Cipher reaches agreement to dismiss patent litigation in United States for CIP-Fenofibrate
Cipher Pharmaceuticals Inc. announced that it has reached an agreement with Abbott Laboratories, Fournier Industrie et Santé and Laboratoires Fournier S.A. to dismiss all claims in the U.S. patent litigation related to CIP-Fenofibrate, Cipher's formulation of the active ingredient fenofibrate, which is used in the treatment of hyperlipidemia, a cholesterol disorder. Terms of the settlement agreement are confidential.
Cipher has tentative approval from the U.S. Food and Drug Administration ("FDA"), which it received in July 2004, and this agreement will allow the Company to immediately begin the process of obtaining final FDA approval. CIP-Fenofibrate is not interchangeable with other currently marketed fenofibrate formulations and will be marketed as a branded product.
"We are extremely pleased to have this behind us so we can focus our efforts entirely on final FDA approval and securing a U.S. marketing partner," said Larry Andrews, President of Cipher Pharmaceuticals. "We believe we have a competitive product for what is clearly a large and growing therapeutic segment. Fenofibrate sales reached $850 million in the U.S. last year and are forecasted to exceed $1 billion in 2005."
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