{"id":380538,"date":"2020-11-12T19:33:13","date_gmt":"2020-11-13T00:33:13","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=380538"},"modified":"2020-11-12T19:33:13","modified_gmt":"2020-11-13T00:33:13","slug":"cipher-pharmaceuticals-reports-third-quarter-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\/","title":{"rendered":"Cipher Pharmaceuticals Reports Third Quarter 2020 Financial Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">Canada NewsWire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p class=\"prntac\">\n        <i>Revenue Increases Sequentially to <span class=\"xn-money\">$4.9 million<\/span><br \/><\/i><br \/>\n        <i>EBITDA<sup>2<\/sup> was <span class=\"xn-money\">$2.7 million<\/span> or 55% of net revenue<\/i>\u00a0<\/p>\n<p>\n        <span class=\"xn-location\">OAKVILLE, ON<\/span>, <span class=\"xn-chron\">Nov. 12, 2020<\/span> \/CNW\/ &#8211; Cipher Pharmaceuticals Inc. (TSX: CPH) (&#8220;<b>Cipher<\/b>&#8221; or &#8220;<b>the Company<\/b>&#8220;) today announced its financial and operating results for the three and nine months ended\u00a0September 30, 2020. Unless otherwise noted, all figures are in U.S. dollars.<\/p>\n<p>\n        <b><br \/>\n          <u>Q3 2020 Financial Highlights<br \/><\/u><br \/>\n        <\/b><br \/>\n        <i>(All figures in U.S. dollars, compared to Q3 2019 unless otherwise noted)<\/i>\n      <\/p>\n<ul type=\"disc\">\n<li>Total revenue was <span class=\"xn-money\">$4.9 million<\/span> compared to <span class=\"xn-money\">$5.8 million<\/span><\/li>\n<li>Total operating expenses excluding impairment of intangible assets decreased 18% to <span class=\"xn-money\">$2.5 million<\/span><\/li>\n<li>Net Income increased to <span class=\"xn-money\">$1.6 million<\/span> compared to a loss of <span class=\"xn-money\">$2.1 million<\/span><\/li>\n<li>EBITDA<sup>2<\/sup> was <span class=\"xn-money\">$2.7 million<\/span> or 55% of net revenue compared to a loss of <span class=\"xn-money\">$0.4 million<\/span><\/li>\n<li>EPS was <span class=\"xn-money\">$0.06<\/span><span class=\"xn-money\">(CDN$0.08)<\/span> compared to a loss of <span class=\"xn-money\">$0.08<\/span><\/li>\n<\/ul>\n<p \/>\n<p>\n        <b><br \/>\n          <u>Management Commentary<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>&#8220;The COVID-19 pandemic continued to impact the economy during the third quarter of 2020. Cipher is navigating through this environment while executing on business improvements and cost reductions. Cipher demonstrated strong profitability during the third quarter and sequential growth in revenue despite market conditions that have not fully normalized. Our focus continues to be on driving profitability, strengthening the balance sheet and looking for the right opportunities for growth,&#8221; said Mr. <span class=\"xn-person\">Craig Mull<\/span>, Interim CEO. <\/p>\n<p>&#8220;Epuris continued to perform well in the quarter, revenue was <span class=\"xn-money\">$1.8 million<\/span> compared to <span class=\"xn-money\">$1.9 million<\/span> in the third quarter of 2019. Epuris finished the quarter with a 41% market share in the Canadian market, up from 40% in the comparative period. Licensing revenue for Absorica was <span class=\"xn-money\">$2.3 million<\/span>, a decrease of <span class=\"xn-money\">$0.3 million<\/span> compared to Q3 2019. Absorica&#8217;s market share for the three months ended <span class=\"xn-chron\">September 30, 2020<\/span> was approximately 6% compared to approximately 8% for the three months ended <span class=\"xn-chron\">September 30, 2019<\/span>, according to Symphony. Market share including Sun&#8217;s Absorica LD was approximately 7%.&#8221;\u00a0 <\/p>\n<p>&#8220;Third quarter results show sequential growth in revenue and strong year over year growth in earnings.\u00a0 Starting in Q4, we will be ramping up our strategic promotional efforts to drive market share on our core brands. Excluding an impairment charge total operating costs decreased 18% in the third quarter over last year. This optimized cost structure resulted in EBITDA increasing to <span class=\"xn-money\">$2.7 million<\/span> or 55% of net revenue compared to a loss of <span class=\"xn-money\">$0.4 million<\/span> last year.\u00a0 Our focus for the rest of the year will be on continuing strategic promotional marketing efforts in the Canadian market.&#8221;<\/p>\n<p>\n        <b><br \/>\n          <u>Management Update on Pipeline projects<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <i>Tattoo program (&#8220;DTR001&#8221;) \u2013 <\/i>&#8220;In our tattoo program (&#8220;DTR001&#8243;), the US patent office issued a Notice of Allowance for the US patent application covering Tattoo dermal compositions (topical, transdermal and intradermal).