Cipher Pharma (CPHR) CEO O'Brien Resigns

November 11, 2016 6:34 AM EST
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Cipher Pharmaceuticals Inc. (Nasdaq: CPHR) announced that Stephen L. Lemieux, Chief Financial Officer and Secretary of the Company, has been named Interim Chief Executive Officer, replacing Shawn O'Brien, who is pursuing other opportunities. Cipher has commenced a formal search process for a new Chief Executive Officer.

"With his extensive public company and operational experience, we are highly confident Stephen can assume additional responsibilities and ensure a smooth and successful transition," said Dr. John Mull, Chair of Cipher's Board of Directors. "Stephen has been very involved in the strategic review of the business, working closely with the directors and advisors, and the Board will continue to provide a high level of engagement and support to Stephen and the executive team."

"We thank Shawn for his contributions to Cipher over the past several years and we wish him all the best in his future endeavors," added Dr. Mull.

Mr. Lemieux will also continue in the role as Chief Financial Officer and Secretary of the Company during this interim period.

Prior to joining Cipher, Mr. Lemieux served as Vice President and Chief Financial Officer of Nuvo Pharmaceuticals (TSX:NRI), a healthcare company with a portfolio of commercial products and pharmaceutical manufacturing capabilities. In his role, Mr. Lemieux was responsible for all of Nuvo's financial operations as well as information technology, manufacturing, human resources and planning. Mr. Lemieux's transactional experience includes licensing and asset sales, debt and equity financing, acquisitions, corporate reorganizations and plans of arrangement.

Prior to joining Nuvo in 2007, Mr. Lemieux held multiple senior financial positions, including Corporate Controller at Martinrea International Inc., a Tier One automotive supplier, and Assistant Controller at Magna Powertrain. Mr. Lemieux also worked for Ernst & Young performing audit, restructuring and accounting work for its clients. Mr. Lemieux is a Chartered Professional Accountant and holds a Master of Management & Professional Accounting from the University of Toronto.

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