MISSISSAUGA, ON, Aug. 9, 2016 /PRNewswire/ - Cipher Pharmaceuticals Inc. (NASDAQ: CPHR; TSX:CPH) ("Cipher") today announced certain changes to its board of directors (the "Board").
As previously disclosed, a special committee of the Board (the "Special Committee") was established to address the issues of the type referred to in an early warning report filed on July 5, 2016 by 1207407 Ontario Limited, a company wholly-owned by Dr. John D. Mull.
The Special Committee, after communications with a majority of shareholders and careful deliberation with its advisors, determined that a reconstitution of the Board was in the best interests of Cipher and its shareholders. Gerald P. McDole, Dr. William D. Claypool, Dr. Renee P. Tannenbaum and Rosemary A. Crane will step down from the Board effective immediately. Incumbent directors Stephen R. Wiseman, Dr. Stefan Aigner, Thomas G. Wellner and Dr. John D. Mull, will be joined on the Board by Mark Beaudet, Christian Godin and Harold Wolkin, each of whom will be appointed as a director with immediate effect.
"Cipher is extremely grateful to the outgoing directors for their conscientious service to the Board and wish them continued success in their professional endeavours," said Stephen Wiseman, chairman of the Special Committee.
"I am very pleased to welcome the new members of the Board and I thank my fellow Board members for working constructively towards this result and for their diligent service. Cipher's reconstituted Board is excited to continue the strategic review of Cipher's business with a view to enhancing value for all shareholders," said Dr. Mull.
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