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Cipher Pharmaceuticals Renews NCIB

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-- Cipher Pharmaceuticals (CPH.TO) said Friday that the Toronto Stock Exchange has accepted its notice of intention to buy back up to 1.5 million shares.

The normal course issuer bid (NCIB) will run from May 5, for one year, a statement said.

Under Cipher's current NCIB, that expires on May 4, the company bought back 532,940 shares at an average price of $13.90.

Cipher Pharmaceutical shares closed down $0.39, to $17.71, on Thursday, on the Toronto Stock Exchange.

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