Mark Beaudet
expected to be appointed new independent Chair of Board
MISSISSAUGA, ON, April 12, 2017 /CNW/ - Cipher Pharmaceuticals
Inc. (TSX:CPH) ("Cipher" or "the Company") today announced several
proposed changes to its Board of Directors, to be voted upon at the
Company's Annual Meeting on May 11,
2017. The items of business to be considered at the meeting
are described in the Notice of Annual Meeting of Shareholders and
accompanying Management Information Circular available at
www.sedar.com.
Robert Tessarolo, who will become
Cipher's President and Chief Executive Officer on April 17, 2017, and Arthur Deboeck, Vice-President and General
Manager of Galephar Pharmaceutical Research, Inc. ("Galephar"),
Cipher's strategic partner, are being proposed for election to
Cipher's Board of Directors. They join current directors Dr.
John Mull, Harold Wolkin, Christian
Godin and Mark Beaudet as
management nominees. In addition, the Company anounced that Mr.
Beaudet is expected to be appointed the new independent Chair of
the Board. Stephen Wiseman, Stefan
Aigner and Thomas Wellner
will not stand for re-election at the upcoming meeting.
"We believe Rob and Arthur will be excellent additions to the
Board. They both bring extensive and highly relevant industry
experience to complement the skills and capabilities of the Board,"
said Dr. John Mull, Chair of Cipher's Board of
Directors. "I would like to thank Stephen, Stefan and Tom for
their insights and tremendous service to Cipher and wish them
continued success."
Mr. Deboeck is currently the Founder, Vice-President and General
Manager of Galephar, a Puerto
Rico-based pharmaceutical research company with dermal oral
and pulmonary drug delivery technology, formulation, and
manufacturing expertise. Galephar has developed and licensed to
Cipher various pharmaceutical products and manufactures products
for Cipher. Mr. Deboeck has more than 45 years of experience
in the pharmaceutical field of drug delivery. He received his
education as a chemical engineer from the Institut Meurice Chimie,
Brussels, Belgium and a Galenic
Pharmacy degree from the University of Liege, Belgium.
Mr. Tessarolo most recently held the position of Vice President
& General Manager with Celgene Corporation until March 31, 2017, where he was responsible for
leading their U.S. Inflammation & Immunology business. He
contributed to the substantial expansion of the U.S. business in
2016, which was led by the rapid growth of Otezla for plaque
psoriasis and psoriatic arthritis. Prior to joining Celgene
in September, 2015, Mr. Tessarolo led the launch of Actavis, plc's
Canadian Specialty Pharmaceutical Division, serving as President
& General Manager – Canada of
Actavis Specialty Pharmaceuticals Co. Under his leadership,
Mr. Tessarolo established a Canadian business of over 140 employees
and $190 million in revenues, leading
his team through several new product launches and the successful
integration of multiple company acquisitions, including
Warner Chilcott, Forest Labs and Allergan. Prior to joining
Actavis in 2011, Mr. Tessarolo held a number of positions of
increasing responsibility with Biovail Pharmaceuticals Canada,
culminating in his appointment to the position of Vice President
and General Manager. Mr. Tessarolo had direct oversight and
accountability for country strategy, operations, business
development and financial responsibilities for each of the Canadian
entities he has led. Mr. Tessarolo received his B.A. in
Economics at Carleton University and
has attended the Advanced Management Program for General Management
at the Ross School of Business, University of Michigan.
About Cipher Pharmaceuticals Inc.
Cipher (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 markets those products either
directly in Canada and the U.S. 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 certain securities laws, including the "safe harbour"
provisions of the Securities Act (Ontario) and other provincial securities law
in Canada and U.S. securities laws. These forward-looking
statements include, among others, statements with respect to our
objectives, goals and strategies to achieve those objectives and
goals, as well as statements with respect to our beliefs, plans,
objectives, 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, there is
no certainty that the consideration of strategic alternatives will
result in any transaction or alternative being undertaken or
pursued; our ability to enter into in-licensing, 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; 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;
reliance on third parties to manufacture our products; we may be
subject to 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; 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; 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; 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 it operates;
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; operations
in the U.S.; inability to meet covenants under our long term debt
arrangement; compliance with privacy and security regulation; our
policies regarding returns, allowances and chargebacks may reduce
revenues; certain 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; our delisting from the NASDAQ Global Market and
deregistration of our Common Shares under the U.S. Securities
Exchange Act of 1934, as amended; 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; certain adverse tax rules applicable to
U.S. holders of our Common Shares if we are a passive foreign
investment company for U.S. federal income tax purposes; 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; volatility of our share price; 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 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 our Annual Information Form and in our Management's
Discussion and Analysis of Operating Results and Financial Position
for the year ended December 31, 2016, and elsewhere in our
filings with Canadian securities regulators. Except as required by
Canadian securities laws, 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.