By Rachel Newcombe
Shares in the company Cipher Pharmaceuticals Inc soared by over 50 percent on Friday 13th January, after announcing the news that they had received final approval for an anti-cholesterol drug.
The drug company, which is based in Mississauga, released the news that its formulation of fenofibrate – CIP-Fenofibrate – has finally been approved by the US, under the label Lipofen. Shortly after, shares in the company rose by 96 cents, to close at $2.78 on the Toronto Stock Market.
Combined with diet therapy, CIP-Fenofibrate can reduce elevated low-density (LDL) blood cholesterol, high total cholesterol, and excessive blood sugar. Plus, it can be used to increase high-density lipoprotein, otherwise known as HDL or ‘good’ cholesterol, in adults.
Larry Andrews, president of Cipher Pharmaceuticals Inc, said, “It really does validate our ability to navigate both the regulatory and litigation landscape in the US. It also validates the technology that is being used in the formulation.”
The company also has two versions of other late-stage drugs in progress, a treatment for acne and a formulation of the pain-relieving drug, tramadol.