Cipher Pharmaceuticals Inc. (TSX: DND) today announced that it reached a cumulative sales milestone for Lipofen(R), the Company's fenofibrate product. Achieving this target triggers a US$1.0 million milestone payment from Kowa Pharmaceuticals America Inc., Cipher's U.S. marketing and distribution partner, which will be reflected in Cipher's revenue for the second quarter of fiscal 2010.
"Kowa continues to do an excellent job with the promotion of Lipofen(R), having grown prescriptions solidly in recent quarters," said Larry Andrews, President and CEO of Cipher. "This milestone further strengthens our financial position to support our growth."
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