<SEC-DOCUMENT>0001104659-19-061976.txt : 20191112
<SEC-HEADER>0001104659-19-061976.hdr.sgml : 20191112
<ACCEPTANCE-DATETIME>20191112063054
ACCESSION NUMBER:		0001104659-19-061976
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191111
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191112
DATE AS OF CHANGE:		20191112

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36357
		FILM NUMBER:		191205893

	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>8-K
<SEQUENCE>1
<FILENAME>tm1922433d1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</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">Pursuant to Section 13 or 15(d) of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Securities Exchange Act of 1934</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">Date of Report (Date of Earliest Event Reported):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>November 11, 2019</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-align: center"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 18pt 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">(Exact name of registrant as specified in
its charter)</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">Commission File No. 001-36357</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">99-0370688</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification Number)</FONT></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; 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 84108</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)
(Zip Code)</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">Registrant&rsquo;s telephone number, including
area code: <B>(801) 994-7383</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-align: center">Former name or former address, if changed
since last report: <B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">______________________</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">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933&nbsp;(17 CFR &sect; 230.405) or&nbsp;Rule 12b-2 of the Securities
Exchange Act of 1934&nbsp;(17 CFR &sect; 240.12b-2).</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">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</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">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;Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
registered pursuant to&nbsp;<U>Section 12(b)</U>&nbsp;of the Act</FONT>:</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: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock, par value $0.0001 per share</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPCN</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The NASDAQ Stock Market LLC</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"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Item&nbsp;8.01</B> <B>Other Events</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On November 11, 2019, the Company issued
a press release announcing that Lipocine received a Complete Response Letter for TLANDO&trade; from the U.S. FDA. The press release
is filed as Exhibit 99.1 and is incorporated herein by reference.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Item 9.01 Financial Statements and Exhibits.</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Exhibits</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">The following exhibits are filed with this report:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="text-decoration: none">
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-decoration: none"><FONT STYLE="font-size: 10pt; text-decoration: none"><B>Exhibit
    No.&#9;</B></FONT></TD>
    <TD STYLE="width: 81%; border-bottom: Black 1pt solid; text-decoration: none"><FONT STYLE="font-size: 10pt; text-decoration: none"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm1922433d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD>
    <TD><A HREF="tm1922433d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Press Release announcing Lipocine Receives Complete Response Letter for TLANDO from the U.S. FDA </FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 85.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">SIGNATURES</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-indent: 0.75in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">LIPOCINE INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">November 12, 2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Mahesh V. Patel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Mahesh V. Patel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm1922433d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white">Exhibit 99.1</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><IMG SRC="image_003.jpg" ALT=""><B></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Lipocine Receives Complete Response Letter
for TLANDO&trade; from</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. FDA</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"><B>SALT LAKE CITY, November 11, 2019</B> -- Lipocine Inc. (NASDAQ:
LPCN), a clinical-stage biopharmaceutical company, announced today that it has received a Complete Response Letter (&quot;CRL&quot;)
from the United States Food and Drug Administration (&quot;FDA&quot;) regarding its New Drug Application (&quot;NDA&quot;) for
TLANDO&trade;, the Company's oral testosterone product candidate for testosterone replacement therapy (&quot;TRT&quot;) in adult
males for conditions associated with a deficiency of endogenous testosterone, also known as hypogonadism. A CRL is a communication
from the FDA that informs companies that an application cannot be approved in its present form.</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">The CRL identified one deficiency stating the efficacy trial
did not meet the three secondary endpoints for maximal testosterone concentrations (&ldquo;Cmax&rdquo;). The CRL does not identify
any specific issues relating to the chemistry, manufacturing and controls (&ldquo;CMC&rdquo;) of TLANDO.</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">&ldquo;We are disappointed by the FDA's decision and intend
to request a meeting with the FDA as soon as possible to discuss a potential path forward for the approval of TLANDO,&rdquo; said
Dr. Mahesh Patel, Chairman, President and Chief Executive Officer of Lipocine.</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">We continue to actively enroll in our ongoing LPCN 1144 <I>LiFT</I>
(&ldquo;Liver Fat intervention with oral Testosterone&rdquo;) Phase 2 clinical study, a paired-biopsy study in confirmed pre-cirrhotic
non-alcoholic steatohepatitis (&ldquo;NASH&rdquo;) subjects, as the endpoints in the <I>LiFT</I> study are based on liver fat reduction
via MRI-PDFF and liver biopsy.</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"><B>About Lipocine</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">Lipocine Inc. is a clinical-stage biopharmaceutical company
focused on metabolic and endocrine disorders using its proprietary drug delivery technologies. Lipocine's clinical development
pipeline includes TLANDO, LPCN 1144, TLANDO XR (LPCN 1111), LPCN 1148 and LPCN 1107 development programs. TLANDO, a novel oral
prodrug of testosterone containing testosterone undecanoate, is designed to help restore normal testosterone levels in hypogonadal
men and received a Complete Response Letter from the U.S. Food and Drug Administration on November 8, 2019. LPCN 1144, a differentiated
oral product of bioidentical testosterone, is currently undergoing Phase 2 clinical testing in biopsy confirmed NASH patients
and recently completed a proof-of-concept clinical study demonstrating the potential utility the in treatment of NASH. TLANDO
XR (LPCN 1111), a novel oral prodrug of testosterone, originated and is being developed by Lipocine as a next-generation oral
testosterone product with potential for once-daily dosing and has completed Phase 2 testing. LPCN 1148 is a unique oral testosterone
product targeted to treat NASH cirrhosis. LPCN 1107 is potentially the first oral hydroxyprogesterone caproate product candidate
indicated for the prevention of recurrent preterm birth and has been granted orphan drug designation by the FDA. An End of Phase
2 meeting with the FDA has been completed. For more information, please visit <U>www.lipocine.com</U><I>.</I></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"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>Forward-Looking Statements </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">This release contains &quot;forward-looking statements&quot;
that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include statements
that are not historical facts regarding Lipocine&rsquo;s expectation that it will continue the <I>LiFT</I> Phase 2 clinical study,
future discussions and actions with the FDA related to TLANDO, Lipocine's product candidates and related clinical trials, the timing
of completion of clinical trials, the potential uses and benefits of our product candidates, and our product development efforts.
