Cipher Pharmaceuticals is a drug development company focused on commercializing formulations of marketed molecules using advanced drug delivery technologies. It has three products in its portfolio, including Lipofen which is currently on the US market. CIP-TRAMADOL ER received FDA approval and is expected to launch in early 2011, while CIP-ISOTRETINOIN is in its final Phase III trial and expected to launch in 2012. Cipher's business model involves in-licensing products, advancing them through clinical trials, and then out-licensing them to international partners once approved to generate royalty streams.

1. investorSCOREcard
Standard Stock Report as of Sep 27, 2010
Cipher Pharmaceuticals Inc (DND-T)
Mississauga, ON, Canada (905) 602-5840 www.cipherpharma.com
Share Price $1.25 Market Cap (Mil) $30.10
52 Week High $1.84 Cash (Mil) $10.31
52 Week Low $0.43 Total Debt (Mil) $0.00
Avg Vol Last 3 mos. (000's) 1.76 Enterprise Value (Mil) $30.10
Basic Shares Outstanding (Mil) 24.08 Dividend Yield 0.0%
Diluted Shares Outstanding (Mil) 25.86 P/E (TTM) NA
Stock Price and Volume Business Description Source: Morningstar
Cipher Pharmaceuticals Inc. is a drug development
900,000 $1.80
company focused on commercializing formulations of
800,000 $1.60 marketed molecules using advanced drug delivery
technologies. The Company in-licenses products that
700,000 $1.40 incorporate drug delivery technologies and advance them
through the clinical development and regulatory approval
600,000 $1.20
stages, after which the products will be out-licensed to
Stock Price
international partners. CIP-FENOFIBRATE has been
Volume
500,000 $1.00
approved in the United States and Canada under the
400,000 $0.80 trademarks Lipofen and Fenomax, respectively. CIP-
TRAMADOL ER has received approval from the United
300,000 $0.60 States Food and Drug Administration (FDA). CIP-
ISOTRETINOIN’s application has been filed and is pending
200,000 $0.40
FDA approval subject to successful completion of a safety
100,000 $0.20 study. CIP-FENOFIBRATE is a formulation of the active
ingredient fenofibrate used in the treatment of
- $- hyperlipidemia, a cholesterol disorder. CIP-ISOTRETINOIN
S O N D J F M A M J J A S O N D J F M A M J J A S is a formulation of the active ingredient isotretinoin used in
2008 2009 2010 the treatment of severe acne.
Comparables
Scorecard Highlights DDS-T
Ratings Out of Possible 5 Stars NRI-T
YM-T
Quarter Ending Jun 10 Quarter Ending Mar 10
Stock Market Performance
2.7 1.2 1.9
Insider Ownership
4.6 Not Provided Not Provided
Revenue, EBITDA and EPS
3.6 3.5 1.8
Balance Sheet Analysis
3.5 4.5 4.3
Return on Capital
0.4 0.3 1.6
Valuation
2.8 4.1 3.7
© 2010 The Equicom Group Inc. All rights reserved. The Investor Scorecard is exclusively distributed by TMX Equicom. To learn more visit www.tmxmoney.com/scorecard
For a full description of the methodology used, refer to www.fsavaluation.com/scorecardinformation.aspx
Please see the final page(s) of this Investor Scorecard for important disclosure and disclaimer information.

2. investorSCOREcard
Cipher Pharmaceuticals (DND-T)
Company Profile
Cipher is a commercial-stage specialty pharmaceutical company that develops improved formulations of existing
drugs.
Cipher’s focus is the clinical and regulatory development of novel pharmaceutical products. Cipher’s core
competency is identifying these product opportunities and managing their clinical and regulatory development. At or
near final regulatory approval, the company harvests the rewards by out-licensing to international partners and
generating royalty streams. Because Cipher’s products are based on currently marketed drugs, they are expected to
have lower approval risk, shorter development timelines and significantly lower development costs compared with
new chemical entities.
Business Model
Cipher was founded in 2000 as the pharmaceutical division of CML Healthcare (TSX: CLC.UN). Cipher was spun out
as a separate public entity in 2004 when CML converted to an income trust.

