Cipher revenue jumps; new director added

Cipher Pharmaceuticals (TSX:DND) posted a 59% revenue gain to $1.1-million in the fiscal third quarter ended Sept. 30, driven mainly by continued market penetration of its Lipofen drug.

The Mississauga-based company also appointed Dr. William Claypool to its board. Cipher chairman William Garriock said in a statement that Dr. Claypool previously led global clinical development at SmithKline Beecham and has significant board-level experience in the life sciences industry.

Cipher had a second quarter loss of $500,000, compared with a year earlier profit of $200,000, when there were a number of one-time items, including the recovery of $400,000 in tax credits.

It said its financial position remained solid at the end of the third quarter, with cash of $9.3-million, compared with $9.6-million at the end of the second quarter.