# 4882 Post # of 4945

CPHMF.. $5.65 Bid.. If the pre-market bid holds CPHMF will be trading at another NEW HIGH..

I did sell 4600 at an Ave. of $5.58 last week to make a tic but have no further sales planned.. $10.00 next stop..?? Present position value is $192K.. hank

10 bagger Tuesday, March 26, 2013 2:22:57 PM
Re: None Post # of 154933
=================================================
CPHMF.. $3.5849 USD.. Since that last post CPHMF is up 18.65% and I have tried to build a position.. While I have surpassed the $$$ position I once had in BIOYF I still would like to add on down dips if any occur..

It should not be considered cheap by VMC standrds but IMO as it is selling for a PE of less than 12 on projected earnings of this year,, with a nose bleed growth rate cheap enough to warrent a major position in my portfolios.. I believe all projections in the report below will be exceeded by at least 25%....

Cipher Pharmaceuticals Ltd. is a pharmaceutical company, which is focused on commercializing novel formulations of marketed molecules by using advanced drug delivery technologies. The company has three in-licensed products, which includes Lipofen, Conzip/Durela, and CIP-ISOTRETINOIN. The Lipofen is a novel, patented formulation of the active ingredient fenofibrate, which is used in the treatment of hyperlipidemia, a cholesterol disorder. The ConZip/ Durela is a novel, extended-release formulation of the active ingredient tramadol, which is used for the management of moderate to moderately severe chronic pain. The CIP-ISOTRETINOIN is an innovative formulation of the active ingredient isotretinoin, which is used in the treatment of severe acne. The company was founded in 2000 and is headquartered in Mississauga, Canada.
=========================================================
Analyst Note
Cipher Posts Solid 2012 Financial Results
03/01/2013
Download this Press Release ()
By Jason Napodano, CFA

On March 1, 2013, Cipher Pharmaceuticals (Toronto:DND.TO) / (OTC Markets:CPHMF) reported financial results for the fourth quarter and full year ended December 31, 2012. Total revenues in the fourth quarter were $2.9 million, up 177% over the fourth quarter 2011 and nicely ahead of our estimate for revenues of $2.4 million. The revenue up-tick was driven by milestone recognition and royalties from Ranbaxy on the newly launched Absorica (CIP-Isotretinoin), which hit the market in November 2012.

A Copy Of Our Full Report Can Be Downloaded Here >> Cipher/Napodano_3/1/2013

For the full year 2012, total revenues were $8.5 million, up 137% over revenues for the full year 2011. The growth in revenues year-over-year reflects the strong performance of Lipofen (CIP-fenofibrate), including an increase in product shipments and the achievement of a $1.0 million sales milestone in the first quarter 2012. Lipofen contributed $4.6 million in revenues in 2012, up from $2.2 million in 2011. ConZip and Durela (CIP-Tramadol-ER) contributed another $1.4 million in revenues in 2012, up from $0.8 million in 2011. Absorica contributed $2.6 million in revenues in 2012, up from $0.6 million in 2011.

Operating expenses for the full year 2012 totaled approximately $6.0 million, flat with 2011. R&D expense at $1.5 million was down meaningfully from $2.2 million in 2011. OG&A expense at $3.5 million was up slightly from $3.2 million in 2011. Net income for the fourth quarter 2012 totaled $1.6 million, or $0.06 per share. This was nicely ahead of our forecast for net income of $1.2 million, or $0.4 per share. Net income in the fourth quarter 2012 compared to a loss of $0.5 million in the fourth quarter 2011. For the full year 2012, net income totaled $2.5 million, or $0.10 per share. This compared to a loss of $2.3 million in 2011.

We are impressed that the company can grow its top-line by 137% while keeping expenses essentially flat. Cipher now has 3 products on the market with Lipofen, ConZip/Durela, and the recently launched Absorica. In the past we’ve written that Absorica is a game-changer for Cipher. Cipher plans to launch Epuris in Canada during the second half of 2013, and should be in position to file for approval of Betesil Patch in Canada by the end of the year. Cipher exited 2012 with approximately $15.3 million in cash and investments, up nicely from the $9.6 million balance at the end of 2011. In fact, Cipher grew its cash balance each quarter throughout 2013. We find the current balance sufficient to fund operations for the foreseeable future, as we believe that Cipher will continue to report positive cash flow throughout 2013 even in the face of building a specialty dermatology sales force to promote Epuris and Betesil Patch in Canada.

