Seeking Alpha

By Jason Napodano, CFA

On May 27, 2012, Cipher Pharmaceuticals (DND.TO) (OTC:CPHMF) announced it had received U.S. FDA approval of Absorica, the company's novel, patented brand formulation of the acne medication isotretinoin, for the treatment of severe recalcitrant nodular acne. On November 26, 2012, Cipher's U.S. commercial partner for the drug, Ranbaxy Laboratories, Inc. (OTC:RBXZF) officially launched the product. We remind investors that approval triggered two milestone payments from Ranbaxy to Cipher totaling $9.0 million, of which Cipher is to retain 50% after paying sub-milestones to Galephar Pharmaceuticals of Puerto Rico, which will handle the manufacturing of the product. This is good news for anyone that has been keeping an eye on Ranbaxy's...

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