Healthcare Industry News: ProEthic Pharmaceuticals
News Release - October 27, 2008
Cipher appoints Vice-President of Portfolio Development and LicensingMISSISSAUGA, ON, Oct. 27 (Healthcare Sales & Marketing Network) - Cipher Pharmaceuticals Inc. (TSX: DND ) today announced that it has appointed John MacInnis as Vice President, Portfolio Development and Licensing. Mr. MacInnis will be responsible for identifying and evaluating pipeline products and technologies, and pursuing strategic alliances and partnerships for the Company's drugs in targeted markets.
"We are very pleased to welcome John to the team," said Larry Andrews, President and CEO of Cipher Pharmaceuticals. "His global new product and business development knowledge, private equity experience and complementary skill set will be highly beneficial in our pursuit of new product opportunities and additional partnerships for our current late-stage portfolio."
Mr. MacInnis has extensive experience in the life sciences industry with expertise in global large pharmaceutical, private equity and portfolio management consulting. Most recently, he was Vice President, Business Development at Kromite, a consulting firm that offers strategic support to life science companies, including technical risk assessment and benchmarking, forecasting, licensing support, portfolio and resource optimization and strategic planning. He held the position of Executive Vice President, Business Development at DRI Capital, where he was responsible for the identification and evaluation of life science royalty financing opportunities. Previously, he served as Director, Disease Area Strategy within Novartis Global Marketing (Basel), and Executive Director, CNS Franchise within the Strategic Marketing Group at Johnson and Johnson, Inc (USA). He received his Bachelor of Commerce from Dalhousie University in Halifax, Nova Scotia.
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. The product is being marketed in the United States by ProEthic Pharmaceuticals under the label Lipofen(R). In addition, Cipher is developing formulations of the pain reliever tramadol (FDA approvable letter in May 2007) and the acne treatment isotretinoin (FDA approvable letter in April 2007).
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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