Cipher Pharmaceuticals is a drug development company focused on commercializing novel formulations of currently marketed molecules that have been improved through advanced drug delivery technologies.

Cipher's lead compound, CIP-FENOFIBRATE, is marketed in the United States by Kowa Pharmaceuticals America under the label Lipofen®. Ciphers' second product, an extended-release formulation of tramadol, received FDA approval in 2010. Cipher has entered into a U.S. marketing partnership with Vertical Pharmaceuticals Inc. and is targeting commercial launch in Q3 2011. In Q2 2011, Cipher completed a pivotal Phase III safety trial on its third product, CIP-ISOTRETINOIN, used to treat severe acne. Results from this study will be used to complete a revised New Drug Application (NDA) being prepared for submission to the FDA in Q4 2011. The product is partnered with Ranbaxy Pharmaceuticals for the U.S. market.