Cipher Pharmaceuticals Inc T.CPH

Corriente Buying Again

[Kantenah]

Looks like action is starting to pick-up on Cipher.  There has been some insider activity recently and now Corriente is buying again:

Filing Date	Transaction Date	Insider Name	Ownership Type	Securities	Nature of transaction	# or value acquired or disposed of	Unit Price
Jan 02/09	Dec 31/08	Corriente Master Fund, LP	Direct Ownership	Common Shares	10 - Acquisition in the public market	121,000	$0.441

Other recent insider activity includes:

Transaction                                                                                                                                            Holdings

Date              Insider Name       Nature of Transaction                Security               Price     Shares       Change      Closing Balance

Dec 05/08     Andrews, Larry  Acquisition in the public market Common Shares   0.483    1,500           23%              8,000

Nov 24/08    Andrews, Larry  Acquisition in the public market  Common Shares   0.441    4,000         >100%            6,500

Nov 21/08    Andrews, Larry  Acquisition in the public market  Common Shares   0.480    1,500         >100%            2,500

Nov 20/08    Andrews, Larry  Acquisition in the public market  Common Shares   0.480    1,000           n/a                 1,000

Nov 07/08    Corriente             Acquisition in the public market  Common Shares   0.450  42,000            1%         4,605,100

Nov 06/08    Macinnis, Donald  Grant of options                        Common Shares   0.450 180,000           n/a             180,000


Makes you wonder if something may be imminent regarding one or both of the drugs that are in the FDA pipeline.  Anyone have any thoughts?  I must say that I am surprised that there is not a little more action on this bullboard.  I'm new to Cipher and am still conducting my DD before deciding on a purchase.  If anyone has any data that they would like to share I would be very grateful.

-K

-K