…Stock Still Attractive…

Based on our financial projections, Cipher should report total revenues in 2013 of around $13.8 million, with net income of $5.4 million, or $0.22 per share. This equates to a P/E ratio of only 11.1x our 2013 figure. In 2014, we model growth in revenues to $21.3 million, net income of $10.1 million and EPS of $0.40. A P/E ratio of 10x our 2014 estimate for $0.40 in EPS yields a price target of $4.00 per share.
================================================================


Valuation
P/E Current 34.50

P/E Ratio (with extraordinary items)
33.46

P/E Ratio (without extraordinary items)
25.00

Price to Sales Ratio
7.21

Price to Book Ratio
4.92

Price to Cash Flow Ratio
8.99

Enterprise Value to EBITDA
19.16

Enterprise Value to Sales
7.78

Total Debt to Enterprise Value
0.00

Efficiency
Receivables Turnover
3.41

Total Asset Turnover
0.46

Liquidity
Current Ratio
3.70

Quick Ratio
3.70

Cash Ratio
3.05
Profitability
Operating Margin
28.25

Pretax Margin
30.08

Net Margin
30.08

Return on Assets
13.90

Return on Equity
23.23

Return on Total Capital
23.23

Return on Invested Capital
23.23

Capital Structure
Total Debt to Total Equity
0.00

Total Debt to Total Capital
0.00

Total Debt to Total Assets
0.00

Long-Term Debt to Equity
0.00

Long-Term Debt to Total Capital
0.00
Officers and Executives
Name Age Officer Since Title
Mr. William Charles Garriock 74 2004 Chairman
Mr. Larry Andrews - 2004 President, CEO, Director & Head-Investor Relations
Mr. Norman Charles Evans - 2007 CFO, Secretary & Investor Relations Person
Dr. Jason A. Gross - 2006 Vice President-Scientific & Medical Affairs
Mr. Peter Weiler - - Director-Portfolio Development
Insider Actions

CPHMF.. $5.60.. New High

10 bagger Thursday, July 11, 2013 11:08:05 AM
Re: 10 bagger post# 4875 Post # of 4945

CPHMF.. $5.60.. New High.. hank

CPHMF.. $4.4492 New high

10 bagger Wednesday, June 26, 2013 3:46:13 PM
Re: 10 bagger post# 4774 Post # of 4945

CPHMF.. $4.4492 New high.. hank

CPHMF.. $4.1256

10 bagger Wednesday, June 05, 2013 11:06:06 AM
Re: 10 bagger post# 4835 Post # of 4945

Month End 05/31/2013.. Market Value: $1,435,155.00(-$50,168.00/ -3.37%) Includes $9155.00.00 Trading Profits.. Since 04/30/2013...

05/01/2013 Starting Position $1,435,155.00 Up 36.7% since YE...


CASH 662,608 $1.00 1.00 46.63%

CPHMF 39,260 $4.1256 $161,971.06

SPND 29,726 $3.31 $98,393.06

GAMR 215,180 $0.38 $81,768.40

CIBH 129,725 $0.538 $69,792.05

ENSV 55,829 $1.06 $59,178.74

GLMB 400,122 $0.13 $52,015.86

VSTI 360,467 $0.1199 $43,219.99

ICTL 63,201 $0.62 $39,184.62

ASNB 394,600 $0.08 $35,514.00

BNLB 259,013 $0.107 $27,895.70

SPCBF 93,028 $0.2488 $23,145.37

KLYG 172,434 $0.118 $20,347.21

ITSI 14,600 $0.952 $13,899.20

TOOT 57,771 $0.175 $10,109.92

BOLL 12,300 $0.91 $11,193.00

TEXC 68,194 $0.1448 $9,874.49

CONX 38,888 $0.2148 $8,353.14

ADTY 40,600 $0.15 $6,090.00

QMDT 47,300 $0.10 $4,730.00

CPHMF.. $4.09

Zen lunatic420 Friday, May 24, 2013 4:50:40 PM
Re: 10 bagger post# 154234 Post # of 155853

Hank, this is the VMC Board. Which stock looks better to you?


Stock A. Stock B
P/S: 3.14 10.3
P/B: 5.56 7.3
P/E: 10.91 27.45
ROE: 77% 33%


Stock A is BIOYF and Stock B is CPHMF.

I think both stocks offer good opportunities, but BIOYF is a better "value" by most measures.

These companies do not compete and their comparison is a bit of "apples and oranges", if not completely bananas. "Our houses are such unwieldy property that we are often imprisoned rather than housed in them." - Henry David Thoreau, Walden: Economy, 1854

CPHMF.. $4.077..

10 bagger Thursday, May 23, 2013 3:06:27 PM
Re: 10 bagger post# 4838 Post # of 4945

CPHMF.. $4.077.. Now trading at a new high.. So far the swap from BIOYF has worked out great..hank

CPHMF.. $3.92

btmfdr2 Monday, May 06, 2013 12:26:24 PM
Re: 10 bagger post# 8288 Post # of 8891


CPHMF - I bought more this morning. I paused after buying my initially figuring I'd wait for a pullback which never came.

According to the CC the Isotrenton market in the U.S. has grown to $800MM of which Absorbica is at 7.5% market share right now after five months on the market. I think peak sales of Absorbica could be much higher than the $200MM figure in Jason Napadono's March Zachs report. Being the only promoted Isotrenton in the US, and having the dosing flexibility, I don't see why this shouldn't become bigger than Clarivis which is a $350MM product.

A double this year should be easy. This is easy money.

CPHMF.. $3.928..

10 bagger Monday, May 06, 2013 11:13:11 AM
Re: Knowledge is King post# 153752 Post # of 155853

CPHMF.. $3.828,, BIOYF.. $1.15..

