<SEC-DOCUMENT>0001104659-20-016289.txt : 20200211
<SEC-HEADER>0001104659-20-016289.hdr.sgml : 20200211
<ACCEPTANCE-DATETIME>20200211163022
ACCESSION NUMBER:		0001104659-20-016289
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200211
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200211
DATE AS OF CHANGE:		20200211

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:		20597009

	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>tm207311d1_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"></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>February 11, 2020</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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT=""><B></B></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">&nbsp;</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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: center"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="width: 20%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: center"><FONT STYLE="font-size: 10pt">99-0370688</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="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: 0.5in; 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: 0.5in; 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: 0.5in; 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: 0.5in; 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>

<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%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="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;&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 STYLE="width: 1in"><B>Item&nbsp;8.01</B></TD>
    <TD><B>Other Events</B></TD></TR>
</TABLE>
<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 February 11, 2020, the Company issued
a press release announcing that Lipocine has streamlined it infringement lawsuit against Clarus Therapeutics. 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"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in">Item 9.01</TD><TD>Financial Statements and Exhibits.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</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 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="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 19%; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt"><U>Exhibit No.&#9;</U></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 81%; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm207311d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD>
    <TD><A HREF="tm207311d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Press Release announcing Lipocine Streamlines Its Infringement Lawsuit Against Clarus Therapeutics</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: 8%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 43%">&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">February 11, 2020</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"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm207311d1_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_001.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 Streamlines Its Infringement
Lawsuit Against Clarus Therapeutics</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, February 11, 2020</B> -- Lipocine Inc. (NASDAQ:
LPCN), a clinical-stage biopharmaceutical company, announced today that in an effort to streamline the issues and associated costs
for dispute in its infringement lawsuit against Clarus Therapeutics, Inc. (&quot;Clarus&quot;) in the United States District Court
(&quot;Delaware&quot;) related to the infringement of six Lipocine U.S. Patents by Clarus's JATENZO&reg; product, Lipocine has
voluntarily dismissed its allegations of patent infringement for expired U.S. Patent Nos. 6,569,463 and 6,923,988.&nbsp; Lipocine
continues to vigorously defend its patent rights and maintains its allegations for patent infringement of four U.S. patents &ndash;
U.S. patent nos. 9,034,858; 9,205,057; 9,480,690; and 9,757,390 &ndash; by Clarus&rsquo;s JATENZO&reg; product, which has yet to
launch.</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"><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 product candidates and related clinical trials, the timing of completion
of clinical trials, the potential uses and benefits of our product candidates, our product development efforts and future discussions
and actions with the FDA related to TLANDO. 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, risk related to on-going litigation 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"></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">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; background-color: white">&nbsp;</P>

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$$L 2P  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !& .$# 2(  A$! Q$!_\0
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M\7ZIXHUUM?\ !_\ PD90:+X?7:53)B4X/R#DLV'KP*+_ (+Q?\%))_M/D?\
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MZ_LQ_LKZOK/PU^%ME<_M%?&#1+AK'5-+\(ZFFF_#SP[JK(@33=;\;S(T>LR
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M_$6Z\">&?$FDEL"_TO7?V?,\MS@#U(XQGZ@']9?['7[4_P ._P!L[]G[X?\
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M@#=_XB/_ /@FS_T$_C7_ .&K'_S1T?\ $1__ ,$V?^@G\:__  U8_P#FCK]
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..BBB@ HHHH **** /_]D!

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