LIPOCINE

COMPLINACE WITH NASDAQ MINIMUM BID PRICE REQUIREMENT

SALT LAKE CITY, July 13, 2020 -

Lipocine Inc. (NASDAQ: LPCN), a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders, today

announced that it has received a letter from The Nasdaq Stock Market LLC ("Nasdaq") on July 9, 2020 indicating that

Lipocine has regained compliance with Nasdaq's minimum bid price for continued listing on the Nasdaq Capital Market set forth

in Nasdaq Listing Rule 5550(a)(2) ("Min Bid Price Listing Rule").

Lipocine Inc. 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, is designed to help restore normal testosterone levels in hypogonadal men. Lipocine has resubmitted its

NDA to the FDA for TLANDO and has a PDUFA date of August 28, 2020. LPCN 1144, an oral product 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 as 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, with end of phase 2 meeting completed, 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.

Forward-Looking Statements

This release contains "forward-looking

statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and

include statements that are not historical facts regarding Lipocine's product candidates and related clinical trials, the timing

of completion of clinical trials, the potential uses and benefits of our product candidates, and our product development efforts.

Investors are cautioned that all such forward-looking statements involve risks and uncertainties, including, without limitation,

the risks that the FDA will not approve any of our products, risks related to our products, expected product benefits not being

realized, clinical and regulatory expectations and plans not being realized, new regulatory developments and requirements, risks

related to the FDA approval process including the receipt of regulatory approvals, the results and timing of clinical trials, patient

acceptance of Lipocine's products, the manufacturing and commercialization of Lipocine's products, and other risks detailed in

Lipocine's filings with the SEC, including, without limitation, its Form 10-K and other reports on Forms 8-K and 10-Q, all of which

can be obtained on the SEC website at www.sec.gov. Lipocine assumes no obligation to update or revise publicly any forward-looking

statements contained in this release, except as required by law.

For further information:

Executive Vice President & Chief

Phone: (801) 994-7383

Phone: (617) 535-7743