So Far this has been a good swap.. I sold all My BIOYF (125,000 shares,, cost basis $0.31..) around $1.30 USD and put that money into CPHMF around $3.10.. The Growth rate will accelerate on CPHMF while BIOYF will have to start paying taxes on it's earnings.. This seemed like such a simple win-win..

I think CPHMF although rarley traded USD has a good possibility of becomming a double from here this year.. hank

CPHMF.. $3.79

Knowledge is King Monday, May 06, 2013 10:56:55 AM
Re: 10 bagger post# 153745 Post # of 155853

Nice SeekingAlpha on CPHMF

http://seekingalpha.com/article/1404561-cipher-pharma-continues-to-deliver?source=yahoo

CPHMF.. $3.76

10 bagger Monday, May 06, 2013 9:25:16 AM
Re: None Post # of 4945

CPHMF.. $3.76.. Cipher reports record financial results for Q1 2013.. - Revenue increases 82%, Company records earnings of $0.06 per share -

MISSISSAUGA, ON, May 3, 2013 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: DND); (OTC: CPHMF) today announced its financial and operational results for the three months ended March 31, 2013.

Q1 2013 Highlights

•Net revenue increased by 82% over Q1 2012 to $3.3 million.
•EBITDA of $ 1.7 million versus $0.3 million in Q1 2012.
•Net income was $1.5 million, or $0.06 per share, compared with net income of $0.1 million, or $0.01 per share, in Q1 2012.
•Cash balance increased to $16.5 million at quarter end, compared with $15.8 million at December 31, 2012 and $10.1 million at March 31, 2012.
•Expanded management team with the addition of Joan Chypyha as Vice President, Marketing and Sales.
•Subsequent to quarter end, out-licensed Latin American distribution rights for CIP-TRAMADOL ER to Tecnofarma International Ltd.
"We delivered record financial performance in the first quarter, reflecting the addition of new product revenue streams, especially the strong early results from Absorica," said Larry Andrews, President and CEO of Cipher. "Building off this good start to the year, we are working toward the Canadian launch of Epuris by Q3 and have recently added experienced marketing and sales leadership to help us build our commercial presence in Canada. In addition, we recently licensed out the Latin American rights for our extended-release tramadol product to Tecnofarma International, which has deep experience in pain therapeutics and a large sales team in the region."

Financial Review and Outlook

Net revenue for Q1 2013 was $3.3 million, an increase of 82% compared with $1.8 million in Q1 2012. The contribution from Absorica™ was particularly strong in Q1 2013, with net revenue of $2.0 million, compared with $0.1 million in Q1 2012.

Net revenue from Lipofen® was $0.8 million in Q1 2013, compared with $1.4 million in Q1 2012. In Q1 2012, the Company received a milestone payment that contributed $0.5 million in net revenue for the quarter. Net revenue from the Company's extended release tramadol product (ConZip®/Durela®) increased to $0.5 million in Q1 2013, compared with $0.3 million in Q1 2012.

Research and Development expense decreased in Q1 2013 to $0.3 million, compared with $0.5 million in Q1 2012. Operating, General and Administrative expenses for Q1 2013 were $1.3 million, compared to $1.1 million in Q1 2012.

Net income in Q1 2013 grew to $1.5 million, or $0.06 per share, compared with net income of $0.1 million, or $0.01 per share, in Q1 2012.

The Company's cash position increased at quarter end. As at March 31, 2013, Cipher had cash and cash equivalents of $16.5 million, compared with $15.8 million at December 31, 2012.

For the balance of fiscal 2013, Cipher expects continued revenue growth from its currently marketed products and the introduction of Epuris™ in Canada during the second half of 2013. In particular, the Company expects the full-year contribution of Absorica™ to be a primary revenue driver. In 2013, Cipher will be investing in commercial sales and marketing capabilities in Canada. The Company expects an increase in operating expenses of approximately $2.0 million to $2.5 million during the balance of 2013 related to the launch of Epuris™ in Canada and to support other growth initiatives. In addition to one-time launch costs associated with marketing promotion and market access for Epuris™, the Company plans to deploy a 6 to 8 person field sales force in the second half of 2013.

Cipher expects the revenue growth in 2013 to offset the additional spending required to build its commercial infrastructure in Canada.

Product Update

CIP-ISOTRETINOIN (Absorica™/Epuris™)
Absorica™ was released in the U.S. market in late November 2012. The product has performed well to date, achieving 7.5% market share by March 2013, based on total isotretinoin prescriptions. The overall U.S. isotretinoin market grew in 2012, with prescriptions increasing 11% over the prior year, and this growth has continued into 2013 with Q1 2013 prescriptions increasing 13% over the same period in the prior year.

The product was also approved by Health Canada in Q4 2012 under the trade name Epuris™. The Company is preparing to launch Epuris™ by Q3 2013 and has commenced pre-commercial activities.

Lipofen®
Lipofen® prescriptions in Q1 2013 were 4% ahead of Q1 2012 levels, and the product continues to be promoted in second detail position by Cipher's partner.

