<SEC-DOCUMENT>0001104659-20-047925.txt : 20200417
<SEC-HEADER>0001104659-20-047925.hdr.sgml : 20200417
<ACCEPTANCE-DATETIME>20200417080046
ACCESSION NUMBER:		0001104659-20-047925
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200417
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200417
DATE AS OF CHANGE:		20200417

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:		20797762

	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>tm2016199d1_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="margin: 0"></P>

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CURRENT REPORT</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The Securities Exchange Act of 1934</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>April 17, 2020</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>LIPOCINE INC.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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="padding: 0; width: 50%; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding: 0; width: 50%; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">99-0370688</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(IRS Employer Identification Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>675 Arapeen Drive, Suite 202</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Salt Lake City, Utah 84108</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive offices)
(Zip Code)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; text-align: left">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">&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"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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;Section 12(b)&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="border-right: #CCCCCC 1pt solid; border-bottom: Black 1pt solid; border-left: #CCCCCC 1pt solid; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: Black 1pt solid; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="border-right: #CCCCCC 1pt solid; border-bottom: Black 1pt solid; width: 40%"><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>

<!-- 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 April 17, 2020, the Company issued
a press release announcing the U.S. Food and Drug Administration denies Clarus Therapeutic Inc.&rsquo;s Citizen Petition. 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;</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="vertical-align: top">
    <TD STYLE="padding: 0; width: 10%; border-bottom: Black 1pt solid; text-indent: 0"><FONT STYLE="font-size: 10pt">Exhibit No.&#9;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 88%; border-bottom: Black 1pt solid; text-indent: 0"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="tm2016199d1_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="tm2016199d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Press Release announcing U.S. FDA Denies Clarus&rsquo;s Oral Testosterone Ester Citizen Petition</A></P></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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">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 STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">LIPOCINE INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 5%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 35%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 10%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 5%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 45%; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-indent: 0"><FONT STYLE="font-size: 10pt">April 17, 2020</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/ Mahesh V. Patel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Mahesh V. Patel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><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>tm2016199d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"></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: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>U.S. FDA
Denies Clarus&rsquo;s Oral Testosterone Ester Citizen Petition </B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>SALT LAKE CITY, UT, April
17, 2020</B> <I>&ndash; </I><U>Lipocine Inc</U>. (<FONT STYLE="background-color: white">NASDAQ: LPCN), a clinical-stage biopharmaceutical
company focused on metabolic and endocrine disorders, today announced that the United States Food and Drug Administration (&ldquo;FDA&rdquo;)
denied the Citizen Petition filed by Clarus Therapeutics Inc. (&ldquo;Clarus&rdquo;) on October 2, 2019. Specifically, the FDA
declined to issue product-specific guidance on oral T-ester drug products and denied without comment Clarus&rsquo; request regarding
how the FDA should review and make approval decisions on any pending or future oral T-ester products.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: white">Clarus
originally filed the Citizens Petition with the FDA requesting the FDA issue &ldquo;clear, written guidance regarding the safety
and efficacy standards required for oral testosterone-ester prodrugs as testosterone replacement therapy&rdquo; and requested
the FDA not to approve &ldquo;any pending [new drug application (&ldquo;NDA&rdquo;)] for an oral T-ester to treat male hypogonadism
that fails to meet the standards for approval set forth in [the] petition.&rdquo; </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: white"><B>About
Lipocine</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: white">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 1148 and LPCN 1107. TLANDO,
a novel oral prodrug of testosterone containing testosterone undecanoate, is designed to help restore normal testosterone levels
in hypogonadal men. Lipocine has resubmitted its NDA to the FDA for TLANDO and has a PDUFA date of August 28, 2020. LPCN 1144,
an oral product of bioidentical testosterone, recently completed a proof-of-concept clinical study demonstrating the potential
utility in the treatment of pre-cirrhotic NASH. TLANDO XR, 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. In a phase 2 clinical evaluation
when administered as once daily or twice daily TLANDO XR met the typical primary and secondary end points. LPCN 1148 is an oral
prodrug of bioidentical testosterone targeted for the treatment of NASH cirrhosis. LPCN 1107 is potentially the first oral hydroxyprogesterone
caproate product candidate, with end of phase 2 meeting completed, indicated for the prevention of recurrent preterm birth and
has been granted orphan drug designation by the FDA. For more information, please visit www.lipocine.com.</FONT></P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: white"><B>Forward-Looking
Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: white">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 potential future actions and decisions
by the FDA. 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>CONTACT:
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Morgan Brown</FONT></P>

