Lipocine Announces Financial and Operational Results for the First Quarter of 2014

Lipocine Announces Financial and Operational Results for the First Quarter of

SALT LAKE CITY, May 13, 2014 (GLOBE NEWSWIRE) -- Lipocine Inc. (Nasdaq:LPCN),
a specialty pharmaceutical company, announced today announced financial
results for the quarter ended March 31, 2014, as well as recent operational

Quarterly and Recent Highlights

  *Completed enrollment of its Study of Oral Androgen Replacement ("SOAR")
    pivotal Phase 3 clinical study
    ( The trial is designed to
    evaluate the safety and efficacy of LPCN 1021, oral testosterone
    undecanoate ("TU"), in hypogonadal men with low testosterone ("Low T").
    The Company expects top-line efficacy data for the trial to be available
    in the third quarter of 2014, with a New Drug Application ("NDA") filing
    with the U.S. Food and Drug Administration ("FDA") anticipated in the
    second half of 2015.
  *Received approval of its application to list the Company's common stock on
    the NASDAQ Capital Market by the NASDAQ Stock Market, a unit of the NASDAQ
    OMX Group, and its common stock began trading on the NASDAQ Capital
  *Appointed Dr. Stephen Hill, Mr. Jeffrey Fink, and Dr. R. Dana Ono to the
    Board of Directors, and announced the retirements of Chairman Dr. William
    Higuchi and Mr. Gordhan Patel. Dr. Mahesh Patel, Lipocine President and
    Chief Executive Officer, assumed the position of Chairman of the Board and
    Dr. Higuchi now serves as the Company's Chief Scientific Advisor.
  *Initiated and completed enrollment in its Phase 1/2 pharmacokinetic study
    in healthy women with LPCN 1107, oral hydroxyprogesterone caproate. The
    Company expects to release results from the Phase 1/2 trial in the second
    quarter of 2014.

"We have already made substantial progress in 2014, with completion of
enrollment for our pivotal Phase 3 study for LPCN 1021 and our uplisting to
the NASDAQ Capital Market," said Dr. Mahesh Patel, President, CEO and Chairman
of Lipocine Inc. "We have several other potential value-creating events
expected for the remainder of 2014, most notably top-line efficacy data from
the SOAR trial in the third quarter."

First Quarter 2014 Financial Results

Research and development expenses were $3.4 million in the first quarter of
2014, compared with $0.6 million in the first quarter of 2013. The increase
was largely attributable to costs associated with development of product
candidates, primarily LPCN 1021. General and administrative expenses were $1.9
million in the first quarter of 2014, compared with $0.7 million for the same
period in 2013. The increase was primarily the result of higher professional
fees associated with being a public company as well as in increase in
personnel costs.

Lipocine reported a net loss of $5.3 million, or $0.41 per diluted share, for
the first quarter of 2014, compared with a net loss of $1.4 million, or $0.30
per diluted share, for the first quarter of 2013.

As of March 31, 2014, Lipocine had cash and cash equivalents of $41.8 million,
compared with cash and cash equivalents of $45.3 million as of December 31,

About LPCN 1021

The current testosterone market is dominated by topical products that are
associated with poor patient compliance and FDA "black box" warnings related
to inadvertent transfer of testosterone. LPCN 1021 is a twice-a-day, oral
product with low gastro-intestinal drug exposure that we expect will overcome
the major shortcomings of existing products with a more patient/ physician
friendly label that includes three simple dosing options and faster time to
maintenance dose in most patients, which is expected to improve patient
compliance. Unlike a selective estrogen receptor modulator ("SERM"), LPCN 1021
is not designed to interact with estrogen receptors and is targeted to address
an unmet oral option needed in the established testosterone replacement market
for chronic use.

About Lipocine

Lipocine Inc. is a specialty pharmaceutical company developing innovative
pharmaceutical products for use in men's and women's health using its
proprietary drug delivery technologies. Lipocine's lead product candidate,
LPCN 1021, currently in Phase 3 and is targeted to treat symptoms of low
testosterone for men in need of testosterone replacement therapy. Additional
pipeline candidates include LPCN 1111, a next generation oral testosterone
therapy product, and LPCN 1107, which has the potential to become the first
oral hydroxyprogesterone caproate product indicated for the prevention of
recurrent preterm birth.

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 includes statements that are not historical facts relating to
expectations, clinical trials, the potential uses and benefits of Lipocine's
product candidates, and product development efforts. Investors are cautioned
that all such forward-looking statements involve risks and uncertainties,
including, without limitation, risks and uncertainties related to the receipt
of regulatory approvals, the results 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 U.S.
Securities and Exchange Commission (the "SEC"), including, without limitation,
its Form 10-K, Forms 10-Q and current reports on Form 8-K, all of which can be
obtained on the Company's website at or on the SEC website at Lipocine assumes no obligation to update or revise publicly any
forward-looking statements contained in this release, except as required by

CONTACT: Morgan Brown
         Executive Vice President & Chief Financial Officer
         Phone: (801) 994-7383
         John Woolford
         Phone: (443) 213-0500

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