Lipocine Makes Reverse Merger Move & Secures $38 Million to Advance Portfolio
Lipocine, Inc. recently announced it has entered into securities purchase agreement with gross proceeds of $38 million for the issuance and sale of approximately 6.3 million shares of its common stock at $6.00 per share to institutional investors. The closing of the private placement is subject to customary closing conditions. Proceeds from the private placement will be used primarily to advance Lipocine’s oral testosterone portfolio, LPCN 1021 and LPCN 1111.
On July 24, 2013, Lipocine successfully completed a reverse merger with Marathon Bar Corp. The combined company will focus solely on the business of Lipocine. Lipocine will trade under the symbol MBARD on the OTCBB until on or about August 22, 2013, when it will be quoted under the symbol LPCN on the OTCBB.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (LTS), is serving as the exclusive placement agent on the private placement.
In connection with the private placement, Lipocine has agreed, subject to certain terms and conditions, to file a registration statement under the Securities Act of 1933, as amended, covering the resale of the shares of common stock, within 30 days after the closing. The shares of common stock to be issued and sold pursuant to the securities purchase agreements have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements.
Lipocine Inc. is a specialty pharmaceutical company developing innovative products for use in men’s and women’s health using its proprietary drug delivery technologies. Lipocine’s lead product candidate, LPCN 1021, is Phase III ready and is targeted to treat symptoms of low testosterone for men in need of testosterone replacement therapy. This product candidate is designed to provide twice-a-day oral dosing. Additional pipeline candidates include LPCN 1111, a next-generation longer-acting oral testosterone therapy product and LPCN 1107, potentially the first oral product for the prevention of preterm birth. For more information, visit www.lipocine.com.
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