<SEC-DOCUMENT>0001144204-18-014093.txt : 20180312
<SEC-HEADER>0001144204-18-014093.hdr.sgml : 20180312
<ACCEPTANCE-DATETIME>20180312160046
ACCESSION NUMBER:		0001144204-18-014093
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180312
DATE AS OF CHANGE:		20180312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lipocine Inc.
		CENTRAL INDEX KEY:			0001535955
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				990370688
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36357
		FILM NUMBER:		18683340

	BUSINESS ADDRESS:	
		STREET 1:		675 ARAPEEN DRIVE, SUITE 202
		CITY:			SALT LAKE CITY
		STATE:			X1
		ZIP:			84108
		BUSINESS PHONE:		801 994 7383

	MAIL ADDRESS:	
		STREET 1:		675 ARAPEEN DRIVE, SUITE 202
		CITY:			SALT LAKE CITY
		STATE:			X1
		ZIP:			84108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARATHON BAR CORP
		DATE OF NAME CHANGE:	20111130
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K/A
<SEQUENCE>1
<FILENAME>tv488316_10k-a.htm
<DESCRIPTION>FORM 10-K/A
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 10-K/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(AMENDMENT NO. 1)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.9in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.9in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><B>x</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>ANNUAL REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2017</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>or</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>TRANSITION REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>For the transition period from ____ to ____</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-36357</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.9in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.9in"><B>&nbsp;</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LIPOCINE INC. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in its charter) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.9in; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.9in; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>99-0370688</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or Other Jurisdiction of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Incorporation or Organization)</B></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(IRS Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Identification No.)</B></P></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>675 Arapeen Drive, Suite 202,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Salt Lake City, Utah</B></P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>84108</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Address of Principal Executive Offices)</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>801-994-7383 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Registrant&#8217;s telephone number,
including area code) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities registered pursuant to Section
12(b) of the Act: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title of Each Class</B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name of Exchange on Which Registered</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common Stock, par value $0.0001 per share</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>The NASDAQ Stock Market LLC</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities registered pursuant to Section
12(g) of the Act: None</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the Registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the Registrant is not required to
file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant (1)&nbsp;has filed
all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or such shorter period that the registrant was required to file such reports) and (2)&nbsp;has been subject to such filing requirements
for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes:&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT> No&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant
Rule 405 of Regulation S-T (&sect;220.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if disclosure of delinquent filers pursuant
to Item&nbsp;405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in
definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form
10-K.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions
of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging
growth company&#8221; in Rule 12b-2 of the Exchange Act (Check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2in"><FONT STYLE="font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Accelerated&nbsp;filer</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Emerging growth&nbsp;company</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to&nbsp;<U>Section 13(a) of the Exchange Act</U>. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Outstanding Shares </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The aggregate market value of the common stock held by non-affiliates
of the Registrant was $78 million as of June 30, 2017. For purposes of calculating the aggregate market value of shares of our
common stock held by non-affiliates as set forth on the cover page of this Annual Report on Form 10-K, we have assumed that all
outstanding shares are held by non-affiliates, except for shares held by each of our executive officers, directors and 10% or greater
stockholders. However, this assumption should not be deemed to constitute an admission that all executive officers, directors and
10% or greater stockholders are, in fact, affiliates of our company, or that there are not other persons who may be deemed to be
affiliates of our company. Further information concerning shareholdings of our officers, directors and principal stockholders is
included or incorporated by reference in Part III, Item&nbsp;12 of this Annual Report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As of March 9, 2018, the registrant had
21,264,539 shares of common stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DOCUMENTS INCORPORATED BY REFERENCE:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Portions of the Registrant's definitive Proxy Statement for
its 2018 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This
Amendment No. 1 to Form 10-K (this &#8220;Amendment&#8221;) amends the Annual Report on Form 10-K for the fiscal year ended December
31, 2017 filed on March 12, 2018 (the &#8220;Original 10-K&#8221;), of Lipocine Inc., a Delaware corporation (the &#8220;Company&#8221;
or &#8220;we&#8221;). We are filing this Amendment solely to correct an inadvertent error on the cover page of the Original 10-K
in which the box identifying the Company as an emerging growth company was incorrectly checked. The error has been corrected in
this Amendment by removing the checkmark from the &#8220;Emerging growth company&#8221; box on the cover page. This Amendment does
not reflect events occurring after the filing of the Original 10-K or otherwise modify or update the disclosures set forth in the
Original 10-K, including the financial statements and notes thereto included in the Original 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>ITEM 15. </B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>EXHIBITS AND FINANCIAL STATEMENT SCHEDULES</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;The following documents are filed as part of this Annual
Report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;<I>Financial Statements.</I>&nbsp; The financial statements
listed on the accompanying Index to Consolidated Financial Statements are filed as part of this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;<I>Financial statement schedules.</I>&nbsp; There are
no financial statements schedules included because they are either not applicable or the required information is shown in the consolidated
financial statements or the notes thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.&nbsp;<I>Exhibits</I>. The following exhibits are filed or
