Cipher Pharmaceuticals Inc. (Cipher) is a specialty commercial stage pharmaceutical company focused on the development and commercialization of formulations of marketed molecules. It develops formulations of marketed drugs using third party drug delivery technologies. Its CIP-FENOFIBRATE is a formulation of the active ingredient fenofibrate, which is used in the treatment of Hyperlipidemia. Its CIP-TRAMADOL ER is a sustained-release formulation of the active ingredient tramadol, which is used for the management of moderate to moderately severe pain. CIP-ISOTRETINOIN is based on the Lidose delivery system and was in-licensed from Galephar Pharmaceutical Research, Inc. (Galephar). Its marketing rights to CIPISOTRETINOIN include the Americas and the Pacific Rim. During the year ended December 31, 2012, Cipher obtained exclusive license and distribution rights in Canada to market the Betesil Patch, a self-adhesive medicated plaster for the treatment of inflammatory skin conditions.