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Cipher Pharmaceuticals Reports Q1 2016 Financial Results
Cipher Pharmaceuticals Reports Q1 2016 Financial Results Cipher Pharmaceuticals Re...
About this update from Cipher Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nCipher Pharmaceuticals Reports Q1 2016 Financial Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nCipher Pharmaceuticals Reports Q1 2016 Financial Results\nCanada NewsWire\nMISSISSAUGA, ON, May 5, 2016\n\n\n\n-     Revenue increased 23%-     Delivered on multiple commercial and regulatory milestones-     Positive cash from operating activities of $1.4 million while investing in future growth\n\n\n\nMISSISSAUGA, ON, May 5, 2016 /CNW/ - Cipher Pharmaceuticals Inc. (NASDAQ:CPHR; TSX:CPH) (\"Cipher\" or \"the Company\") today announced its financial and operational results for the three months ended March 31, 2016. Unless otherwise noted, all figures are in U.S. currency.\n\n\"In the first quarter, we delivered on several key commercial milestones that strengthen and diversify our product portfolio and position the company to deliver higher organic revenue growth,\" said Shawn Patrick O'Brien, President and CEO of Cipher. \"We launched Actikerall® in Canada and Bionect Foam in the U.S.; SitavigTM was accepted for review by Health Canada; and, subsequent to quarter end, we launched BeteflamTM in Canada and received Health Canada approvals for Dermadexin and Pruridexin. In addition to our four royalty products, we now have four directly marketed products in Canada and 13 overall in North America, adding up to 17 revenue streams and growing.\"\n\n\"We delivered 23% top-line growth this quarter, which included $2.2 million in revenue from our U.S. business. Revenue would have been even stronger if not for delays in royalty product shipments and the $0.9 million impact of certain program changes on product reserves. These delays did not impact supply to our partners and the product shipments are expected to be completed in the second quarter. Consistent with our plan, we continued to invest significantly in our U.S. products and capabilities while generating positive cash flows from operating activities of $1.4 million in the quarter. As we deliver on our growth p...