incorporated by reference as part of this Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEX TO EXHIBITS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 10pt"><B>Incorporation By Reference</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 12%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Number</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 39%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit Description</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: black 1pt solid; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 10pt"><B>Form</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: black 1pt solid; padding-left: 9.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>SEC File No.</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: black 1pt solid; padding-left: 7.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Filing Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 7.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex21.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">2.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex21.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Agreement and Plan of Merger and Reorganization, dated July&nbsp;24, 2013, by and among Marathon Bar Corp., Lipocine Operating Inc., and MBAR Acquisition Corp.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex21.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex21.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-178230</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex21.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">2.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex21.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7/25/2013</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex32.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex32.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Amended and Restated Certificate of Incorporation</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex32.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex32.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-178230</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex32.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex32.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7/25/2013</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex33.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex33.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Amended and Restated Bylaws</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex33.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex33.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-178230</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex33.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex33.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7/25/2013</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415068793/v426011_ex3-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415068793/v426011_ex3-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Certificate of Designation of Series A Junior Participating Preferred Stock.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415068793/v426011_ex3-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415068793/v426011_ex3-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">001-36357</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415068793/v426011_ex3-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415068793/v426011_ex3-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">12/1/2015</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex41.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex41.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Common Stock certificate</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex41.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex41.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-178230</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex41.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex41.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7/25/2013</FONT></A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415065317/v424736_ex4-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415065317/v424736_ex4-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Stockholder Rights Agreement dated as of November 13, 2015 by and between the Company and American Stock Transfer &amp; Trust Company, LLC.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415065317/v424736_ex4-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415065317/v424736_ex4-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">001-36357</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415065317/v424736_ex4-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415065317/v424736_ex4-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">11/13/2015</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex101.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.1**</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex101.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Lipocine Inc. Amended and Restated 2011 Equity Incentive Plan</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex101.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex101.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-178230</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex101.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex101.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7/25/2013</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex102.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.2**</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex102.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Stock Option Agreement and Option Grant Notice under the 2011 Equity Incentive Plan</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex102.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex102.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-178230</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex102.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex102.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7/25/2013</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex103.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.3**</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex103.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Restricted Stock Award Agreement and Notice under the 2011 Equity Incentive Plan</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex103.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex103.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-178230</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex103.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex103.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7/25/2013</FONT></A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414019291/v369971_ex10-4.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.4**</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414019291/v369971_ex10-4.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Restricted Stock Unit Agreement and Notice under the 2011 Equity Incentive Plan</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414019291/v369971_ex10-4.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414019291/v369971_ex10-4.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">001-36357</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414019291/v369971_ex10-4.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.4</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414019291/v369971_ex10-4.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3/31/2014</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 12%"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414043096/v383912_ex99-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.5**</FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 39%"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414043096/v383912_ex99-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Amended and Restated Lipocine Inc. 2014 Stock and Incentive Plan</FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 9%"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414043096/v383912_ex99-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">S-8</FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 13%"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414043096/v383912_ex99-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-197421</FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414043096/v383912_ex99-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 12%"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414043096/v383912_ex99-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7/15/2014</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex104.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.6</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex104.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Assignment and Assumption of Lease, dated August&nbsp;6, 2004, by and between Lipocine Inc. and Genta Salus LLC</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex104.