Shareholder File Early Warning Report in Cipher Pharmaceuticals Inc.

TORONTO, March 16, 2023 /CNW/ - 1207407 Ontario Limited ("1207407") announced that it has filed an early warning report related to a change in control of 1207407.  All of the issued and outstanding securities of 1207407 were previously held by Dr. John Mull but were transferred to his son, Craig Mull, on June 30, 2022.  1207407 holds 9,566,150 common shares in the capital of Cipher Pharmaceuticals Inc. ("Cipher"), representing approximately 37.6% of the issued and outstanding common shares of Cipher.

The previous early warning report filed by 1207407 indicated that Dr. John Mull, his wife and Craig Mull were joint actors with 1207407.  Following the transfer of control of 1207407 the only joint actor with 1207407 is Craig Mull.

Craig Mull beneficially owns and has control of 10,194,337 common shares of the Issuer which represents approximately 39.9% of the issued and outstanding common shares as calculated in accordance with National Instrument 62-104 Take-Over Bids and Insider Bids (which includes common shares which may be acquired within 60 days pursuant to convertible securities).

1207407's view of the Issuer and investment may change, depending on market and other conditions, or as future circumstances may dictate, from time to time. 1207407 and Craig Mull, on an individual or joint basis, may increase or dispose of some or all of their ownership in the Issuer or may continue to hold their current position.

This news release is being issued in accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of early warning reports dated March 16, 2023. A copy of the early warning reports relating to the transfer will be available under the Issuer's profile on the System for Electronic Document Analysis and Review ("SEDAR") at www.sedar.com.

SOURCE 1207407 Ontario Limited

Craig Mull, President, 1207407 Ontario Limited, Phone: [phone], Email: [email protected]