CIP-TRAMADOL ER (ConZip®/Durela®)
Cipher's extended-release tramadol was launched in the U.S. by Vertical Pharmaceuticals in September 2011 under the trade name ConZip®. Subsequent to year end, Vertical expanded its sales force to 75 representatives, which has contributed to improved performance. In Q1 2013, prescriptions grew 15% compared to Q1 2012. In Canada, Medical Futures launched the product in March 2012 under the trade name Durela®, with a dedicated sales force comprising 22 representatives. While sales to date have been below expectations, there was continued steady improvement and growth during Q1 2013.

Cipher is actively pursuing marketing partners for CIP-TRAMADOL ER and CIP-ISOTRETINOIN in other territories, including Latin America. Subsequent to quarter end, Cipher announced that the Latin American distribution rights to CIP-TRAMADOL ER have been granted to Tecnofarma International Ltd. Tecnofarma, headquartered in Uruguay, operates in 18 Latin American countries and will launch the product in certain territories, including Brazil and Mexico.

Other Products
In Q3 2012, Cipher obtained exclusive license and distribution rights in Canada to market the Betesil® Patch, a novel, patent-protected, self-adhesive medicated plaster for the treatment of inflammatory skin conditions such as plaque psoriasis. The efficacy and safety of the Betesil® Patch has been established in three successful phase III trials, and the product is currently marketed in several European countries. Cipher is working toward completion of a New Drug Submission for the product and will provide additional detail on expected timelines and plans in the coming months.

In addition, the Company is seeking other late-stage to commercial-stage product candidates in specialty markets to support its Canadian commercial strategy.

Notice of Conference Call

Cipher will hold a conference call today, May 3, 2013, at 8:30 a.m (ET) to discuss its financial results and other corporate developments. To access the conference call by telephone, dial 647-427-7450 or 1-888-231-8191. A live audio webcast of the call will be available at www.cipherpharma.com. The webcast will be archived for 90 days.

About Cipher Pharmaceuticals Inc.

Cipher Pharmaceuticals (TSX: DND; OTC: CPHMF) is a growing specialty pharmaceutical company with three commercial products and a fourth in development. Our product candidates are typically improved formulations of successful, currently marketed drugs. We in-license a product, manage the required clinical development and regulatory approval process, and either out-license it to a marketing partner, or, in Canada, we may market the product ourselves. Our core capabilities are in clinical and regulatory affairs, product licensing, supply chain management, and marketing and sales. Since the Company was founded in 2000, we have achieved final regulatory approval in the U.S. and Canada for all three of our original products and completed six marketing partnerships, generating growing licensing revenue.

Forward-Looking Statements

Statements made in this news release, other than those concerning historical financial information, 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 and other filings with Canadian securities regulatory authorities. These factors include, but are not limited to; the applicability of patents and proprietary technology; possible patent litigation; approval of products in the Company's pipeline; marketing of products; meeting projected drug development timelines and goals; product liability and insurance; dependence on strategic partnerships and licensees; concentration of the Company's revenue; substantial competition and rapid technological change in the pharmaceutical industry; the publication of negative results of clinical trials of the Company's products; the ability to access capital; the ability to attract and retain key personnel; changes in government regulation or regulatory approval processes; dependence on contract research organizations; third party reimbursement; the success of the Company's strategic investments; the achievement of development goals and time frames; the possibility of shareholder dilution; market price volatility of securities; and the existence of significant shareholders. All forward-looking statements presented herein should be considered in conjunction with such filings. Except as required by Canadian securities laws, the Company does not undertake to update any forward-looking statements; such statements speak only as of the date made.



Cipher Pharmaceuticals Inc.

Financial Statements

For the Three Months Ended March 31, 2013
(Unaudited)




Cipher Pharmaceuticals Inc.
Balance Sheets

As at March 31, 2013 and December 31, 2012
(in thousands of Canadian dollars - unaudited)


March 31, December 31,
2013 2012
$ $
ASSETS

Current assets
Cash and cash equivalents 16,518 15,843
Accounts receivable 5,342 3,185
Prepaid expenses and other assets 139 212
21,999 19,240

Property and equipment, net 25 25

Intangible assets, net 2,413 2,690

24,437 21,955

LIABILITIES

Current liabilities
Accounts payable and accrued liabilities 4,284 2,808
Current portion of deferred revenue 2,392 2,392
6,676 5,200

Deferred revenue 3,751 4,349
10,427 9,549

SHAREHOLDERS' EQUITY

Share capital 50,374 50,339
Contributed surplus 33,295 33,227
Deficit (69,659) (71,160)
14,010 12,406

24,437 21,955








Cipher Pharmaceuticals Inc.
Statements of Operations and Comprehensive Income

Three month periods ended March 31, 2013 and 2012
(in thousands of Canadian dollars, except per share data - unaudited)


March 31, March 31,
2013 2012
$ $

Revenues
Licensing revenue 3,293 1,811

Expenses
Research and development 308 471
Operating, general and administrative 1,262 1,016
Amortization of intangible assets 277 225
Interest income (55) (26)