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex104.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-178230</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex104.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.4</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex104.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7/25/2013</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex105.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.7</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex105.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Second Lease Extension and Modification Agreement, dated June&nbsp;21, 2011, by and between Lipocine Inc. and Paradigm Resources, L.C.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex105.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex105.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-178230</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex105.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.5</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex105.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7/25/2013</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex106.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.8**</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex106.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Indemnification Agreement by and between Lipocine Inc. and each of its directors and officers</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex106.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex106.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-178230</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex106.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.6</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex106.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7/25/2013</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex107.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.9</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex107.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Warrant issued to University of Utah, as amended, dated December&nbsp;23, 2003</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex107.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex107.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-178230</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex107.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.7</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex107.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7/25/2013</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex108.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.10</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex108.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Registration Rights Agreement, dated May&nbsp;25, 2004, by and between Lipocine Operating Inc. and Schwarz Pharma Limited (now UCB Manufacturing Ireland Ltd.)</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex108.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex108.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-178230</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex108.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.8</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex108.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7/25/2013</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex109.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.11</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex109.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Registration Rights Agreement, dated April&nbsp;20, 2001, by and among Lipocine Operating Inc., Elan International Services, Ltd., and Elan Pharma International Limited</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex109.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex109.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-178230</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex109.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.9</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513301353/d562293dex109.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7/25/2013</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513312858/d574626dex1010.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.12</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513312858/d574626dex1010.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Securities Purchase Agreement, dated July&nbsp;26, 2013</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513312858/d574626dex1010.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513312858/d574626dex1010.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-178230</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513312858/d574626dex1010.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.10</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513312858/d574626dex1010.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7/31/2013</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513312858/d574626dex1011.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.13</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513312858/d574626dex1011.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Registration Rights Agreement, dated July&nbsp;26, 2013</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513312858/d574626dex1011.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513312858/d574626dex1011.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-178230</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513312858/d574626dex1011.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.11</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513312858/d574626dex1011.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">7/31/2013</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513358469/d594155dex1012.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.14+</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513358469/d594155dex1012.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Manufacturing Agreement, dated August&nbsp;27, 2013, by and between Lipocine Inc. and Encap Drug Delivery.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513358469/d594155dex1012.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513358469/d594155dex1012.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">333-178230</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513358469/d594155dex1012.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.12</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000119312513358469/d594155dex1012.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">9/5/2013</FONT></A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.15**</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Executive Employment Agreement, dated January 7, 2014, by and between Lipocine Inc. and Dr. Mahesh V. Patel</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">000-55092</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">1/7/2014</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 7.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-2.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.16**</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-2.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Amended and Restated Executive Employment Agreement, dated January 7, 2014, by and between Lipocine Inc. and Morgan Brown</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-2.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-2.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">000-550920</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-2.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-2.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">1/7/2014</FONT></A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-3.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.17**</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-3.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Executive Employment Agreement, dated January 7, 2014, by and between Lipocine Inc. and Gerald Simmons</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-3.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-3.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">000-55092</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-3.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-3.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">1/7/2014</FONT></A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-4.