\u00a0 We have received encouraging results from the proof of concept studies and identified a lead candidate compound.\u00a0 Planning is currently underway for the next focused preclinical animal study that will incorporate test parameters that could potentially broaden and reinforce the existing IP portfolio.&#8221; said Mr. <span class=\"xn-person\">Craig Mull<\/span>, Interim CEO.<\/p>\n<p>\n        <i>MOB-015 (&#8220;Nail fungus&#8221;)<\/i>\u00a0\u2013 &#8220;Our development partner, Moberg, has developed a proprietary formulation that can deliver a higher concentration of active drug to the nail bed than competing products on the market. To date, Moberg has conducted two Phase III studies for MOB-015 that have met the primary endpoint.\u00a0\u00a0 Although the overall cure rates were low, there was a significant antifungal effect, as demonstrated in the secondary endpoints of the studies where the mycological cure was achieved in 84% of patients, which is unprecedented for a topical treatment and even higher than reported for oral treatments. \u00a0Cipher is continuing discussions with Moberg on next steps.&#8221;<\/p>\n<p>\n        <i>Alitretinoin<\/i>\u00a0\u2013 &#8220;We also continue to work with our development partner, Galephar, on a number of interesting projects including Alitretinoin, a drug for severe hand eczema, for the U.S. market. Cipher and Galephar are working closely and expect to receive feedback from a recent clinical protocol submission to the FDA.\u00a0 Cipher continues to evaluate the market potential for this product.&#8221;<\/p>\n<p>\n        <b><br \/>\n          <u>Q3 2020 Financial Review<br \/><\/u><br \/>\n        <\/b><br \/>\n        <i>(All figures are in U.S. dollars)<\/i>\n      <\/p>\n<p>Total revenue was\u00a0$4.9 million\u00a0for Q3 2020, compared to\u00a0$5.8 million\u00a0for the prior year.\u00a0 The main driver for the <span class=\"xn-money\">$1.0 million<\/span> decrease in revenue was a decrease in Licensing revenue. <\/p>\n<p>Licensing revenue was <span class=\"xn-money\">$2.9 million<\/span> for the three months ended <span class=\"xn-chron\">September 30, 2020<\/span>, compared to <span class=\"xn-money\">$3.6 million<\/span> for the three months ended <span class=\"xn-chron\">September 30, 2019<\/span>. Licensing revenue from Absorica in the U.S. was <span class=\"xn-money\">$2.3 million<\/span>, up sequentially from <span class=\"xn-money\">$1.8 million<\/span> but down from <span class=\"xn-money\">$2.6 million<\/span> for the three months ended <span class=\"xn-chron\">September 30, 2019<\/span>. Absorica ended the quarter with a 6.0% market share, or 7% including Sun&#8217;s Absorica LD.\u00a0\u00a0<\/p>\n<p>Product revenue was <span class=\"xn-money\">$2.0 million<\/span> for Q3 2020, compared to <span class=\"xn-money\">$2.2 million<\/span> in Q3 2019. Product revenue from Epuris was <span class=\"xn-money\">$1.8 million<\/span> during the quarter compared to <span class=\"xn-money\">$1.9 million<\/span> the prior period. According to Symphony, Epuris had a prescription market share of approximately 41% in <span class=\"xn-location\">Canada<\/span> for the three months ended <span class=\"xn-chron\">June 30, 2020<\/span>, compared to 40% for the three months ended <span class=\"xn-chron\">September 30, 2019<\/span>. <\/p>\n<p>Total operating expenses decreased 61% to <span class=\"xn-money\">$2.5 million<\/span> for Q3 2020 compared to <span class=\"xn-money\">$6.5 million<\/span> for Q3 2019. The decrease was primarily driven by a decrease in impairment of intangible assets and restructuring costs.\u00a0 \u00a0Excluding an impairment charge total operating costs decreased 18% in the third quarter over last year.<\/p>\n<p>SG&amp;A expense was <span class=\"xn-money\">$1.6 million<\/span> for Q3 2020, an increase of <span class=\"xn-money\">$0.4 million<\/span> compared to the prior period. The increase in SG&amp;A was primarily driven by an increase in costs related to legal and consulting spend. <\/p>\n<p>Net income was\u00a0$1.6 million, or\u00a0$0.06\u00a0per basic and diluted share <span class=\"xn-money\">(CDN$0.08)<\/span> in Q3 2020, compared to a loss of <span class=\"xn-money\">$2.1 million<\/span>, or a loss of\u00a0$0.08\u00a0per basic and diluted share, in Q3 2019. EBITDA was <span class=\"xn-money\">$2.7 million<\/span> or 55% of net revenue for the quarter, compared to a loss of <span class=\"xn-money\">$0.4 million<\/span> in Q3 2020.