Investors are cautioned that all such forward-looking statements involve risks and uncertainties, including, without limitation,
the risks that the FDA will not approve any of our products, risks related to our products, expected product benefits not being
realized, clinical and regulatory expectations and plans not being realized, new regulatory developments and requirements, risks
related to the FDA approval process including the receipt of regulatory approvals, the results and timing of clinical trials, patient
acceptance of Lipocine's products, the manufacturing and commercialization of Lipocine's products, and other risks detailed in
Lipocine's filings with the SEC, including, without limitation, its Form 10-K and other reports on Forms 8-K and 10-Q, all of which
can be obtained on the SEC website at www.sec.gov. Lipocine assumes no obligation to update or revise publicly any forward-looking
statements contained in this release, except as required by law.</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">For further information:</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">Morgan Brown</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Vice President &amp; Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Phone: (801) 994-7383</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>mb@lipocine.com</U></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">Investors:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Phone: (617) 535-7743</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>hans@lifesciadvisors.com</U></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"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !@ 24# 2(  A$! Q$!_\0
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MJD^L:='IJZB][ MDV,3EQL.?>HK#Q#H^J7'D6.I6MQ-C=LCD!./I0!I4444
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MO@;7[R;F*S<2(I/5V7 'XD 5B> _#TOCGQ3<ZIJS-+;Q/YLY/_+1ST7Z?TH
M;IGA/Q7\0KC^T;^Y=+=CQ<7!.,?["^GY"NTM_@GHR1 7&H7DDG<KM4?@,5Z9
M'&D4:QQJ%11A548 %.H \EU/X(VS1EM+U25)/[MPH8'\1C%<O:ZOXM^&>IK;
M7BN]H3_JI&+12#U0]C7T%69K^A67B+29=/OHPR./E;'*-V8>] #/#OB&Q\3:
M5'?V,F5/#QG[T;=P:U))$BC:21@J("S,3@ #O7@'A+4+OP#\0'TN\?%O)*+>
M<'H0?NO^H/T)KL?C%XEDL=,@T6VD*R78WS$=?+!X'XG^5 &!XP^)NHZS?'2?
