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Cipher Pharmaceuticals swings to $2.3M loss in 2011; revenue falls to $3.6M

By The Canadian Press | February 22, 2012

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MISSISSAUGA, Ont. - Cipher Pharmaceuticals Inc. (TSX: DND) cited higher research and development costs in reporting a full-year loss in 2011 after positing a small profit the previous year.

Ontario-based Cipher said it lost $2.3 million or 10 cents per share in the year ended Dec. 31, compared with a profit of $171,000 or less than a penny per share in 2010.

Revenue for the year ended Dec. 31 was $3.6 million, down from $5.4 million in 2010, when the company booked a one-time sales milestone of $1 million for its anti-cholesterol drug Lipofen and the recognition of revenue on up-front and other payments.

Excluding that, net revenue increased by $1.1 million in 2011, driven by an eight per cent increase in Lipofen royalties and $800,000 in revenue from it pain medication CIP-Tramadoler ER, the first year that revenue has been recognized for the product.

Research and Development expenditures for 2011 were $2.2 million, compared with just $743,000 in 2010. The year-over-year increase related primarily to expenses for the phase three clinical trial of its acne treatment medication CIP-Isotretinoin, as well as a new product development program, the company said in a release.

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