\u00a0 Adjusted EBITDA\u00a0for Q3 2020 was <span class=\"xn-money\">$2.8 million<\/span> or 58% of net revenue, compared to\u00a0$3.7 million in Q3 2019. <\/p>\n<p>The Company generated <span class=\"xn-money\">$5.5 million<\/span> in cash from operating activities during the nine-month period ended <span class=\"xn-chron\">September 30, 2020<\/span>. As of <span class=\"xn-chron\">September 30, 2020<\/span>, the Company had cash of <span class=\"xn-money\">$4.7 million<\/span> and <span class=\"xn-money\">$1.7 million<\/span> drawn on the credit facility.\u00a0 The Company&#8217;s credit facility has been paid off as at <span class=\"xn-chron\">October 30, 2020<\/span>. <\/p>\n<p>\n        <b><br \/>\n          <u>Update on normal course issuer bid<\/u><br \/>\n        <\/b><br \/>\n        <u>\u00a0(&#8220;<\/u><br \/>\n        <b><br \/>\n          <u>NCIB&#8221;) program<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>As announced in the <span class=\"xn-chron\">August 12, 2020<\/span> press release, Cipher has purchased for cancellation 30,000 common shares during the quarter ended <span class=\"xn-chron\">September 30, 2020<\/span> under the NCIB program.<\/p>\n<p>\n        <b><br \/>\n          <u>Financial Statements and MD&amp;A<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>Cipher&#8217;s Financial Statements for the third quarter ended\u00a0September 30, 2020,\u00a0and Management&#8217;s Discussion and Analysis (the &#8220;<b>MD&amp;A<\/b>&#8220;) for the three and nine months ended\u00a0September 30, 2020,\u00a0are available on the Company&#8217;s website at\u00a0<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2980890-1&amp;h=582584450&amp;u=http%3A%2F%2Fwww.cipherpharma.com%2F&amp;a=www.cipherpharma.com\" rel=\"nofollow noopener noreferrer\">www.cipherpharma.com<\/a><\/u>\u00a0in the &#8220;Investors&#8221; section under &#8220;Financial Reports&#8221; and on SEDAR at\u00a0<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2980890-1&amp;h=499106773&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a><\/u>.<\/p>\n<p>\n        <b><br \/>\n          <u>Notice of Conference Call<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>Cipher will hold a conference call on\u00a0November 13, 2020, at\u00a08:30 a.m. (ET)\u00a0to discuss its financial results and other corporate developments.<\/p>\n<ul type=\"disc\">\n<li>To access the conference call by telephone, dial (416) 764-8688 or (888) 390-0546 and use conference ID 46246305. <\/li>\n<li>A live audio webcast will be available at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2980890-1&amp;h=3485220950&amp;u=https%3A%2F%2Fproduceredition.webcasts.com%2Fstarthere.jsp%3Fei%3D1397006%26tp_key%3Da8d3b9b5c2&amp;a=https%3A%2F%2Fproduceredition.webcasts.com%2Fstarthere.jsp%3Fei%3D1397006%26tp_key%3Da8d3b9b5c2\" rel=\"nofollow noopener noreferrer\">https:\/\/produceredition.webcasts.com\/starthere.jsp?ei=1397006&amp;tp_key=a8d3b9b5c2<\/a> or the Investor Relations section of the Company&#8217;s website at <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2980890-1&amp;h=1318135863&amp;u=http%3A%2F%2Fwww.cipherpharma.com%2F&amp;a=http%3A%2F%2Fwww.cipherpharma.com\" rel=\"nofollow noopener noreferrer\">http:\/\/www.cipherpharma.com<\/a><\/u>. <\/li>\n<li>Webcast playback will be available until <span class=\"xn-chron\">November 20, 2020<\/span>.<\/li>\n<\/ul>\n<p \/>\n<p>\n        <b><br \/>\n          <u>About Cipher Pharmaceuticals Inc.<br \/><\/u><br \/>\n        <\/b>Cipher Pharmaceuticals (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 currently markets those products either directly in\u00a0Canada\u00a0or indirectly through partners in\u00a0Canada, the U.S., and\u00a0South America. For more information, visit\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2980890-1&amp;h=297622965&amp;u=https%3A%2F%2Fwww.cipherpharma.com%2F&amp;a=www.cipherpharma.com\" rel=\"nofollow noopener noreferrer\">www.cipherpharma.com<\/a>.<\/p>\n<p>\n        <b><br \/>\n          <u>Forward-Looking Statements <br \/><\/u><br \/>\n        <\/b><br \/>\n        <i>This document includes forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, among others, statements with respect to our objectives and goals and strategies to achieve those objectives and goals, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates and intentions and statements relating to the Special Committee&#8217;s review of the strategic direction of the Company and its strategic priorities including the anticipated benefits thereof.