Mr. James Bowen reports

CIPHER PHARMACEUTICALS PROVIDES REMINDER OF THE UPCOMING EXPIRATION OF ITS SUBSTANTIAL ISSUER BID

Cipher Pharmaceuticals Inc. has provided a reminder of its previously announced substantial issuer bid (SIB) under which the company has offered to purchase for cancellation up to $6-million of its outstanding common shares.

The offer will expire at 5 p.m. ET on Oct. 11, 2023.

The offer is being made by way of a modified Dutch auction, which will allow shareholders who choose to participate in the offer to individually select the price, within a range of not less than $3.95 per common share and not more than $4.75 per common share (in increments of five cents per common share), at which they are willing to sell their common shares. Upon expiry of the offer, the company will determine the lowest purchase price (which will not be more than $4.75 per common share and not less than $3.95 per common share) that will allow it to purchase the maximum number of common shares tendered to the offer, and not withdrawn, having an aggregate purchase price not exceeding $6-million.

Shareholders wishing to tender their common shares should consult the formal offer to purchase and issuer bid circular, letter of transmittal and notice of guaranteed delivery, including the terms and conditions of the offer and instructions for tendering common shares. The offer documents have been mailed to shareholders or their designated intermediaries, filed with applicable Canadian Securities Administrators and made available free of charge on SEDAR-plus.

Shareholders who hold common shares under an intermediary and wish to tender to the offer should contact their intermediary as soon as possible to ensure that their common shares are tendered with enough advance notice to meet the 5 p.m. ET expiration time on Oct. 11, 2023.

Shareholders who have questions regarding the offer or require any assistance tendering common shares may contact Computershare Investor Services by toll-free telephone at 1-800-564-6253 or by e-mail.

About Cipher Pharmaceuticals Inc.

Cipher Pharmaceuticals is a specialty pharmaceutical company with a robust and diversified portfolio of commercial and early- to late-stage products. Cipher acquires products that fulfill unmet medical needs, manages the required clinical development and regulatory approval process, and currently markets those products either directly in Canada or indirectly through partners in Canada, the United States, and South America.

We seek Safe Harbor.