MISSISSAUGA, ON, June 22,
2022 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: CPH)
("Cipher" or the "Company") today announced that it
held its annual and special meeting of shareholders earlier today
and that all matters put forward before shareholders for
consideration and approval as set out in the Company's management
information circular dated May 13,
2022 were approved by the requisite majority of votes cast
at the meeting. In particular, shareholders approved the election
of all director nominees, the re-approval of Ernst & Young LLP
as the Company's auditors and approving the unallocated shares,
rights and other entitlements under the Company's share purchase
plan. A total of 14.2 million shares, representing 55.9% of the
total shares outstanding were represented in person or by proxy at
the meeting. The Board of Directors (the "Board") of the Company is
now comprised as follows:
Nominee
|
|
% shares voted
for
|
% shares
withheld
|
Craig Mull
|
|
91.58
|
8.42
|
Harold
Wolkin
|
|
91.11
|
8.89
|
Christian
Godin
|
|
96.96
|
3.04
|
Arthur
Deboeck
|
|
95.28
|
4.72
|
Cathy
Steiner
|
|
95.84
|
4.16
|
|
|
|
|
Company founder and long-standing director Dr. John Mull decided not to stand for re-election
to the Company's Board.
Craig Mull, Interim
CEO commented, "As the founder and former CEO of Cipher,
Dr. Mull has been instrumental in the growth of the Company. During
his tenure, Dr. Mull helped develop, and played a critical role
obtaining FDA and Health Canada approval for three products,
including the Cipher's isotrentinoin portfolio. Under his
stewardship, Cipher developed some of the leading acne products in
North America. Dr. Mull also
played a key role helping to capitalize the Company, which set it
on the path for success. On behalf of the Board, I would like to
thank him for his years of service and wish him well with his real
estate development business and other future endeavours."
"It has been extremely rewarding to witness and be a part of the
evolution of Cipher since it was spun out of CML Healthcare in
2004. Today, the Company has a stable foundation with solid
distribution and supply agreements in place in addition to a
disciplined cost structure – positioning it well to continue to
accelerate growth and drive shareholder value. As a continuing
significant shareholder of the Company, I look forward to
monitoring the Company's future development." noted Dr.
John Mull.
Final voting results of all matters voted on at the meeting will
be made available on SEDAR at www.sedar.com.
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals (TSX: CPH) is a specialty pharmaceutical
company with a robust and diversified portfolio of commercial and
early to late-stage products. Cipher acquires products that fulfill
unmet medical needs, manages the required clinical development and
regulatory approval process, and currently markets those products
either directly in Canada or indirectly through partners
in Canada, the U.S., and South America. For more
information, visit www.cipherpharma.com.
Forward-Looking Statements
This document includes forward-looking statements within the
meaning of applicable securities laws. These forward-looking
statements include, among others, statements regarding the future
of the Company's business as well as statements with respect to our
beliefs, plans, expectations, anticipations, estimates and
intentions. 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.
By their very nature, forward-looking statements involve
inherent risks and uncertainties, both general and specific, which
give rise to the possibility that predictions, forecasts,
projections and other forward-looking statements will not be
achieved. 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. We
caution readers not to place undue reliance on these statements as
a number of important factors, many of which are beyond our
control, could cause our actual results to differ materially from
the beliefs, plans, objectives, expectations, anticipations,
estimates and intentions expressed in such forward-looking
statements. These factors include, but are not limited to, the
extent and impact of the coronavirus (COVID-19) outbreak on our
business including any impact on our contract manufacturers and
other third party service providers, our ability to enter into
development, manufacturing and marketing and distribution
agreements with other pharmaceutical companies and keep such
agreements in effect; our dependency on a limited number of
products; our dependency on protection from patents that will
expire; integration difficulties and other risks if we acquire or
in-license technologies or product candidates; reliance on third
parties for the marketing of certain products; the product approval
process is highly unpredictable; the timing of completion of
clinical trials, regulatory submissions and regulatory approvals;
reliance on third parties to manufacture our products and events
outside of our control that could adversely impact the ability of
our manufacturing partners to supply products to meet our demands;
we may be subject to future product liability claims; unexpected
product safety or efficacy concerns may arise; we generate license
revenue from a limited number of distribution and supply
agreements; the pharmaceutical industry is highly competitive;
requirements for additional capital to fund future operations;
products in Canada may be subject
to pricing regulation; dependence on key managerial personnel and
external collaborators; no assurance that we will receive
regulatory approvals in the U.S., Canada or any other jurisdictions and current
uncertainty surrounding health care regulation in the U.S.; certain
of our products are subject to regulation as controlled substances;
limitations on reimbursement in the healthcare industry; limited
reimbursement for products by government authorities and
third-party payor policies; products may not be included on list of
drugs approved for use in hospitals; hospital customers may make
late payments or not make any payments; various laws pertaining to
health care fraud and abuse; reliance on the success of strategic
investments and partnerships; the publication of negative results
of clinical trials; unpredictable development goals and projected
time frames; rising insurance costs; ability to enforce covenants
not to compete; risks associated with the industry in which we
operate; we may be unsuccessful in evaluating material risks
involved in completed and future acquisitions; we may be unable to
identify, acquire or integrate acquisition targets successfully;
legacy risks from operations conducted in the U.S.; compliance with
privacy and security regulation; our policies regarding returns,
allowances and chargebacks may reduce revenues; certain current and
future regulations could restrict our activities; additional
regulatory burden and controls over financial reporting; reliance
on third parties to perform certain services; general commercial
litigation, class actions, other litigation claims and regulatory
actions; the difficulty for shareholders to realize in the United States upon judgments of U.S.
courts predicated upon civil liability of the Company and its
directors and officers who are not residents of the United States; the potential violation of
intellectual property rights of third parties; our efforts to
obtain, protect or enforce our patents and other intellectual
property rights related to our products; changes in U.S., Canadian
or foreign patent laws; litigation in the pharmaceutical industry
concerning the manufacture and supply of novel and generic versions
of existing drugs; inability to protect our trademarks from
infringement; shareholders may be further diluted if we issue
securities to raise capital; volatility of our share price; the
fact that we have a significant shareholder; we do not currently
intend to pay dividends; our operating results may fluctuate
significantly; and our debt obligations will have priority over the
common shares of the Company in the event of a liquidation,
dissolution or winding up.
We caution that the foregoing list of important factors that
may affect future results is not exhaustive. When reviewing our
forward-looking statements, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. Additional information about factors that may
cause actual results to differ materially from expectations, and
about material factors or assumptions applied in making
forward-looking statements, may be found in the "Risk Factors"
section of the Company's Annual Information Form for the year ended
December 31, 2021, and elsewhere in
our filings with Canadian securities regulators. Except as required
by Canadian securities law, we do not undertake to update any
forward-looking statements, whether written or oral, that may be
made from time to time by us or on our behalf; such statements
speak only as of the date made. The forward-looking statements
included herein are expressly qualified in their entirety by this
cautionary language.
SOURCE Cipher Pharmaceuticals Inc.