\u00a0 The words &#8220;may&#8221;, &#8220;will&#8221;, &#8220;could&#8221;, &#8220;should&#8221;, &#8220;would&#8221;, &#8220;suspect&#8221;, &#8220;outlook&#8221;, &#8220;believe&#8221;, &#8220;plan&#8221;, &#8220;anticipate&#8221;, &#8220;estimate&#8221;, &#8220;expect&#8221;, &#8220;intend&#8221;, &#8220;forecast&#8221;, &#8220;objective&#8221;, &#8220;hope&#8221; and &#8220;continue&#8221; (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements.<\/i>\n      <\/p>\n<p>\n        <i>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, the extent and impact of the coronavirus (COVID-19) outbreak on our business including any impact on our contract manufacturers and other third party service providers, our ability to enter into 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; our dependency on protection from patents that will expire; 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, regulatory submissions and regulatory approvals; reliance on third parties to manufacture our products and events outside of our control that could adversely impact the ability of our manufacturing partners to supply products to meet our demands; we may be subject to future 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; products in <span class=\"xn-location\">Canada<\/span> may be subject to pricing regulation; dependence on key managerial personnel and external collaborators; no assurance that we will receive regulatory approvals in the U.S., <span class=\"xn-location\">Canada<\/span> or any other jurisdictions and current uncertainty surrounding health care regulation in the U.S.; 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; products may not be included on list of drugs approved for use in hospitals; hospital customers may make late payments or not make any payments; 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 we operate; 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; legacy risks from operations conducted 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 current and future 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; the difficulty for shareholders to realize in <span class=\"xn-location\">the United States<\/span> upon judgments of U.S. courts predicated upon civil liability of the Company and its directors and officers who are not residents of <span class=\"xn-location\">the United States<\/span>; 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 if we issue securities to raise capital; volatility of our share price; the fact that we have 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 of the Company in the event of a liquidation, dissolution or winding up.<\/i>\n      <\/p>\n<p>\n        <i>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 &#8220;Risk Factors&#8221; section of this MD&amp;A and the Annual Information Form for the year ended <span class=\"xn-chron\">December 31, 2019<\/span>, and elsewhere in our filings with Canadian securities regulators. Except as required by Canadian securities law, 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.<\/i>\n      <\/p>\n<p>\n        <i>1)\u00a0 <\/i><br \/>\n        <i>At the Q3 2020 average exchange rate<\/i>\n      <\/p>\n<p>\n        <i>2)\u00a0 <\/i><br \/>\n        <i>EBITDA is a non-IFRS financial measure.\u00a0 The term EBITDA (earnings before interest, taxes, depreciation and amortization,) does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing a further understanding of operations from management&#8217;s perspective. The Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depreciation of property and equipment, amortization of intangible assets, loss on debt extinguishment, non-cash share-based compensation, restructuring costs, changes in fair value of derivative financial instruments, impairment of intangible assets and goodwill and foreign exchange gains and losses from the translation of Canadian cash balances.<\/i>\n      <\/p>\n<p>The following is a summary of how EBITDA and Adjusted EBITDA are calculated:<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnsbt0 prnsbr0 prnbcc prnsbb0 prnsbl0\">\n<tr>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbtb0 prnrbrb0 prnvat prnsbbs prntal prnpl6 prnsblb0 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0(IN THOUSANDS OF U.S. DOLLARS)\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three months <br \/>ended <br \/>September 30, 2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three months <br \/>ended\u00a0<br \/>September 30, 2019 <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Nine months<br \/><\/b><br \/>\n                <\/span><br \/>\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0ended <br \/>September 30, 