Special Committee Of Cipher Pharma Responds To Early Warning Report Filed By 1207407 Ontario Limited
MISSISSAUGA, ON, July 6, 2016 /PRNewswire/ - A special committee (the "Special Committee") of the board of directors (the "Board") of Cipher Pharmaceuticals Inc. (NASDAQ:CPHR; TSX:CPH) ("Cipher") responded today to an Early Warning Report (the "EWR") filed on July 5, 2016 by 1207407 Ontario Limited ("1207407"), a company wholly owned by Dr. John D. Mull. The Special Committee, comprised of directors Stephen Wiseman, Thomas Wellner, William Claypool and Stefan Aigner, was established to address issues of the type referred to in the EWR.
Cipher welcomes the opinions of its shareholders and actively seeks opportunities to enhance shareholder value. The Board takes its fiduciary responsibilities seriously. The Special Committee is disappointed that Dr. Mull has chosen to use a public forum to claim ownership of a series of initiatives, many of which were already under active ongoing discussion by the members of the Board, including Dr. Mull. The directors of Cipher share many of the concerns enumerated in the EWR, and have proactively sought to address those concerns, including through the formation of the Special Committee.
The Special Committee and the Board will continue to meet to consider further steps to advance the evaluation of initiatives.
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals (NASDAQ:CPHR; TSX:CPH) is a rapidly growing specialty pharmaceutical dermatology company with a diversified portfolio of commercial-stage products with the goal of becoming the most customer-centric dermatology company in North America.
Through multiple transactions, including the acquisition of Innocutis and its nine branded dermatology products, Cipher has built its U.S. commercial presence, expanded its Canadian dermatology franchise and broadened its pipeline. Cipher is well-capitalized to drive long-term, sustained earnings growth by leveraging its proven clinical development capabilities and efficient commercial execution. For more information, visit www.cipherpharma.com.
Cipher welcomes the opinions of its shareholders and actively seeks opportunities to enhance shareholder value. The Board takes its fiduciary responsibilities seriously. The Special Committee is disappointed that Dr. Mull has chosen to use a public forum to claim ownership of a series of initiatives, many of which were already under active ongoing discussion by the members of the Board, including Dr. Mull. The directors of Cipher share many of the concerns enumerated in the EWR, and have proactively sought to address those concerns, including through the formation of the Special Committee.
The Special Committee and the Board will continue to meet to consider further steps to advance the evaluation of initiatives.
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals (NASDAQ:CPHR; TSX:CPH) is a rapidly growing specialty pharmaceutical dermatology company with a diversified portfolio of commercial-stage products with the goal of becoming the most customer-centric dermatology company in North America.
Through multiple transactions, including the acquisition of Innocutis and its nine branded dermatology products, Cipher has built its U.S. commercial presence, expanded its Canadian dermatology franchise and broadened its pipeline. Cipher is well-capitalized to drive long-term, sustained earnings growth by leveraging its proven clinical development capabilities and efficient commercial execution. For more information, visit www.cipherpharma.com.