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

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

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

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

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

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

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

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



<P STYLE="margin: 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="margin: 0"></P>

<P STYLE="margin: 0">&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$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !* 0(# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#H?A7XNU[7
M_$]S:ZIJ+W,"632*C(HPP=!G@#L3^=>O5X-\$_\ D<KS_L'O_P"C(Z]YH *\
ME^*WBO7- UZRM]+U![:*2VWLJJIRVYAGD'TKUJO#/C=_R,VG_P#7G_[.U '6
M?$_Q%JVA:%I-QIEZ]O+,Y$C*JG<-N>X-<G9W?Q7O[.&[M9+J2"9 \;@0C<IZ
M'FMGXR_\BSH?_70_^@"N\\$_\B/HG_7G'_Z"* /,6D^+]NOFD79 &<!8'_3F
MI]%^+VIZ?J'V'Q388 .UY$B,<L?NR'@_AC\:]EKA?BGX<M=7\*7.H>6HO;%/
M-27&"4'WE)[C&3]10!VMM<0W=M%<V\BRPRJ'1U.0RGD$51UWQ!IOAO3FOM2G
M$<8X51RTC>BCN:X+X0Z\%\':A'>S;8-,D,F]CPD9!8C\"&/XUQ0&J?%?QN1N
M>&S3)&>1;PY_(L?U/L. #3U'XI>)_$5Z;/PW9O;JWW5AC\Z9AZDX('X#CUIJ
M^&_BK=#SFO=1C+<[3J6S] _%>PZ'X?TSP[8+9Z9;+#&/O-U9SZL>YK3H \%E
MU7XF>#SYMZ;R2W7EFG N(R/=QDC\P:[OP=\4=/\ $<L=C?QK8ZB_"#=F.4^B
MGL?8_F:[X@,I5@"",$'O7D7Q*^',$5M+K^A0B%HOGN;:,84CNZCMCN!QW^H!
MZ]37=(HVDD=41069F.  .I)K@OA=XQD\1:2]A?2%]1L@,NQYECZ!CZD=#^'K
M7-_%WQ=-)=+X7T]FQ\INRG5V/*Q_R)]<B@"UXJ^,26\SV?AR%)W!VF[E!*9_
MV%[_ %/Y&L"&V^*?B(?:5FU*%&Y!\\6H_!05_E7<^ /AU:>'K2+4-2A2;5G
M;Y@&6W]E_P!KU/Y>_?T >$OI7Q6T;_2%N-3G YPMT+C_ ,<).?RK4\.?&*Y@
MNA9>)[4 !MC7,495T/\ MI_ACZ&O8JY?QAX(TWQ99/YD:0WZK^YNE7Y@>P;U
M7V_*@#H[:Y@O+:.YMI4E@E4,DB'(8'N#7DWPX\7:]K7C6XL=1U%Y[989&6-D
M4 $, .@]ZO\ PUT?QAX:OI-.U2P(TB0,5?[1&PB<<Y #9PW3&.N#ZUROPE_Y
M*)=?]>\W_H:T 0^*O'WBBP\5ZK:6NKRQP0W+I&@1#M4'@<BO5_ GBV/Q9H"3