2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Nine months <br \/><\/span><br \/>\n                <span class=\"prnews_span\">ended\u00a0<br \/><\/span><br \/>\n                <span class=\"prnews_span\">September 30, 2019<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10 prnpr14\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income (loss) from continuing operations<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,603<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,182)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4,486<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Add back:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Depreciation and amortization <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>306<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">289<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>907<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">898<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Interest expense, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>95<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">190<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>278<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">633<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Income taxes<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>670<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,268<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3,855<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,169<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">EBITDA<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,674<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(435)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>9,526<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,693<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">EBITDA as % of Net revenue<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>55%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10 prnpr4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7%)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>62%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change in fair value of derivative financial instrument<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(12)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Restructuring costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>147<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">794<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>147<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,454<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loss (gain) from the translation of Canadian cash balances<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(27)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(11)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Impairment of intangible assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u2014<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,454<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u2014<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,454<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Share-based compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>50<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(163)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>140<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(94)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted EBITDA<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,832<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,671<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>9,806<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,529<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted EBITDA as % of Net revenue<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>58%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">63%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>63%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">52%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>SOURCE  Cipher Pharmaceuticals Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C1119&amp;Transmission_Id=202011121930CANADANWWEB______C1119&amp;DateId=20201112\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada NewsWire Revenue Increases Sequentially to $4.9 million EBITDA2 was $2.7 million or 55% of net revenue\u00a0 OAKVILLE, ON, Nov. 12, 2020 \/CNW\/ &#8211; Cipher Pharmaceuticals Inc. (TSX: CPH) (&#8220;Cipher&#8221; or &#8220;the Company&#8220;) today announced its financial and operating results for the three and nine