1,792 1,686

Income before income taxes 1,501 125

Provision for (recovery of) income taxes
Current 398 -
Deferred (398) -

Income and comprehensive income for the period 1,501 125


Basic and diluted earnings per share 0.06 0.01






Cipher Pharmaceuticals Inc.
Statements of Changes in Equity

Three month periods ended March 31, 2013 and 2012
(in thousands of Canadian dollars - unaudited)


Total
Share Contributed Shareholders'
Capital Surplus Deficit Equity
$ $ $ $

Balance, January 1, 2013 50,339 33,227 (71,160) 12,406

Income and comprehensive income for the period - - 1,501 1,501

Shares issued under the share purchase plan 35 - - 35

Share-based compensation - stock option plan - 68 - 68

Balance, March 31, 2013 50,374 33,295 (69,659) 14,010


Balance, January 1, 2012 50,172 33,032 (73,704) 9,500

Income and comprehensive income for the period - - 125 125

Shares issued under the share purchase plan 39 - - 39

Share-based compensation - stock option plan - 49 - 49

Balance, March 31, 2012 50,211 33,081 (73,579) 9,713






Cipher Pharmaceuticals Inc.
Statements of Cash Flows

Three month periods ended March 31, 2013 and 2012
(in thousands of Canadian dollars - unaudited)


March 31, March 31,
2013 2012
$ $
Cash provided by (used in)

Operating activities
Income for the period 1,501 125
Items not affecting cash:
Depreciation of property and equipment 5 7
Amortization of intangible assets 277 225
Share-based compensation - share purchase plan 5 6
Share-based compensation - stock option plan 68 49
1,856 412

Changes in non-cash operating items:
Accounts receivable (2,157) (155)
Prepaid expenses and other assets 73 92
Accounts payable and accrued liabilities 1,476 300
Deferred revenue (598) (195)

Net cash generated from operating activities 650 454

Investing activities
Purchase of property and equipment (5) (10)

Financing activities
Proceeds from shares issued under the share purchase plan 30 33


Increase in cash 675 477
Cash and cash equivalents, beginning of period 15,843 9,636

Cash and cash equivalents, end of period 16,518 10,113





Craig Armitage
Investor Relations
The Equicom Group
(416) 815-0700 ext 278
(416) 815-0080 fax
carmitage@tmxequicom.com

Larry Andrews
President and CEO
Cipher Pharmaceuticals
(905) 602-5840 ext 324
(905) 602-0628 fax
landrews@cipherpharma.com
. All trades of myTop 20 Positions posted at: http://investorshub.advfn.com/Hanks-Trading-account-10347/
My favorite board is:http://investorshub.advfn.com/Value-Microcaps-Motherboard-3251/

CPHMF.. $3.75

About Cipher Pharmaceuticals Inc.

Message Board..
http://www.stockhouse.com/companies/bullboards/t.dnd/cipher-pharmaceuticals-inc.

News Releases..
http://micro.newswire.ca/55305-0.html

Cipher Pharmaceuticals (TSX: DND) (OTC: CPHMF) is a growing specialty pharmaceutical company that commercializes novel formulations of successful, currently marketed molecules. Cipher's strategy is to in-license clearly differentiated products, advance them through the clinical development and regulatory approval stages, and out-license to international marketing partners. For more information, please visit www.cipherpharma.com.

Cipher's first product is a fenofibrate formulation marketed in the United States as Lipofen®. Cipher's second product, an extended-release tramadol, is marketed in the United States as ConZip® and in Canada as Durela®. Cipher's third product, a novel formulation of the acne treatment isotretinoin, was approved by the FDA in May and was launched in the United States in Q4 2012 as Absorica™. The product was also recently approved by Health Canada and Cipher expects to launch it as Epuris™ in Canada in early Q3 2013.

Mississauga-based Cipher Pharmaceuticals is a spinoff of CML Healthcare, a more than three-decades old medical imaging company that shed its drug development division, which was burning cash, when it decided to convert to an income trust. The resulting spinoff, Cipher, transitioned from being defined by its relative risk to being notable for its comparative safety. Unlike many of its newfound peers, Cipher has carved out a sweet spot in the middle of the drug development process, identifying late stage product candidates with near term market potential.

Last year was a good one for Cipher Pharma, especially after May when the company announced it had received FDA approval for acne treatment Absorica. Absorica was the third Cipher product to receive regulatory approval. Since 2007, the company has derived most of its revenue from cholesterol treatment drug Lipofen, and in Q3 of last year it began to market ConZip, a Tramadol treatment for moderate to moderately severe chronic pain.

Cipher management, however, believes Absorica could be the first Cipher product to be truly differentiated from its competition.

While Lipofen and Conzip have found niche markets, the products were not first to market and competed in relatively crowded spaces. Loe points out that in the first two months alone, Absorica achieved 3.6% prescription market share against lower-priced generic alternatives.
Absorica is a trademark of Ranbaxy Laboratories Limited

Lidose is a registered trademark of SMB Laboratories.

