Full Press Release Details
UNDERWRITTEN PUBLIC OFFERING OF COMMON
SALT LAKE CITY (January 28, 2021) - Lipocine Inc. (NASDAQ:LPCN),
a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders, today announced the closing of an underwritten
public offering of 16,428,571 shares of its common stock, offered at a price of $1.75 to the public, which included the exercise
in full by the underwriters of their option to purchase 2,142,857 additional shares of common stock at the public offering price.
Gross proceeds to Lipocine were approximately $28.7 million before deducting underwriting discounts and commissions and other offering
expenses payable by the Company.
Raymond James & Associates, Inc. acted as sole book-running
manager and Ladenburg Thalmann & Co. Inc. acted as co-manager for the public offering.
The shares were offered pursuant to an effective shelf registration
statement on Form S-3 (No. 333-250072) previously filed with the U.S. Securities and Exchange Commission (the "SEC")
and declared effective by the SEC on November 23, 2020. A prospectus supplement and accompanying prospectus relating to the offering
have been filed with the SEC and are available on the SEC's web site at www.sec.gov. Copies of the prospectus supplement
and accompanying prospectus may be obtained from Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon
Parkway, St. Petersburg, Florida 33716, by telephone at (800) 248-8863 or by e-mail at prospectus@raymondjames.com.
Lipocine Inc. ("Lipocine") is a clinical-stage biopharmaceutical
company focused on metabolic and endocrine disorders using its proprietary drug delivery technologies. Lipocine's clinical development
pipeline includes: TLANDO, LPCN 1144, TLANDO XR, LPCN 1148 and LPCN 1107. TLANDO, a novel oral prodrug of testosterone containing
testosterone undecanoate, has received tentative approval from the U.S. Food and Drug Administration (the "FDA") for
conditions associated with a deficiency of endogenous testosterone, also known as hypogonadism, in adult males. LPCN 1144,
an oral prodrug of bioidentical testosterone, recently completed a proof-of-concept clinical study demonstrating the potential
utility in the treatment of non-cirrhotic NASH. LPCN 1144 is currently being studied in a Phase 2 clinical study. TLANDO
XR, a novel oral prodrug of testosterone, originated and is being developed by Lipocine as a next-generation oral testosterone
product with potential for once-daily dosing. In a Phase 2 clinical evaluation when administered once daily or twice daily, TLANDO
XR met the typical primary and secondary end points. LPCN 1148 is an oral prodrug of bioidentical testosterone targeted for the
treatment of cirrhosis. LPCN 1107 is potentially the first oral hydroxyprogesterone caproate product candidate indicated for the
prevention of recurrent preterm birth and has been granted orphan drug designation by the FDA. For more information, please visit www.lipocine.com.
Executive Vice President & Chief Financial Officer
Phone: (801) 994-7383
Phone: (617) 535-7743