Cosmo announces successful conclusion of acne Phase II trial and

Cosmo announces successful conclusion of acne Phase II trial and agreement
with Valeant to continue developing CB-03-01 in house

Lainate, Italy - July 8, 2014 - Cosmo Pharmaceuticals S.p.A. (SIX: COPN) today
informed that it had successfully concluded the phase II acne trials of
CB-03-01 and that, prior to the upcoming end of phase II meeting with the FDA,
both Cosmo and Valeant Pharmaceuticals International, Inc., the licensee (NYSE
/ TSX: VRX), had agreed that it was preferable for both parties for Cosmo to
continue developing the drug. Consequently both Cosmo and Valeant agreed to
unwind the present agreement and replace it with an agreement granting Valeant
a right of first refusal should Cosmo decide to license out the drug after
completing its development.

Alessandro Della Chà, CEO, commented: "I am very pleased by the results of
this phase II, and even more pleased that Cosmo can continue developing the
products in-house, leveraging on all the accumulated know how. Their potential
is very significant, so the retention of the rights now allow us to create a
stronger franchise in the derma field. Together with CB-03-01 we now have 5
products in clinical development. Given our strong financial position and
in-house expertise, we are well equipped to exploit the potential of this rich
pipeline for the benefit of patients and shareholders."

About Cosmo Pharmaceuticals

Cosmo is a specialty pharmaceutical company that aims to become a global
leader in the field of optimized therapies for selected Gastrointestinal and
topically treated Skin Disorders. The company's proprietary clinical
development pipeline specifically addresses innovative treatments for IBD,
such as Ulcerative Colitis and Crohn's Disease, and Colon Infections. In
addition, the Company is developing a diagnostic for the detection of colon
cancer and a medical device for polyp excision as well as a new chemical
entity for the topical skin treatment. Cosmo's MMX® products that have reached
the market are Lialda®/Mezavant®/Mesavancol®, a treatment for IBD that is
licensed globally to Giuliani and Shire Limited and Uceris(TM), the first
glucocorticosteroid indicated for the induction of remission in active, mild
to moderate ulcerative colitis, licensed in US to Salix and in the Rest of the
World except for Japan to Ferring. Cosmo's proprietary MMX® technology is at
the core of the Company's product pipeline and was developed from its
expertise in formulating and manufacturing gastrointestinal drugs for
international clients at its GMP (Good Manufacturing Practice) facilities in
Lainate, Italy. The technology is designed to deliver active ingredients in a
targeted manner in the colon. For further information on Cosmo, please visit
the Company's website: www.cosmopharma.com

Next events

Half-year results 2014 30 July 2014

Contact

Dr. Chris Tanner, CFO and Head of Investor Relations

Cosmo Pharmaceuticals S.p.A.

Tel: +39 02 9333 7614

Some of the information contained in this press release contains
forward-looking statements. Readers are cautioned that any such
forward-looking statements are not guarantees of future performance and
involve risks and uncertainties, and that actual results may differ materially
from those in the forward-looking statements as a result of various factors.
Cosmo undertakes no obligation to publicly update or revise any
forward-looking statements.

Media Release (PDF)

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