M#?FQ0%O+$L8_>3'V]!3M"^#FH7Z+=:Y>FUW\F)/FD_$G@'\ZZ;X6^"X=*TJ/
M6;R(-?W*[H]P_P!4AZ8]S7H] 'FI^"N@E,"]O@V/O;E_PKF-;^$6L:1F\T*\
M-UY9W!!\DHQZ=B?RKW&B@#R#P/\ $^YBNUT;Q,Q#;MB74@PRMZ/_ (_G5CXX
M$'2M((.?WTF#_P !%=%XL^&VF>*;]+TS/9W &)&B0'S/0GW]ZX_XKZ=)I/A/
M0+"2[DNC!)(@FD&&(P,9^@X_"@"SJO\ R02T_P!V/_T.O,-,EU/0WL]?M R*
MDQ5)!T+ 9*GZ@UZ?JO\ R02T_P!V/_T.CX<Z%;>(_AMJ.FW0^62Y8H^.4?:,
M,* /1_#FO6WB31+?4K4@"08=,\HXZJ:U:\!\&ZW>?#_QA/H^JY2TDD\N<'HI
M_AD'M_0^U>^JP90RD%2,@CO0 V7_ %+_ .Z:\&^#?_(\S?\ 7G)_Z$E>\R_Z
ME_\ =->#?!O_ )'F;_KSD_\ 0DH [?6?A'8:SK-WJ,FIW,;W,ID**JX&:H_\
M*0TS_H+W?_?"UZG10!Y9_P *0TS_ *"]W_WPM/A^"FFPS)(-6NR48-@HO:O4
M** .*\1^"[C5-1DNK::(I*%W)+D;'"E0P(ZC!Z5TNB:;_9&D0V1E\UD+,[XQ
MN9F+,0.PRQK0HH **** "O-_C9_R)MG_ -A!/_1<E>D5YO\ &S_D3;/_ +""
M?^BY* -/X3_\D]L?^NDO_H9KM:XKX3_\D]L?^NDO_H9KM: "O _^:Z'_ +"1
MKWRO _\ FNA_["1H M?&#_D<[#_KBO\ Z%7MT'_'O%_N#^5>(_&#_D<[#_KB
MO_H5>W0?\>\7^X/Y4 4+GQ'HEF'-QJUE'LX8-.N0?3&:\B^)'Q"M_$%NNB:+
MOEMV<&6;:1YA'15'7&:[+Q5\+-.\1:J-0@N#92N?WX1,B0^OL:O>&_AMH/AN
M=;J.-[J[4Y6:X(.WZ <#Z]: /.M?T>?PM\);2SN 4NK^]$LZ=U&TD*?I@?G7
M=_"2R2U\"6\H4![F5Y'/KS@?H!5?XQ6+77@M9T&?LMPDC<=B"O\ 44[X/ZFE
MYX,%GN_>V<K(P)YPQW _KC\* /0**** "BBB@#PWXTVB6_B6PO$X>:WPV/53
MP?UK'\47#:_X]TY)2625+6,CT#*I;]2:TOB]??VEXRMM.@_>-;Q+'@?WV.<?
M^@_G5/Q]9/X<\;V$^T[$AMY%]]@"G]5H ^@HXUBC2-!A4 4#T IU06=U'?64
M%U"P:.9 ZD=""*GH **** "O*?CA_P @K2?^NTG_ *"*]6KRGXX?\@K2?^NT
MG_H(H AU7_D@EI_NQ_\ H=:GP7_Y%&Y_Z^F_]!%9>J_\D$M/]V/_ -#K4^"_
M_(HW/_7TW_H(H =\5?!W]M:7_:]E'F^M%^=5',D??\1U_.H/A-XR.IV/]A7T
MF;NV7]PS'EXQV^H_E7IO48->#>/?#UUX*\40Z[I.8[667S(RO2-^ZGV- 'NT
MO^I?_=->#?!O_D>9O^O.3_T)*]@\-^(K?Q/X<CU& @,R%98\_<<#D5X_\&_^
M1YF_Z\Y/_0DH [K6/BWI>C:Q=Z=+I]V\EM(8V9"N"1Z<U1_X7=H__0+O?S7_
M !KM;KP?X=O;J2YN='M)9Y6+.[QY+'U-1?\ ""^%O^@%9?\ ?L4 <?\ \+NT
M?_H%WOYK_C7H.B:K%KFC6NI0QO''<)O57ZCZUG?\(+X6_P"@%9?]^Q6U:6EO
M86L=K:PI#!&,)&@P%'M0!-1110 4444 %>;_ !L_Y$VS_P"P@G_HN2O2*\Y^
M,\4DW@^T6*-G87Z'"C/_ "SDH T?A/\ \D]L?^NDO_H9KM:^>O#WC[Q%X;T:
M+3+33HWAB+$-)"Q/))_K6I_PMOQ7_P! NW_[\/\ XT >XUX'_P UT/\ V$C7
M0>&_B7XCU;Q%8V%UIT,<$\H1V$3 @?4FL/[-/_PN\R>3)L_M$G=M.,?6@";X
MP?\ (YV'_7%?_0J]N@_X]XO]P?RKQ7XN6\TOC*P:.&1U$*\JI/\ %7M4'_'O
M'_NC^5 $E%%% %74M/@U73;FPN5W0W$9C8>Q[UX%I-_?_##QM+;W:,UL3LE
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M:Z_H]QIUVN8Y5P#W5NQ'N#6C10!\^^'-5O?AQXPN=+U+/V20^7,!TQ_#(/\
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MI:DPDT6[=#N5K=BI'<%37,>%_%NA0>'=*LY=1C6X6".-HR#D-@#'2NTIGDQ
MY$:9_P!T4DU:S*E"7,I19#?\Z;=8[PO_ "-9G@T$>#M*!!!\@=:W*  !@# I
M7TL5R^]S')^,K>2[U#P]!%<2V[/>D":+[R?(W(S5#5]&NM/U/099M8O[Y3J,
I8\N<J5'!YX%=V0#C(Z4A /49JE-K0RE04FWWM^ M%%%0;A1110!__]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
