Lannett Closes Underwritten Public Offering of Common Stock

  Lannett Closes Underwritten Public Offering of Common Stock

Business Wire

PHILADELPHIA -- October 9, 2013

Lannett Company, Inc. (NYSE MKT: LCI) has closed its previously announced
underwritten public offering of 5,869,566 shares of the Company’s common stock
at a price of $18.00 per share. The offering included 4,250,000 shares offered
by the Company and 1,619,566 shares offered by certain selling stockholders of
the Company. One selling stockholder also granted to the underwriters a 30-day
option to acquire an additional 880,434 shares to cover over-allotments, if
any, in connection with the offering. After the underwriting discounts and
estimated offering expenses payable by the Company, the Company received net
proceeds of approximately $71.5 million. The Company did not receive any
proceeds from the sale of shares by any selling stockholders and will not
receive any proceeds from the exercise of the over-allotment option. Roth
Capital Partners, LLC and Canaccord Genuity Inc. acted as joint book-running
managers and Oppenheimer & Co. Inc. acted as lead manager for the offering.
Craig-Hallum Capital Group LLC acted as co-manager for the offering.

The Company intends to use the net proceeds from this offering for general
corporate purposes, including, without limitation, research and development,
general and administrative, manufacturing and marketing expenses, and for
potential acquisitions of companies, products, ANDAs, technologies and assets
that complement its business.

The shares described above were offered pursuant to a registration statement
previously filed with and subsequently declared effective by the Securities
and Exchange Commission (SEC). A final prospectus supplement relating to the
offering was filed with the SEC, and is available on the SEC’s website at

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy any of the securities described herein, nor shall there be
any sale of these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.

Copies of the final prospectus supplement and accompanying base prospectus may
be obtained from Roth Capital Partners, LLC, 888 San Clemente, Newport Beach,
CA 92660, (800) 678-9147 or from Canaccord Genuity Inc., Attention: Syndicate
Department, 99 High Street, 12th Floor, Boston, MA 02110, (617) 371-3900.

About Lannett Company, Inc.:

Lannett Company, founded in 1942, develops, manufactures, packages, markets
and distributes generic pharmaceutical products for a wide range of medical
indications. For more information, visit the Company’s website at

This news release contains certain statements of a forward-looking nature
relating to future events or future business performance. Any such statement,
including, but not limited to, statements regarding the intended use of
proceeds from the offering, whether expressed or implied, is subject to market
and other conditions, and subject to risks and uncertainties which can cause
actual results to differ materially from those currently anticipated due to a
number of factors which include, but are not limited to, the risk factors
discussed in the Company’s Form 10-K and other documents filed with the SEC
from time to time, including the prospectus supplement related to the proposed
offering filed with the SEC. These forward-looking statements represent the
Company's judgment as of the date of this news release. The Company disclaims
any intent or obligation to update these forward-looking statements.


Robert Jaffe Co., LLC
Robert Jaffe, 424-288-4098
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