Accutane is a registered trademark of Hoffman-La Roche

CONTACTS:
Charles M. Caprariello
Robert Ferris

Vice President, Corporate Communications
RF Binder Partners Inc.

Ranbaxy Inc.
(212) 994-7505
(609) 720-5615

http://www.cipherpharma.com/files/DND%20-%20Q4%202012%20Report_v001_s9py6c.pdf

CPHMF.. $3.5849..

10 bagger Tuesday, March 26, 2013 2:25:40 PM
Re: 10 bagger post# 4774 Post # of 4945

CPHMF.. $3.5849 USD.. Since that last post CPHMF is up 18.65% and I have tried to build a position.. While I have surpassed the position I once had in BIOYF I still would like to add on down dips if any occur..

It should not be considered cheap by VMC standrds but IMO as it is selling for a PE of less than 12 on projected earnings of this year,, with a nose bleed growth rate cheap enough to warrent a major position in my portfolios.. I believe all projections in the report below will be exceeded by at least 40%....

Cipher Pharmaceuticals Ltd. is a pharmaceutical company, which is focused on commercializing novel formulations of marketed molecules by using advanced drug delivery technologies. The company has three in-licensed products, which includes Lipofen, Conzip/Durela, and CIP-ISOTRETINOIN. The Lipofen is a novel, patented formulation of the active ingredient fenofibrate, which is used in the treatment of hyperlipidemia, a cholesterol disorder. The ConZip/ Durela is a novel, extended-release formulation of the active ingredient tramadol, which is used for the management of moderate to moderately severe chronic pain. The CIP-ISOTRETINOIN is an innovative formulation of the active ingredient isotretinoin, which is used in the treatment of severe acne. The company was founded in 2000 and is headquartered in Mississauga, Canada.
=========================================================
Analyst Note
Cipher Posts Solid 2012 Financial Results
03/01/2013
Download this Press Release ()
By Jason Napodano, CFA

On March 1, 2013, Cipher Pharmaceuticals (Toronto:DND.TO) / (OTC Markets:CPHMF) reported financial results for the fourth quarter and full year ended December 31, 2012. Total revenues in the fourth quarter were $2.9 million, up 177% over the fourth quarter 2011 and nicely ahead of our estimate for revenues of $2.4 million. The revenue up-tick was driven by milestone recognition and royalties from Ranbaxy on the newly launched Absorica (CIP-Isotretinoin), which hit the market in November 2012.

A Copy Of Our Full Report Can Be Downloaded Here >> Cipher/Napodano_3/1/2013

For the full year 2012, total revenues were $8.5 million, up 137% over revenues for the full year 2011. The growth in revenues year-over-year reflects the strong performance of Lipofen (CIP-fenofibrate), including an increase in product shipments and the achievement of a $1.0 million sales milestone in the first quarter 2012. Lipofen contributed $4.6 million in revenues in 2012, up from $2.2 million in 2011. ConZip and Durela (CIP-Tramadol-ER) contributed another $1.4 million in revenues in 2012, up from $0.8 million in 2011. Absorica contributed $2.6 million in revenues in 2012, up from $0.6 million in 2011.

Operating expenses for the full year 2012 totaled approximately $6.0 million, flat with 2011. R&D expense at $1.5 million was down meaningfully from $2.2 million in 2011. OG&A expense at $3.5 million was up slightly from $3.2 million in 2011. Net income for the fourth quarter 2012 totaled $1.6 million, or $0.06 per share. This was nicely ahead of our forecast for net income of $1.2 million, or $0.4 per share. Net income in the fourth quarter 2012 compared to a loss of $0.5 million in the fourth quarter 2011. For the full year 2012, net income totaled $2.5 million, or $0.10 per share. This compared to a loss of $2.3 million in 2011.

We are impressed that the company can grow its top-line by 137% while keeping expenses essentially flat. Cipher now has 3 products on the market with Lipofen, ConZip/Durela, and the recently launched Absorica. In the past we’ve written that Absorica is a game-changer for Cipher. Cipher plans to launch Epuris in Canada during the second half of 2013, and should be in position to file for approval of Betesil Patch in Canada by the end of the year. Cipher exited 2012 with approximately $15.3 million in cash and investments, up nicely from the $9.6 million balance at the end of 2011. In fact, Cipher grew its cash balance each quarter throughout 2013. We find the current balance sufficient to fund operations for the foreseeable future, as we believe that Cipher will continue to report positive cash flow throughout 2013 even in the face of building a specialty dermatology sales force to promote Epuris and Betesil Patch in Canada.

