Lipocine (LPCN) Prices $25 Million Underwritten Public Offering Of Common Stock

Lipocine Inc. (NASDAQ: LPCN), a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders, today announced the pricing of an underwritten public offering of 14,285,714 shares of its common stock, offered at a price of $1.75 to the public. Additionally, the Company has granted the underwriters a 30-day option to purchase up to an additional 2,142,857 shares of common stock. All of the shares in the offering are being offered by the Company. The offering is expected to close on or about January 28, 2021, subject to customary closing conditions. The gross proceeds to the Company from this offering are expected to be approximately $25.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. This amount assumes no exercise of the underwriters' option.

The Company intends to use the net proceeds from this offering for general corporate purposes. General corporate purposes may include additions to working capital and capital expenditures. The Company has not yet determined the amount of net proceeds to be used specifically for any particular purpose or the timing of these expenditures.

Raymond James & Associates, Inc. is acting as sole book-running manager and Ladenburg Thalmann & Co. Inc. is acting as co-manager for the public offering.

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