3. investorSCOREcard
Cipher Pharmaceuticals (DND-T)
Product Portfolio
Cipher has three products in its portfolio. Lipofen® is currently on the U.S. market; CIP-TRAMADOL ER
received final approval from the United States Food & Drug Administration (FDA) and is expected to be
launched in H1 2011; CIP-ISOTRETINOIN is in its final Phase III safety study and is expected to be
launched in the U.S. in 2012. The company continues to evaluate new opportunities to bring into its
pipeline with the objective of in-licensing at least one new product each year.
NAME INDICATION DESCRIPTION STATUS
Lipofen® Hyperlipidemia Novel, patented formulation of Launched in U.S. market in
(high cholesterol) the active ingredient fenofibrate, Q4 2007.
used to manage elevated
triglycerides and cholesterol Partnered with Kowa
levels. Pharmaceuticals America.
Product royalties continue
to increase.
CIP- Severe acne Novel, patented formulation of FDA approvable letter.
ISOTRETINOIN isotretinoin. Partnered with Ranbaxy
Pharmaceuticals Inc. for
CIP-ISOTRETINOIN provides the U.S. market.
more consistent absorption
under variable dietary conditions Pivotal phase III safety
compared with existing study underway; expected
isotretinoin products on the to be completed in H1
market. This advantage is 2011.
expected to result in enhanced
patient compliance and reduced Other geographic markets
chance of relapse following the being evaluated.
standard five-month treatment
period.
CIP-TRAMADOL Moderate to Novel, extended-release FDA approval in May 2010.
ER moderately severe formulation of the active
pain (e.g. ingredient tramadol. Company is in active
osteoarthritis) discussions with
CIP-TRAMADOL ER delivers 24- prospective partners.
hour coverage with once-daily
dosing, supporting ease-of-use Currently targeting H1
for physicians and a high level of 2011 for U.S. commercial
compliance among chronic pain launch.
sufferers.
New Drug Submission to
Relative to current once-daily Health Canada accepted
formulations, Cipher’s product for review in Q1 2010;
provides fast absorption and has review expected to be
no food effect. completed by early 2011.

4. investorSCOREcard
Cipher Pharmaceuticals (DND-T)
Management Team
Larry Andrews, President and CEO
• Accomplished senior executive with more than 25 years of experience in the pharmaceutical industry.
• Former President of AltiMed Pharmaceuticals and Founder and President of the Health Alliance Group.
• Has played a lead role in the licensing of more than 25 compounds in the Canadian pharmaceutical market
and has marketed both innovative and generic products.
• Career includes senior management assignments with Eli Lilly, Syntex Pharmaceuticals, and Hoffmann-La
Roche.
Norman Evans, C.A., Chief Financial Officer
• Chartered Accountant with more than 25 years of business experience.
• Most recently held the position of Vice-President, Finance at MDS Pharma Services, a division of MDS Inc.
• Previously was a Partner in the Toronto office of Ernst & Young.
Jason A. Gross, Pharm.D., Vice President, Scientific Affairs
• Dr. Gross has been in the pharmaceutical industry for more than 14 years.
• Most recently held the position of Venture Partner and Vice President of Scientific Affairs at MDS Capital
Corporation, where he served as interim management of investee companies, coordinated and conducted
scientific due diligence, and provided scientific guidance to MDS Capital’s investee companies.
• Previous roles include Vice President of Regulatory Affairs and Quality Assurance for DrugAbuse Sciences
and Director of State, Federal and International Regulatory Affairs at Zenith/Goldline Pharmaceuticals.
• Formerly an officer in the Public Health Service assigned to the U.S. Food and Drug Administration (FDA),
Center for Drug Evaluation and Research.
John MacInnis, Vice President, Portfolio Development and Licensing
• Formerly the Vice President, Business Development at Kromite, a consulting firm that offers strategic
support to life science companies.
• Prior to joining Kromite, served as Executive Vice President, Business Development at DRI Capital, where he
was responsible for the identification and evaluation of life science royalty financing opportunities.
• Has also served as Director, Disease Area Strategy within Novartis Global Marketing (Basel), and Executive
Director, CNS Franchise within the Strategic Marketing Group at Johnson and Johnson, Inc (USA).

5. investorSCOREcard
Cipher Pharmaceuticals (DND-T)
Recent Developments/Future Milestones
Q1 2010: Reached enrolment mid-point of CIP-ISOTRETINOIN Phase III safety trial, which triggered a US$2.0
million milestone payment to Cipher from its marketing partner.