…Stock Still Attractive…

Based on our financial projections, Cipher should report total revenues in 2013 of around $13.8 million, with net income of $5.4 million, or $0.22 per share. This equates to a P/E ratio of only 11.1x our 2013 figure. In 2014, we model growth in revenues to $21.3 million, net income of $10.1 million and EPS of $0.40. A P/E ratio of 10x our 2014 estimate for $0.40 in EPS yields a price target of $4.00 per share.
================================================================


Valuation
P/E Current 34.50

P/E Ratio (with extraordinary items)
33.46

P/E Ratio (without extraordinary items)
25.00

Price to Sales Ratio
7.21

Price to Book Ratio
4.92

Price to Cash Flow Ratio
8.99

Enterprise Value to EBITDA
19.16

Enterprise Value to Sales
7.78

Total Debt to Enterprise Value
0.00

Efficiency
Receivables Turnover
3.41

Total Asset Turnover
0.46

Liquidity
Current Ratio
3.70

Quick Ratio
3.70

Cash Ratio
3.05
Profitability
Operating Margin
28.25

Pretax Margin
30.08

Net Margin
30.08

Return on Assets
13.90

Return on Equity
23.23

Return on Total Capital
23.23

Return on Invested Capital
23.23

Capital Structure
Total Debt to Total Equity
0.00

Total Debt to Total Capital
0.00

Total Debt to Total Assets
0.00

Long-Term Debt to Equity
0.00

Long-Term Debt to Total Capital
0.00
Officers and Executives
Name Age Officer Since Title
Mr. William Charles Garriock 74 2004 Chairman
Mr. Larry Andrews - 2004 President, CEO, Director & Head-Investor Relations
Mr. Norman Charles Evans - 2007 CFO, Secretary & Investor Relations Person
Dr. Jason A. Gross - 2006 Vice President-Scientific & Medical Affairs
Mr. Peter Weiler - - Director-Portfolio Development
Insider Actions

CPHMF.. $3.15

10 bagger Friday, March 22, 2013 3:06:17 PM
Re: 10 bagger post# 4788 Post # of 4945

BIOYF.. $1.291.. Sold the balance of my position today.. Used the proceeds as before and bought CPHMF..

CPHMF.. $3.08..

Zen lunatic420 Sunday, March 10, 2013 10:09:49 AM
Re: 10 bagger post# 8288 Post # of 8891

RX.v/BIOYF.pk: Biosyent Presentation from the Microcap Club Invitational:

http://microcapclub.com/2013/02/microcapclub-invitational-biosyent-rx-v/#more-2259

Strong trailing results and a strong plan for continued growth.

As interesting as CPHMF looks, I won't be selling any RX.v to buy it, but might pear down some other positions to buy some.

"Our houses are such unwieldy property that we are often imprisoned rather than housed in them." - Henry David Thoreau, Walden: Economy, 1854

DND.to.. CPHMF.. $3.05..

btmfdr2 Friday, March 08, 2013 12:45:17 PM
Re: None Post # of 8891

DND.TO / CPHMF This is a small Canadian Pharmaceutical which was mentioned on microcap kitchen the other day. I would post this on the VMC board, but I dont' have a premium membership...

The company has a few products approved, selling and growing very rapidly. The estimate for revenues of Absorbica, which began selling last Nov. are $200 MM at maturity. Cipher ought to get fifteen percent of that as royalties I think.

http://www.cipherpharma.com/files/DND%20January%202013%20Presentation%20-%20FINAL.pdf

I count 26MM shares fully diluted.
About 15 million in cash, no debt.

This is like a Biosyent on steroids.

CPHMF.. $3.0215.. Since I just sold 125K of BIOYF last month this seems like a good place to start putting the money to work.. Thanks for the idea to..

Quote:
--------------------------------------------------------------------------------
btmfdr2 Friday, March 08, 2013 12:45:17 PM
Re: None Post # of 8288

DND.TO / CPHMF This is a small Canadian Pharmaceutical which was mentioned on microcap kitchen the other day. I would post this on the VMC board, but I dont' have a premium membership...

--------------------------------------------------------------------------------

Bought a starter position but will add as the Opp. exists.. hank

http://www.cipherpharma.com/files/DND%20January%202013%20Presentation%20-%20FINAL.pdf

I count 26MM shares fully diluted.
About 15 million in cash, no debt.

This is like a Biosyent on steroids.

