Healthcare Industry News: ProEthic Pharmaceuticals
News Release - October 16, 2007
Cipher appoints William C. Garriock Chairman of the Board of DirectorsMISSISSAUGA, ON, Oct. 16 (Healthcare Sales & Marketing Network) - Cipher Pharmaceuticals Inc. (TSX: DND ) today announced that Mr. William C. Garriock, B.Comm, MBA, has been appointed Chairman of Cipher Pharmaceuticals' Board of Directors replacing Dr. John Mull, M.D., FRCP(C), who will continue to serve as a member of the Board.
"Since joining the Board of Directors in 2004, Mr. Garriock has played an integral role in the corporate governance and development of Cipher," said Dr. John Mull. "Mr. Garriock's extensive knowledge of the healthcare sector and his senior level management experience provide an excellent resource for both the Board and management team of Cipher to draw on in his new role as Chairman."
Mr. Garriock currently serves as the Chair of Cipher's Nominating and Governance Committee and as a member of the Compensation and Audit Committees.
Mr. Garriock brings a strong strategic, marketing, operational and general management perspective to Cipher, shaped by his experiences with high growth companies, start-ups, turnarounds, high and low margin businesses and industry associations. He formerly held the positions of Chairman and President of MDS SCIEX, the analytical instrument division of MDS Inc. and Executive-at-Large for MDS Inc, a health and life sciences company. From 1993 to 1994, Mr. Garriock was Vice President and Managing Partner (Pharmaceuticals) of MDS Health Ventures Inc., following 18 years as President and CEO of Miles Canada Inc. (now Bayer Canada Inc.), a pharmaceutical, diagnostics and consumer products company. Mr. Garriock is a graduate of the University of British Columbia and obtained his MBA from Northwestern University, Kellogg School of Business.
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals is a drug development company focused on commercializing novel formulations of successful, currently marketed molecules using advanced drug delivery technologies. Cipher's strategy is to in-license products that incorporate proven drug delivery technologies and advance them through the clinical development and regulatory approval stages, after which the products are out-licensed to international partners. Because Cipher's products are based on proven technology platforms applied to currently marketed drugs, they are expected to have lower approval risk, shorter development timelines and significantly lower development costs. The Company's lead compound, CIP-FENOFIBRATE, received final approval from the U.S. Food and Drug Administration and Health Canada in the first quarter of 2006. Beginning in the fourth quarter of 2007, the product will be marketed in the United States by ProEthic Pharmaceuticals under the label Lipofen(TM). In addition, Cipher is developing formulations of the pain reliever tramadol and the acne treatment isotretinoin.
Cipher is listed on the Toronto Stock Exchange under the symbol 'DND' and has approximately 24 million shares outstanding. For more information, please visit www.cipherpharma.com.
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. Some forward-looking statements may be identified by words like "may", "will", "anticipate", "estimate", "expect", "intend", or "continue" or the negative thereof or similar variations. 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, such as the applicability of patents and proprietary technology; possible patent litigation; regulatory approval of products in the Company's pipeline; changes in government regulation or regulatory approval processes; government and third-party payer reimbursement; dependence on strategic partnerships for product candidates and technologies, marketing and R&D services; meeting projected drug development timelines and goals; intensifying competition; rapid technological change in the pharmaceutical industry; anticipated future losses; the ability to access capital to fund R&D; and the ability to attract and retain key personnel. All forward-looking statements presented herein should be considered in conjunction with such filings. The Company does not undertake to update any forward-looking statements; such statements speak only as of the date made.
Source: Cipher Pharmaceuticals
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