Q1 2010: New Drug Submission for CIP-TRAMADOL ER accepted for review by Health Canada.
Q2 2010: Achieved final FDA approval for CIP-TRAMADOL ER, the Company’s extended-release tramadol
product. Represents the Company’s second FDA-approved product.
Q2 2010: Achievement of a US$1 million commercial milestone for Lipofen®.
Q3 2010: U.S. patent issued on CIP-TRAMADOL ER.
H2 2010: Complete licensing partnership for CIP-TRAMADOL ER. Complete enrollment of CIP-ISOTRETINOIN
Phase III safety study.
Comparables
Labopharm Inc. – DDS-T
Nuvo Research Inc. – NRI-T
YM BioSciences Inc. – YM-T

6. investorSCOREcard
Cipher Pharmaceuticals Inc (DND-T)
Stock Market Performance Rating 2.7
Stock Market Returns 250,000 $5.00
$4.50
Return Percentile Rating
Three Months 7% 53% 2.7 200,000 $4.00
Six Months (13.8%) 29% 1.4
Stock Price
$3.50
1 Year 116% 100% 5.0
Volume
3 Years (CAGR) 3% 67% 3.3 150,000 $3.00
5 Years (CAGR) (8.9%) 20% 1.0 $2.50
100,000 $2.00
Market Data $1.50
Price $1.25
Mkt Cap (Mil) $30.10 50,000 $1.00
Shs Outstanding (Mil) 24.08 $0.50
Dividend Yield % 0.0%
- $-
Avg Vol Last 3mos. (000's) 1.76
2004
2005
2006
2007
2008
2009
2010
P/E (TTM) NA
Insider Ownership Rating 4.6
Value of Shares and Options Percent of Ownership
Shares Options Total Value Rating Percent Rating 40.9% Insiders
* Adjusted 18.6% > 10% Holders
# of $ Value if Adjusted $
# of Shares $ Value $ Value if Rating Percent of Rating 40.5% Other
Options Exercised Value
Exercised (Add all) Mkt. Value (Add all)
Larry Andrews
100,000 $125,000 500,000 $625,000 $312,500 $437,500 0.2 1.4% 0.3
President and CEO
Norman Evans
20,000 $25,000 272,500 $340,625 $170,313 $195,313 0.1 0.6% 0.1 Oct-10
CFO
Jason Gross Sep-10
25,000 $31,250 487,500 $609,375 $304,688 $335,938 0.1 1.0% 0.2
Aug-10
Board of Directors
9,648,399 $12,060,499 331,446 $414,308 $207,154 $12,267,653 4.0 38.0% 5.0
Jul-10
> 10% Holders Jun-10
4,807,100 $6,008,875 - $0 $0 $6,008,875 18.6%
For info only
Total (excl. >10% Holders) $18,250,624 $1,989,308 $994,654 $19,245,278 4.0 40.9% 4.0 0% 20% 40% 60% 80% 100%
(Max of 4) (Max of 4) CEO CFO
Other Officers Directors
> 10% Holders Public Float
* Adjusted $ Value of Options is 50% of their full value if exercised to account for volatility. Furthermore, our view is that shareholders would rather management owned shares vs. options.
