Toronto Stock Exchange Symbol: DND
MISSISSAUGA, ON, April 29, 2013 /CNW/ - Cipher Pharmaceuticals Inc.
(TSX: DND; OTC: CPHMF) today announced it has entered into a definitive
distribution and supply agreement with Tecnofarma International Ltd.
("Tecnofarma") under which Cipher has granted Tecnofarma the exclusive
right to market, sell and distribute CIP-TRAMADOL ER in Latin America.
Tecnofarma, headquartered in Uruguay, operates in 18 Latin American
countries and will launch the product in certain territories, including
Brazil and Mexico.
CIP-TRAMADOL ER is a patent-protected, extended-release formulation of
tramadol, which is used for the treatment of moderate to moderately
severe chronic pain in adults. The product received approval from the
U.S. Food and Drug Administration in 2010.
"Completing this agreement demonstrates progress with our strategy to
extend the reach of our currently marketed products and generate
additional revenue streams," said Larry Andrews, President and Chief Executive Officer of Cipher
Pharmaceuticals. "Tecnofarma is a significant player in the region with
deep experience in pain management, which positions them well to
introduce our extended-release tramadol product in key Latin American
Under the terms of the agreement, Cipher will receive an upfront payment
and is eligible for additional milestones based upon regulatory
approval in Brazil and Mexico. Cipher will supply product to
Tecnofarma. Product manufacturing will be fulfilled by Cipher's
partner, Galephar Pharmaceutical Research.
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 choose to 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.
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