ML5%]!B.ZC''S?W@/0]?S':O*+>U@OOC=<VES&LL$U[<)(C=&!5\BF'[=\*?'
M_'F2V$G_ )&@)_\ 0E_F/0T ?05%0VEW!?V<-W:R++!,@>-UZ,#R*FH \AU[
MQ=KUI\7XM&@U%TT]KVUC, 1<;7$>X9QGG<?SK:\>_P#"=_VY!_PB_G_8?LR[
M_+\O'F;FS][GIMKBO$W_ "7J#_L(67_H,5>\T >)_P#%WO\ I[_\@4?\7>_Z
M>_\ R!7ME% 'B?\ Q=[_ *>__(%=#XW36&U&(EYTB$"&+ )C8[7\Q3@'YRVS
M'0XZ$<FO2Z* /+D7XE[%^Q[1:X_<BY*^;L_AWYYW8QG/?-%>HT4 >#?!/_D<
MKS_L'O\ ^C(Z]YKP;X)_\CE>?]@]_P#T9'7O- !7AGQN_P"1FT__ *\__9VK
MW.O#/C=_R,VG_P#7G_[.U &S\9?^19T/_KH?_0!7>>"?^1'T3_KSC_\ 017!
M_&7_ )%G0_\ KH?_ $ 5WG@G_D1]$_Z\X_\ T$4 ;U>??%7Q5::7X;N-)CE5
M]0O5\ORU.2D9^\S>F1P/K[4GCGPQXLOKQ;GPYK-VL4WRS6OVHQA/]I3GIZC^
MG PO#_P;F-ZMYXDO4E ;<;>!BQD/^TYQ^GYT <W;0W&A_!V\NF#1MK-['"G8
MF)03G\2K#Z5Z#\'=)CLO!WV_:/.OI68MWVH2H'YAC^-5_C)8JO@BS-O&$BM;
MM $0854V,HP/KM%:_P *[Q+OX?6"J1NMVDB<#L0Y(_1@?QH [.BBB@ I&574
MJRAE(P01D$4M% '@7AM#X5^,IT^(E8#<O;;?6-QE!_Z"?PI/A_ /%/Q0EU*Z
M&X1M+?%3Z[@%_(L#^%.&W6_CF?*^9/MY!([B-<'_ - -/^$$W]G>/+FPGPLD
MMO)"!_MJP/\ )6H ]YHHHH **** "O!OA+_R42Z_Z]YO_0UKWFO!OA+_ ,E$
MNO\ KWF_]#6@ TS_ )+T_P#V$)__ $%J]2\=^$X_%GA^2W4*+Z',EK(>,-_=
M)]#T_(]J\MTS_DO3_P#80G_]!:O>: /&?A/XMDTZ]?PKJA:,-(PMO,X,<F?F
MC/ID]/?/K7LU>/?%OPB\$R^*=-0JP91=B/@JP^[)_('\#ZUVGP_\7IXKT%6E
M91J%MB.Y3U/9Q['^8- 'F?B;_DO4'_80LO\ T&*O9M1\1:-I%PMOJ.IVMK,R
M;PDT@4E<D9Y[9!_*O&?$W_)>H/\ L(67_H,5>D>+/AUIWB[58K^[O+J&2. 0
MA8=N" S'/(//S&@#3_X3;PO_ -!_3_\ O^M'_";>%_\ H/Z?_P!_UKC_ /A2
M.B?]!/4/S3_XFC_A2.B?]!/4/S3_ .)H ]&L;^TU.U6ZL;F*X@8D+)$VY3@X
M/-6*R?#>@6_AG1(M+MI998HF9@\N-QW$GM]:UJ "BBB@#P;X)_\ (Y7G_8/?
M_P!&1U[S7S)X&\5IX/UN;4)+1KH26S0;%?9C+*V<X/\ =_6O0?\ A>5M_P!
M&7_P)'_Q- 'K5>&?&[_D9M/_ .O/_P!G:MG_ (7E;?\ 0!E_\"1_\36#\8YQ
M=:UI%P%VB73U?;G.,LQQ0!O?&7_D6=#_ .NA_P#0!7>>"?\ D1]$_P"O./\
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M1^&K'6]+0G4+=IUDA!P+J+SG)0_[0ZJ>Q^M:7P^N$N]&U"YC#!)=3N)%##!
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1**'*Z"%-1;:ZA1114FA__]D!

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