Add: Compensation Type
Category Rating Addition Percent of Compensation
Total Perform- Share and
Salary Perform- Share and Option All Other Comp. ance Unit Option
ance Bonus Unit Awards Awards Comp. Bonus Awards Awards
2.2%
Larry Andrews 7.2% Salary
$353,300 $107,804 $56,000 $10,569 $527,673 0.25 0.25 0.0%
President and CEO Bonus
17.4%
Norman Evans Shares & Units
$202,000 $43,268 $21,000 $6,060 $272,328 0.25 0.25
CFO Options
Jason Gross All Other
$225,600 $48,730 $21,000 $6,768 $302,098 0.25 0.25
VP Scientific Affairs
73.1%
John MacInnis
$210,000 $36,477 $6,300 $252,777 0.25
VP Portfolio Development
Total $990,900 $236,279 $0 $98,000 $29,697 $1,354,876 0.25 0.00 0.25
(Max Score)
Bonus: Net Buying/Selling Last Six Months
Insider Holdings Beginning and Ending Value
Transactions
Adjusted Share and
$25,000,000
Rating
Option Value
Buying Selling Net Bonus $20,000,000
$15,000,000
Larry Andrews, President and CEO $15,250 $0 $15,250 0.03
Norman Evans, CFO $0 $0 $0 0.00 $10,000,000
Other Officers $0 $0 $0 0.00
William Claypool, Director $29,330 $0 $29,330 0.04
$5,000,000
Bill Garriock, Director $6,096 $0 $6,096 0.01 $-
> 10% Holders (info only) $0 $0 $0
Beg Trans- Ending
Total (excl. >10% Holders) $44,580 $0 $44,580 0.08 (Total Score)
Value actions Value

7. investorSCOREcard
Cipher Pharmaceuticals Inc (DND-T)
Balance Sheet Analysis Rating 3.5
Short-Term Liquidity Quadrant 3: Quadrant 1:
"RECOVERING" "OPTIMAL"
$ 4.0
+ VE
This Company's cash flow is considered NOT SEASONAL, therefore this report uses the last
quarter's cash flow multiplied by 4 as a proxy for annual cash flow.
$ 3.0 Jun-10
Quadrant Rating Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 $ 2.0
Working Capital $ 8.8 $ 8.3 $ 7.7 $ 8.9 $ 9.1
Cash Flow Ops (Q in mil) ($0.2) ($0.1) ($0.2) ($0.1) $ 0.7 $ 1.0
Cash Flow
Cash Flow Ops (Ann Q's in mil) ($1.0) ($0.3) ($0.7) ($0.3) $ 2.9
Sep-09
Quadrant Rating 3.0 3.0 3.0 3.0 4.0 $-
Mar-10
Dec-09
Addition to Quadrant Rating ($1.0) Jun-09
Our methodology accounts for the 'nearness' to improving or worsening a Company's quadrant
ranking based on current cash generation/burn rate and working capital position. The ($2.0)
- VE
Company's short term liquidity situation is OPTIMAL. At the current cash generation rate the
($2) $- $2 $4 $6 $8 $ 10 $ 12
Company's working capital will double in 38 month(s). Quadrant 2:
Quadrant 4:
"URGENT" "DRAWING DOWN"
Add: 0.0 - VE Working Capital + VE
Short-Term Liquidity Rating 4.0
Debt to Equity
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Utilities
Telecom
Equity
Number of Companies
Materials
Common Stock Equity $ 11.8 $ 11.4 $ 11.0 $ 10.6 $ 11.5 Info Tech
Industrials
Total Equity $ 11.8 $ 11.4 $ 11.0 $ 10.6 $ 11.5 Health Care
Energy
Cons Staples
Debt and Equivalents Cons Disc
Pref. Securities of Sub Trust - - - - -
Pref. Equity Outside Stock Equity - - - - -
Preferred Stock Equity - - - - -
Minority Interest (Bal. Sheet) - - - - -
Short-Term Debt - - - - -
Long-Term Debt - - - - -
Capital Lease Obligations - - - - -
Total Debt and Equivalents $ - $ - $ - $ - $ -
0.00 1.00 2.00 3.00 4.00
Debt to Equity 0.00 0.00 0.00 0.00 0.00
Debt to Equity Rating 3.0 Low Risk Debt to Equity High Risk
Debt to Equity Rating 3.0
Interest Coverage
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 1.0 x
EBIT 0.9 x
Interest Coverage
Quarterly ($1.0) ($0.7) ($0.8) ($0.7) $ 0.6 0.8 x
TTM ($3.0) ($3.5) ($3.6) ($3.3) ($1.7) 0.7 x
N/A
0.6 x
Interest Expense
0.5 x
Quarterly - - - - -
0.4 x
TTM - - - - -
0.3 x
Interest Coverage 0.2 x
Quarterly #N/A #N/A #N/A #N/A #N/A 0.1 x
