LIPOCINE

LIPOCINE ANNOUNCES USPTO DECLARATION

OF INTERFERENCE BETWEEN LIPOCINE AND CLARUS PATENT APPLICATIONS

SALT LAKE CITY, UT, January 14, 2021 - Lipocine

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

the Patent Trial and Appeal Board ("PTAB") of the United States Patent and Trademark Office ("USPTO") declared

Interference No. 106,128 between Lipocine, Inc. ("the Senior Party") owned U.S. Patent Application and Clarus Therapeutics,

Inc. ("the Junior Party") owned U.S. Patent Application. In preparation for the Interference, the USPTO withdrew the

Clarus Application from issue.

This follows the pattern of previous Interferences as shown

"We are pleased with the actions and judgements ordered

by the PTAB which validates the strength of Lipocine's patent portfolio," said Dr. Mahesh Patel, Chairman, President

and CEO of 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, has received tentative approval from 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 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 indicated for the prevention

of recurrent preterm birth and has been granted orphan drug designation by the FDA. For more information. 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, our product development efforts, the timing of processes related to intellectual property, and the timing of ongoing

litigation. 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.

President & Chief Financial Officer

Phone: (801) 994-7383

Phone: (617) 535-7743