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.18**</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-4.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Executive Employment Agreement, dated January 7, 2014, by and between Lipocine Inc. and Dr. Srinivasan Venkateshwaran</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-4.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-4.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">000-55092</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-4.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.4</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420414001003/v364771_ex10-4.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">1/7/2014</FONT></A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 12%"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415047956/v416338_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.19**</FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 39%"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415047956/v416338_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Executive Employment Agreement, dated May 15, 2015, by and between Lipocine Inc. and Jyrki Mattila.</FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; width: 9%"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415047956/v416338_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10-Q</FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; width: 13%"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415047956/v416338_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">001-36357</FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; width: 10%"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415047956/v416338_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.1</FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; width: 12%"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420415047956/v416338_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8/11/2015</FONT></A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420416117433/v445085_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.20**</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420416117433/v445085_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Second Amended and Restated Lipocine Inc. 2014 Stock Incentive Plan</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420416117433/v445085_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10-Q</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420416117433/v445085_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">001-36357</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420416117433/v445085_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420416117433/v445085_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8/9/2016</FONT></A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420416099991/v437924_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.21</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420416099991/v437924_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Commercial Manufacturing Services and Supply Agreement, dated March 3, 2016, by and between Lipocine Inc. and M.W. Encap Ltd.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420416099991/v437924_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10-Q</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420416099991/v437924_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">001-36357</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420416099991/v437924_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420416099991/v437924_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">5/9/2016</FONT></A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-22.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.22</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-22.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Controlled Equity Offering<SUP>SM</SUP> Sales Agreement, dated March 6, 2017, by and between Lipocine Inc. and Cantor Fitzgerald &amp; Co.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-22.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-22.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">001-36357</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-22.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.22</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-22.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3/6/2017</FONT></A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-23.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.23**</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-23.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Second Amended and Restated Executive Employment Agreement, dated March 3, 2017, by and between Lipocine Inc. and Morgan Brown</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-23.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-23.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">001-36357</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-23.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.23</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-23.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3/6/2017</FONT></A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-24.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.24**</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-24.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Executive Employment Agreement, dated March 3, 2017, by and between Lipocine Inc. and Gregory Bass.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-24.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-24.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">001-36357</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-24.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.24</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420417012930/v460000_ex10-24.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3/6/2017</FONT></A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418001410/tv482923_ex10-1.htm"  STYLE="-sec-extract: exhibit" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.25</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418001410/tv482923_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Loan and Security Agreement dated January 5, 2018</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418001410/tv482923_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418001410/tv482923_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">001-36357</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418001410/tv482923_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418001410/tv482923_ex10-1.htm"  STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">1/9/2018</FONT></A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418013981/tv486805_ex21-1.htm"  STYLE="-sec-extract: exhibit" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">21.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418013981/tv486805_ex21-1.htm"  STYLE="-sec-extract: exhibit" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Subsidiaries</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418013981/tv486805_ex21-1.htm"  STYLE="-sec-extract: exhibit" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418013981/tv486805_ex21-1.htm"  STYLE="-sec-extract: exhibit" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">001-36357&nbsp;</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418013981/tv486805_ex21-1.htm"  STYLE="-sec-extract: exhibit" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">21.