LPCN Prices Offering At $6.50/Share

(RTTNews) - Lipocine Inc.(LPCN) has offered to sell 4.65 million shares of its common stock to the public at a price of $6.50 each. The underwriters have a 30-day option to purchase up to an additional 697,500 shares of common stock.

The offering, which is scheduled to close on or about April 29, 2015, is expected to rake in net proceeds of approximately $28.2 million. The company had cash and cash equivalents of $27.7 million at year end 2014.

The company's lead product candidate is LPCN 1021, an oral testosterone replacement product candidate, which has demonstrated positive efficacy results in a phase 3 study, and is currently in an ongoing safety extension phase.

Lipocine expects to submit the NDA for LPCN 1021 in the second half of 2015.

LPCN closed Friday's trading at $6.85, down 3.79%.