TTM #N/A #N/A #N/A #N/A #N/A
0.0 x
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
Interest Coverage Rating
Qtrly Interest Coverage Rating Quarterly
TTM Interest Coverage Rating TTM
Interest Coverage Rating N/A

8. investorSCOREcard
Cipher Pharmaceuticals Inc (DND-T)
Revenue, EBITDA and EPS Rating 3.6
Revenue (in millions)
Revenue (in milions) on Rolling TTM
$6.00
$5.00
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
Revenue $ 0.8 $ 0.9 $ 0.5 $ 1.5 $ 3.2
$4.00
Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
Basis
Quarter Ending $ 0.7 $ 1.1 $ 0.8 $ 0.9 $ 2.2 $3.00
TTM $ 2.4 $ 2.8 $ 3.2 $ 3.5 $ 5.0
$2.00
Growth Percent Rating Stability R² Rating
Rev. Growth % TTM 112.5% 5.0 Revenue Stability TTM 87.5% 4.4 $1.00
Rev. Growth % LFY 106.0% 5.0 Revenue Stability Last 2 Yrs 94.0% 4.7
Rev. Growth % 3 Year CAGR Revenue Stability Last 3 Yrs $-
Rev. Growth % 5 Year CAGR Revenue Stability Last 5 Yrs Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
Revenue Growth Rating 5.0 Overall Revenue Stability Rating 4.5 01 02 03 04 05 06 07 08 09 10
Revenue Growth and Stability Rating 4.8
EBITDA (in millions)
EBITDA (in milions) on Rolling TTM
$-
($2.00)
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 ($4.00)
EBITDA ($16.5) ($11.6) ($6.7) ($3.3) ($2.0)
($6.00)
($8.00)
Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
Basis
Quarter Ending ($0.6) ($0.3) ($0.5) ($0.3) $ 0.9 ($10.00)
TTM ($1.7) ($2.0) ($2.0) ($1.7) ($0.2) ($12.00)
($14.00)
Growth Percent Rating Stability R² Rating
EBITDA Growth % TTM 87.1% 2.5 EBITDA Stability TTM 44.8% 2.2 ($16.00)
EBITDA Growth % LFY 39.0% 2.5 EBITDA Stability Last 2 Yrs 90.0% 4.5 ($18.00)
EBITDA Grwth % 3 Yr CAGR 69.6% 2.5 EBITDA Stability Last 3 Yrs 93.3% 4.7 ($20.00)
EBITDA Grwth % 5 Yr CAGR 49.4% 2.5 EBITDA Stability Last 5 Yrs 51.7% 2.6 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
EBITDA Growth Rating 2.5 Overall EBITDA Stablitity Rating 3.5 01 02 03 04 05 06 07 08 09 10
EBITDA Growth and Stability Rating 3.0
Basic Earnings Per Share (EPS*) $-
* (excluding acquired in process R&D, restructuring and M&A, special income & charges and discontinued ops)
($0.10)
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
EPS on Rolling TTM
($0.20)
EPS ($0.79) ($0.51) ($0.27) ($0.14) ($0.11)
($0.30)
Quarterly (TTM)
Basis
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 ($0.40)
Quarter Ending ($0.03) ($0.02) ($0.02) ($0.02) $ 0.03
($0.50)
TTM ($0.08) ($0.11) ($0.10) ($0.09) ($0.03)
($0.60)
Growth Percent Rating Stability R² Rating ($0.70)
EPS Growth % TTM 62.5% 2.5 EPS Stability TTM 36.8% 1.8
EPS Growth % LFY 21.4% 1.9 EPS Stability Last 2 Yrs 88.1% 4.4 ($0.80)
EPS Grwth % 3 Year CAGR 54.6% 2.5 EPS Stability Last 3 Yrs 91.1% 4.6 ($0.90)
EPS Grwth % 5 Year CAGR 42.3% 2.4 EPS Stability Last 5 Yrs 76.7% 3.8 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
EPS Growth Rating 2.3 Overall EPS Stablitity Rating 3.7 01 02 03 04 05 06 07 08 09 10
EPS Growth and Stability Rating 3.0

9. investorSCOREcard
Cipher Pharmaceuticals Inc (DND-T)
Return On Capital Rating 0.4
Return On Invested Capital (ROIC)
0%
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
Invested Capital Period Ending $ 22.3 $ 21.5 $ 16.9 $ 14.0 $ 11.3 (10%)
Average Invested Capital $ 27.7 $ 21.9 $ 19.2 $ 15.4 $ 12.7
ROIC on Rolling TTM
* Net Income ($16.0) ($11.6) ($6.9) ($3.9) ($3.5) (20%)
Add Back: After Tax Interest Expense $ - $ - $ - $ - $ -
Annual ROIC -57.8% -53.2% -36.1% -25.1% -27.3%
(30%)
Basis
Level Rating 0.0 0.0 0.0 0.2 0.1
Consistency Rating 0.1
(40%)
Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
Invested Capital Period Ending $ 12.8 $ 12.1 $ 11.3 $ 12.3 $ 12.7 (50%)
Average Invested Capital $ 13.7 $ 13.3 $ 12.7 $ 12.3 $ 12.2
* Net Income ($2.7) ($3.5) ($3.5) ($3.2) ($1.6)
(60%)
Add Back: After Tax Interest Expense $ - $ - $ - $ - $ -
Quarterly ROIC -19.6% -25.9% -27.3% -25.8% -13.4%
Level Rating 0.4 0.2 0.1 0.2 0.7 (70%)
Consistency Rating 0.3 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Return on Invested Capital (ROIC) Rating 0.3
Return On Assets (ROA)
0%
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
Total Assets Period Ending $ 25.7 $ 22.5 $ 18.7 $ 16.4 $ 14.8
(10%)
Average Total Assets $ 32.3 $ 24.1 $ 20.6 $ 17.5 $ 15.6
ROA on Rolling TTM
* Net Income ($16.0) ($11.6) ($6.9) ($3.9) ($3.5)
Add Back: After Tax Interest Expense $ - $ - $ - $ - $ - (20%)
Annual ROA -49.5% -48.2% -33.5% -22.1% -22.2%
Basis
Level Rating 0.0 0.0 0.1 0.4 0.4
Consistency Rating 0.2 (30%)
Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 (40%)
Total Assets Period Ending $ 15.5 $ 15.4 $ 14.8 $ 16.3 $ 16.9
Average Total Assets $ 16.0 $ 15.9 $ 15.4 $ 15.4 $ 15.8
* Net Income ($2.7) ($3.5) ($3.5) ($3.2) ($1.6) (50%)
Add Back: After Tax Interest Expense $ - $ - $ - $ - $ -
Quarterly ROA -19.6% -25.9% -27.3% -25.8% -13.4%
Level Rating 0.5 0.3 0.2 0.3 0.9 (60%)
Consistency Rating 0.4 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Return on Assets (ROA) Rating 0.5
Return On Common Equity (ROE)
0%
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
Total Equity Period Ending $ 22.3 $ 21.5 $ 15.7 $ 13.0 $ 11.0 (10%)
Average Common Equity $ 26.4 $ 21.9 $ 18.6 $ 14.4 $ 12.0
ROE on Rolling TTM
* Net Income ($16.0) ($11.6) ($6.9) ($3.9) ($3.5) (20%)
Add Back: NA $ - $ - $ - $ - $ -
Annual ROE -60.7% -53.2% -37.2% -27.0% -28.8%
(30%)
Basis
Level Rating 0.0 0.0 0.1 0.4 0.3
Consistency Rating 0.2
(40%)
Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
Total Equity Period Ending $ 11.8 $ 11.4 $ 11.0 $ 10.6 $ 11.5 (50%)
Average Common Equity $ 12.7 $ 12.4 $ 11.9 $ 11.4 $ 11.2
* Net Income ($2.7) ($3.5) ($3.5) ($3.2) ($1.6)
(60%)
Add Back: NA - - - - -
Quarterly ROE -21.1% -27.8% -29.0% -27.8% -14.6%
Level Rating 0.6 0.3 0.3 0.3 0.9 (70%)
Consistency Rating 0.5 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Return on Common Equity (ROE) Rating 0.5
* Net Income - Excludes Net Income from Discontinued Operations, Income Acquired in Process R&D, Income Restructuring And M&A, and Other Special Income/(Charges)

10. investorSCOREcard
Cipher Pharmaceuticals Inc (DND-T)
Valuation Rating 2.8
Price to Earnings (P/E)
1.0 x
(Lower numbers receive higher rankings)
0.9 x
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
0.8 x
* Price $ 4.85 $ 4.40 $ 1.20 $ 0.62 $ 1.15
P/E on Rolling TTM
Earnings Per Share (EPS) ($0.79) ($0.51) ($0.27) ($0.14) ($0.11) 0.7 x
0.6 x
Annual P/E
Basis
Annual P/E Rating 0.5 x
0.4 x
Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
* Price $ 0.75 $ 0.46 $ 1.15 $ 1.17 $ 1.25 0.3 x
Earnings Per Share (EPS) ($0.08) ($0.11) ($0.10) ($0.09) ($0.03) 0.2 x
Quarterly (TTM) P/E 0.1 x
Quarterly (TTM) P/E Rating 0.0 x
Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Price to Earnings (P/E) N/A
Price to Book (P/Book)
6.0 x
(Lower numbers receive higher rankings)
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 5.0 x
P/Book on Quarterly
* Price $ 4.85 $ 4.40 $ 1.20 $ 0.62 $ 1.15
Book Equity Per Share $ 1.04 $ 0.89 $ 0.65 $ 0.54 $ 0.46
4.0 x
Annual P/Book 4.6 x 4.9 x 1.8 x 1.1 x 2.5 x
Basis
Annual P/Book Rating 0.8 0.6 3.6 4.2 2.9 3.0 x
Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 2.0 x
* Price $ 0.75 $ 0.46 $ 1.15 $ 1.17 $ 1.25
Book Equity Per Share $ 0.49 $ 0.48 $ 0.46 $ 0.44 $ 0.48
1.0 x
Quarterly P/Book 1.5 x 1.0 x 2.5 x 2.7 x 2.6 x
Quarterly P/Book Rating 3.9 4.3 2.9 2.7 2.8 0.0 x
Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Price to Book (P/Book) 2.8
Enterprise Value to EBITDA (EV/EBITDA)
1.0 x
(Lower numbers receive higher rankings)
0.9 x
EV/EBITDA on Rolling TTM
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
0.8 x
* Enterprise Value $ 103.48 $ 105.76 $ 30.06 $ 15.91 $ 27.99
EBITDA ($16.47) ($11.57) ($6.74) ($3.33) ($2.03) 0.7 x
0.6 x
Annual EV/EBITDA
Basis
Annual EV/EBITDA Rating 0.5 x
0.4 x
Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
* Enterprise Value $ 19.01 $ 11.69 $ 27.99 $ 29.85 $ 30.10 0.3 x
EBITDA ($1.68) ($2.03) ($2.03) ($1.74) ($0.22) 0.2 x
Quarterly (TTM) EV/EBITDA 0.1 x
Quarterly (TTM) EV/EBITDA Rating 0.0 x
Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Enterprise Value to EBITDA (EV/EBITDA) N/A
* Price - Delayed 60 days to reflect the fact that financial statements are public approximately 60 days after the last day of the reporting period. For the last period the most recent price is used.

11. investorSCOREcard
Disclosure and Disclaimer
The issuer (“Issuer”) covered under this investor scorecard (“Investor Scorecard”) has paid a fee or has been charged a fee for the
production and distribution of this Investor Scorecard. The fee paid or charged for the production and distribution of this Investor
Scorecard was not subject to the rankings or information provided herein, nor was any securities of the Issuer accepted as
payment for such fee. FSA Financial Science & Art Ltd. (“FSA”), The Equicom Group Inc. (“Equicom”) and their respective
employees and directors may have had or from time to time acquire, hold or sell an interest in the listed securities of the Issuer.
Unless specified otherwise, all forward looking statements in this Investor Scorecard have been approved by the Issuer, and the
Issuer has advised FSA and Equicom, without independent verification by FSA or Equicom that a reasonable basis exists for such
forward looking statements. Other information contained in this Investor Scorecard has been compiled by FSA or Equicom from
sources believed to be reliable, which may include but not limited to, public information, research reports and discussions with
management of the Issuer. Prior to its publication, this Investor Scorecard had been submitted to the management of the Issuer
for review for factual accuracy.
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good faith but without any legal responsibility. Past performance is no guarantee of future results.
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any securities discussed herein in any jurisdiction. The securities discussed in this Investor Scorecard may not be eligible for sale in
some jurisdictions. This Investor Scorecard is not, and under no circumstances should be construed as, a solicitation to act as a
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This Investor Scorecard is prepared for general circulation and to provide an overview of Issuer’s business. This Investor Scorecard
does not consider the investment objectives, financial situation or particular needs of any particular person, and is not tailored to
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This report was produced in part with information from the following organizations: