Lipocine Announces First Patient Dosed in Phase 2a Study of LPCN 1111, a Novel Testosterone Ester for Oral Testosterone

Lipocine Announces First Patient Dosed in Phase 2a Study of LPCN 1111, a Novel
Testosterone Ester for Oral Testosterone Replacement Therapy

SALT LAKE CITY, May 27, 2014 (GLOBE NEWSWIRE) -- Lipocine Inc. (Nasdaq:LPCN),
a specialty pharmaceutical company, today announced that the first patient has
been dosed in a Phase 2a clinical study of LPCN 1111, a novel ester prodrug of
testosterone, in hypogonadal males. The primary objectives of the study will
be to determine safety, tolerability, single and steady state pharmacokinetics
of testosterone following oral administration of LPCN 1111.

"Based on Phase 1 clinical data, we believe that LPCN 1111 has the potential
to be a once a day oral testosterone replacement therapy or provide high
average testosterone levels while limiting supraphysiological levels with a
twice a day dosing regimen," said Dr. Mahesh Patel, President and CEO of
Lipocine Inc. "We look forward to reporting top-line results from this study
in the second half of 2014 which would become the basis for our Phase 2b study
in hypogonadal males."

This 12 patient open-label pharmacokinetic study includes a single ascending
dose followed by a fixed dose steady state arm in males between the age of 18
and 80, with documented onset of hypogonadism prior to age 65. These subjects
must have serum total testosterone < 300 ng/dL based on two blood draws on two
separate days. Subjects will receive three escalating single doses of LPCN
1111 followed by a 28 day multiple dose selected based on single dose results.
Serum testosterone, dihydrotestosterone, parent ester and dihydrometabolite of
the parent ester are analyzed using LC/MS method. Hematology, clinical
chemistry, urinalysis, echocardiogram, prostate specific antigen and adverse
events are monitored as part of safety assessment.

LPCN 1111 is a next-generation, novel ester prodrug of testosterone, being
developed as a possible testosterone replacement treatment. LPCN 1111 uses the
Company's Lip'ral technology to enhance solubility and improve systemic
absorption.Previous clinical data suggested feasibility of either once or
twice daily dosing.

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, the risks 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
and other 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 law.

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

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