months ended\u00a0September 30, 2020. Unless otherwise noted, all figures are in U.S. dollars. Q3 2020 Financial Highlights (All figures in U.S. dollars, compared to Q3 2019 unless otherwise noted) Total revenue was $4.9 million compared to $5.8 million Total operating expenses excluding impairment of intangible assets decreased 18% to $2.5 million Net Income increased to $1.6 million compared to a loss of $2.1 million EBITDA2 was $2.7 million or 55% of net revenue compared to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Cipher Pharmaceuticals Reports Third Quarter 2020 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-380538","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cipher Pharmaceuticals Reports Third Quarter 2020 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cipher Pharmaceuticals Reports Third Quarter 2020 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Canada NewsWire Revenue Increases Sequentially to $4.9 million EBITDA2 was $2.7 million or 55% of net revenue\u00a0 OAKVILLE, ON, Nov. 12, 2020 \/CNW\/ &#8211; Cipher Pharmaceuticals Inc. (TSX: CPH) (&#8220;Cipher&#8221; or &#8220;the Company&#8220;) today announced its financial and operating results for the three and nine months ended\u00a0September 30, 2020. Unless otherwise noted, all figures are in U.S. dollars. Q3 2020 Financial Highlights (All figures in U.S. dollars, compared to Q3 2019 unless otherwise noted) Total revenue was $4.9 million compared to $5.8 million Total operating expenses excluding impairment of intangible assets decreased 18% to $2.5 million Net Income increased to $1.6 million compared to a loss of $2.1 million EBITDA2 was $2.7 million or 55% of net revenue compared to &hellip; Continue reading &quot;Cipher Pharmaceuticals Reports Third Quarter 2020 Financial Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-13T00:33:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C1119&amp;Transmission_Id=202011121930CANADANWWEB______C1119&amp;DateId=20201112\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Cipher Pharmaceuticals Reports Third Quarter 2020 Financial Results\",\"datePublished\":\"2020-11-13T00:33:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\\\/\"},\"wordCount\":2380,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/rt.prnewswire.com\\\/rt.gif?NewsItemId=C1119&amp;Transmission_Id=202011121930CANADANWWEB______C1119&amp;DateId=20201112\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\\\/\",\"name\":\"Cipher Pharmaceuticals Reports Third Quarter 2020 Financial Results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\/","og_locale":"en_US","og_type":"article","og_title":"Cipher Pharmaceuticals Reports Third Quarter 2020 Financial Results - Market Newsdesk","og_description":"Canada NewsWire Revenue Increases Sequentially to $4.9 million EBITDA2 was $2.7 million or 55% of net revenue\u00a0 OAKVILLE, ON, Nov. 12, 2020 \/CNW\/ &#8211; Cipher Pharmaceuticals Inc. (TSX: CPH) (&#8220;Cipher&#8221; or &#8220;the Company&#8220;) today announced its financial and operating results for the three and nine months ended\u00a0September 30, 2020. Unless otherwise noted, all figures are in U.S. dollars. Q3 2020 Financial Highlights (All figures in U.S. dollars, compared to Q3 2019 unless otherwise noted) Total revenue was $4.9 million compared to $5.8 million Total operating expenses excluding impairment of intangible assets decreased 18% to $2.5 million Net Income increased to $1.6 million compared to a loss of $2.1 million EBITDA2 was $2.7 million or 55% of net revenue compared to &hellip; Continue reading \"Cipher Pharmaceuticals Reports Third Quarter 2020 Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-13T00:33:13+00:00","og_image":[{"url":"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C1119&amp;Transmission_Id=202011121930CANADANWWEB______C1119&amp;DateId=20201112","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"12 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Cipher Pharmaceuticals Reports Third Quarter 2020 Financial Results","datePublished":"2020-11-13T00:33:13+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\/"},"wordCount":2380,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\/#primaryimage"},"thumbnailUrl":"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C1119&amp;Transmission_Id=202011121930CANADANWWEB______C1119&amp;DateId=20201112","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-pharmaceuticals-reports-third-quarter-2020-financial-results\/","name":"Cipher Pharmaceuticals Reports Third Quarter 2020 Financial Results - 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