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418013981/tv486805_ex21-1.htm"  STYLE="-sec-extract: exhibit" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3/12/2018</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418013981/tv486805_ex23-1.htm"  STYLE="-sec-extract: exhibit" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418013981/tv486805_ex23-1.htm"  STYLE="-sec-extract: exhibit" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent of KPMG</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418013981/tv486805_ex23-1.htm"  STYLE="-sec-extract: exhibit" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10-K</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418013981/tv486805_ex23-1.htm"  STYLE="-sec-extract: exhibit" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">001-36357&nbsp;</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418013981/tv486805_ex23-1.htm"  STYLE="-sec-extract: exhibit" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1535955/000114420418013981/tv486805_ex23-1.htm"  STYLE="-sec-extract: exhibit" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3/12/2018</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="tv488316_ex31-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">31.1<SUP>*</SUP></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tv488316_ex31-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Certification of Principal Executive Officer pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="tv488316_ex31-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">31.2<SUP>*</SUP></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tv488316_ex31-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Certification of Principal Financial Officer pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="tv488316_ex32-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">32.1<SUP>*</SUP></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tv488316_ex32-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Certification of Principal Executive Officer pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top"><A HREF="tv488316_ex32-2.htm"><FONT STYLE="font-size: 10pt">32.2<SUP>*</SUP></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tv488316_ex32-2.htm"><FONT STYLE="font-size: 10pt">Certification of Principal Financial Officer pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Filed herewith</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Management contract or
compensation plan or arrangement</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">+</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Confidential treatment
has been granted with respect to certain portions of this exhibit. Omitted portions have been submitted separately with the Securities
and Exchange Commission.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Pursuant to the requirements of Section 13
or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR>
    <TD STYLE="vertical-align: top; width: 50%; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 50%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Lipocine Inc.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">(Registrant)</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Dated: March 12, 2018</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Morgan R. Brown</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Morgan R. Brown, Executive Vice President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Principal Financial and Accounting Officer)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>tv488316_ex31-1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;31.1 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATIONS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Mahesh V. Patel, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">I have reviewed this Amendment
No. 1 to the annual report on Form&nbsp;10-K of Lipocine Inc.;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The registrant&#8217;s
other certifying officer&nbsp;and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and&nbsp;15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">evaluated the effectiveness
of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">d)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">disclosed in this report
any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most
recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The registrant&#8217;s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing
the equivalent functions):</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">all significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant&#8217;s ability to record, process, summarize and report financial information; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">any fraud, whether or
not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control
over financial reporting.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Dated: March 12, 2018</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 50%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Mahesh V. Patel&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Mahesh V. Patel, President and Chief Executive Officer</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>tv488316_ex31-2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;31.2 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATIONS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Morgan R. Brown, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">I have reviewed this Amendment
No. 1 to the annual report on Form&nbsp;10-K of Lipocine Inc.;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The registrant&#8217;s
other certifying officer&nbsp;and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and&nbsp;15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">evaluated the effectiveness
of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">d)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">disclosed in this report
any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most
recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The registrant&#8217;s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing
the equivalent functions):</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">all significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant&#8217;s ability to record, process, summarize and report financial information; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">any fraud, whether or
not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control
over financial reporting.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Dated: March 12, 2018</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 50%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Morgan R. Brown&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan R. Brown, Executive Vice President and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Principal Financial and Accounting Officer)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>tv488316_ex32-1.htm
<DESCRIPTION>EXHIBIT 32.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;32.1 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In connection with the Amendment No. 1
to the Annual Report on Form&nbsp;10-K of Lipocine Inc. (the &#8220;Corporation&#8221;) for the year ended December 31, 2017 as
filed with the Securities and Exchange Commission on the date hereof (the &#8220;Report&#8221;), the undersigned, Mahesh V. Patel,
President and Chief Executive Officer of the Corporation, hereby certifies, pursuant to Rule 13a-14(b) or Rule 15d-14(d) and 18
U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) The Report fully complies with the requirements of Section&nbsp;13(a)&nbsp;or
15(d)&nbsp;of the Securities Exchange Act of 1934, as amended, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Dated: March 12, 2018</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 50%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Mahesh V. Patel&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mahesh V. Patel, President and Chief Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Principal Executive Officer)</P></TD></TR>
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<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>tv488316_ex32-2.htm
<DESCRIPTION>EXHIBIT 32.2
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;32.2 </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In connection with the Amendment No. 1
to the Annual Report on Form&nbsp;10-K of Lipocine Inc. (the &#8220;Corporation&#8221;) for the year ended December 31, 2017 as
filed with the Securities and Exchange Commission on the date hereof (the &#8220;Report&#8221;), the undersigned, Morgan R. Brown,
Executive Vice President and Chief Financial Officer of the Corporation, hereby certifies, pursuant to Rule 13a-14(b) or Rule 15d-14(d)
and 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;The Report fully complies with the requirements of
Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934, as amended, and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Corporation.</P>

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    <TD STYLE="vertical-align: top; width: 50%; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Dated: March 12, 2018</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 50%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Morgan R. Brown</FONT></TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan R. Brown, Executive Vice President and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Principal Financial and Accounting Officer)</P></TD></TR>
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