Cipher Pharmaceuticals announces FDA approval of CIP-ISOTRETINOIN ..... http://finance.yahoo.com/news/cipher-pharmaceuticals-announces-fda-approval-033000798.html ... Product to be launched as Absorica™
Toronto Stock Exchange Symbol: DND
MISSISSAUGA, ON, May 27, 2012 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: DND; OTC: CPHMF.PK) announced today that the U.S. Food and Drug Administration (FDA) has approved Absorica™, Cipher's novel, patented brand formulation of the acne medication isotretinoin, for the treatment of severe recalcitrant nodular acne. Absorica is expected to be launched in the U.S. in Q4 2012.
"Approval of Absorica represents our third FDA approval and most important milestone to date, reflecting the great work by our Scientific Affairs team at Cipher and our partner, Galephar Pharmaceutical Research," said Larry Andrews , President and CEO of Cipher. "We look forward to working closely with our partner, Ranbaxy Laboratories Inc., in preparation for the upcoming U.S. launch of the product through its dermatology sales force."
"We are thrilled to make Absorica available as a valuable option for the dermatologist and patients who need treatment for severe recalcitrant nodular acne. Absorica is a critical milestone in our commitment to serve the dermatology community and will be the flagship brand for Ranbaxy's specialized dermatology sales force," said Venkat Krishnan, Senior Vice President and Regional Director, Americas.
As a result of the FDA approval of Absorica, Cipher will receive a US$9.0 million milestone from Ranbaxy, approximately US$4.5 million of which will be shared with Galephar. This milestone will be reflected in Cipher's cash balance at the end of Q2 2012. Going forward, Cipher will also receive royalties on net U.S. sales and is eligible for future milestone payments based on sales targets. Under the agreement with Ranbaxy, Cipher is responsible for product supply and manufacturing.
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals (TSX: DND; OTC: CPHMF.PK) is a growing specialty pharmaceutical company that commercializes novel formulations of successful, currently marketed molecules. Cipher's strategy is to in-license clearly differentiated products, advance them through the clinical development and regulatory approval stages, and out-license to international marketing partners. The Company's first product is a fenofibrate formulation marketed in the United States as Lipofen®. Cipher's second product, an extended-release tramadol, is marketed in the United States as ConZip™ and is marketed in Canada as Durela™. Cipher's third product, a novel formulation of the acne treatment isotretinoin, was recently approved by the FDA and is expected to be launched in Q4 2012 as Absorica™. The product is also currently being reviewed by Health Canada . For more information, please visit www.cipherpharma.com.
About Ranbaxy Laboratories Inc.
Ranbaxy Laboratories Inc. (RLI) is a U.S. based wholly owned subsidiary of Ranbaxy Laboratories Limited (RLL). RLI is focused on the promotion of branded prescription products in the U.S. RLI has been expanding and growing on the strength of Ranbaxy's R&D efforts, and continuing exploration of novel drug delivery systems (NDDS), licensing activities, mergers and acquisitions. RLI is expanding the visibility and presence of the Ranbaxy name by bringing value-added brand products to the market. For more information, please visit www. ranbaxyusa.com.
Forward-Looking Statements
Statements made in this news release, other than those concerning historical financial information, 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 and other filings with Canadian securities regulatory authorities. These factors include, but are not limited to losses; the applicability of patents and proprietary technology; possible patent litigation; approval of products in the Company's pipeline; marketing of products; meeting projected drug development timelines and goals; product liability and insurance; dependence on strategic partnerships and licensees; concentration of the Company's revenue; substantial competition and rapid technological change in the pharmaceutical industry; the publication of negative results of clinical trials of the Company's products; the ability to access capital; the ability to attract and retain key personnel; changes in government regulation or regulatory approval processes; dependence on contract research organizations; third party reimbursement; the success of the Company's strategic investments; the achievement of development goals and time frames; the possibility of shareholder dilution; market price volatility of securities; and the existence of significant shareholders. All forward-looking statements presented herein should be considered in conjunction with such filings. Except as required by Canadian securities laws, the Company does not undertake to update any forward-looking statements; such statements speak only as of the date made.

This one has quietly doubled over the past few weeks on tiny dollar volume...which is a great sign for things to come this year imo!

THIS UNKNOWN GEM IS THE CHEAPEST STOCK WITH THE HIGHEST UPSIDE POTENTIAL IN THE COMPLETE BIOTECH SECTOR .DO YOUR OWN DD AND REALIZE THE MEGA MONSTER POTENTIAL ! GLTA


This Goldmine has a VERY LOW burn-rate of only $1.2 M a year means we have enuff cash untill 2014 EXCLUDING cpi-300 revenue and EXCLUDING upfront payments from upcoming partnerships BUT MORE IMPORTANT TO KNOW IS THAT WE WILL REACH PROFITABILITY THIS YEAR !!!

2x NDA filings for Migraine and Antipsychotic drugs this year which have much bigger market potential than current approved drug .

IGXT has NO DEBT and the Market cap of only 28 M is more than RIDICULOUS for this GOLDMINE .


Intelgenx (IGXT.OB)

Market Cap : $ 28 M
Cash: $ 3.3 M
Price : 0.60 $
NO DEBT

Shares Out : 45 M ( 23 M shares are held by Insiders + Institutions)


HEAVY BUYING BY INSTITUTIONS
http://data.cnbc.com/quotes/IGXT.OB/tab/8


Burn-rate only 300K per Q / IGXT has 3.3 M cash / Do the Math !
http://investorshub.advfn.com/uimage/uploads/2012/1/11/yimmbslide0004_image006.jpg



PARTNERDEAL THIS MONTH
http://investorshub.advfn.com/uimage/uploads/2012/1/11/wliylslide0009_image018.jpg


Sales Potential for approved drug CPI-300
http://investorshub.advfn.com/uimage/uploads/2012/1/11/tzofmslide0008_image016.jpg


Profitability and 2 new NDA filings in 2012
http://investorshub.advfn.com/uimage/uploads/2012/1/11/bnavdslide0018_image036.jpg


MONSTER PIPELINE including a Blockbuster
http://investorshub.advfn.com/uimage/uploads/2012/1/11/hksavslide0006_image012.jpg


Biomedreport Article from Nov 2011
http://www.biomedreports.com/2011111183312/fda-spproval-is-a-game-changer-for-intelgenx.html