Lipocine Regains Complinace With Nasdaq Minimum Bid Price Requirement

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Lipocine Inc. (NASDAQ: LPCN) announced on July 13, 2020, that it has regained compliance with Nasdaq's minimum bid price requirement, as confirmed by a Nasdaq letter dated July 9, 2020. This development affirms that the company meets the criteria outlined in Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market. This compliance is critical for Lipocine's operations and investor confidence, as it avoids potential delisting threats that could negatively impact stock performance.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement, enhancing investor confidence.

Negative

• None.

SALT LAKE CITY, July 13, 2020 /PRNewswire/ -- Lipocine Inc. (NASDAQ: LPCN), a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders, today announced that it has received a letter from The Nasdaq Stock Market LLC ("Nasdaq") on July 9, 2020 indicating that Lipocine has regained compliance with Nasdaq's minimum bid price for continued listing on the Nasdaq Capital Market set forth in Nasdaq Listing Rule 5550(a)(2) ("Min Bid Price Listing Rule").  

About Lipocine
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 non-cirrhotic NASH.  LPCN 1144 is currently being studied in a Phase 2 clinical study.  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 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.

Forward-Looking Statements
This release contains "forward-looking statements" 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'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.

LIPOCINE INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
				March 31,		December 31,
				2020		2019
Current assets:
	Cash and cash equivalents		$              15,134,789		$      9,728,523
	Restricted cash		5,000,000		5,000,000
	Marketable investment securities		448,077		4,340,041
	Accrued interest income		9,212		16,522
	Prepaid and other current assets		373,370		545,887
		Total current assets	20,965,448		19,630,973
Property and equipment, net of accumulated depreciation of
$1,140,942 and $1,140,143, respectively		2,755		3,554
Other assets		23,753		23,753
		Total assets		$              20,991,956		$    19,658,280
Current liabilities:
	Accounts payable		$                1,654,909		$      1,182,241
	Accrued expenses		738,280		449,303
	Debt - current portion		1,666,666		3,333,333
		Total current liabilities	4,059,855		4,964,877
Debt - non-current portion		4,688,136		3,814,407
Warrant liability		5,691,229		4,591,200
		Total liabilities	14,439,220		13,370,484
Commitments and contingencies (notes 7, 8 and 10)
Stockholders' equity:
	Preferred stock, par value $0.0001 per share, 10,000,000
		shares authorized; zero issued and outstanding		-		-
	Common stock, par value $0.0001 per share, 100,000,000
		shares authorized; 47,860,209 and 37,655,175 issued
		and 47,854,499 and 37,649,465 outstanding		4,786		3,766
	Additional paid-in capital		163,426,502		157,391,969
	Treasury stock at cost, 5,710 shares		-40,712		-40,712
	Accumulated other comprehensive loss		-		-38
	Accumulated deficit		-156,837,840		-151,067,189
		Total stockholders' equity	6,552,736		6,287,796
		Total liabilities and stockholders' equity	$              20,991,956		$    19,658,280
See accompanying notes to unaudited condensed consolidated financial statements

 

LIPOCINE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
				Three Months Ended March 31,
				2020		2019
Operating expenses:
	Research and development		2,511,754		1,949,821
	General and administrative		2,085,261		1,175,927
		Total operating expenses		4,597,015		3,125,748
		Operating loss		-4,597,015		-3,125,748
Other income (expense):
	Interest and investment income		59,938		125,265
	Interest expense		-133,345		-223,789
		Total other expense, net		-73,407		-98,524
Unrealized loss on warrant liability		-1,100,029		-
		Loss before income tax expense		-5,770,451		-3,224,272
Income tax expense		-200		-200
		Net loss		$(5,770,651)		$(3,224,472)
Basic loss per share attributable to common stock		($0.14)		($0.14)
Weighted average common shares outstanding, basic		41,347,631		23,383,008
Diluted loss per share attributable to common stock		($0.14)		($0.14)
Weighted average common shares outstanding, diluted		41,347,631		23,383,008
Comprehensive loss:
		Net loss		$(5,770,651)		$(3,224,472)
		Net unrealized gain on available-for-sale securities		38		2,352
		Comprehensive loss		$(5,770,613)		$(3,222,120)

 

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SOURCE Lipocine Inc.

FAQ

What does Lipocine's compliance with Nasdaq mean for shareholders?

Regaining compliance with Nasdaq indicates that Lipocine is meeting necessary requirements, which helps maintain its listing and investor confidence.

When did Lipocine regain compliance with Nasdaq?

Lipocine announced it regained compliance on July 13, 2020, based on a Nasdaq letter from July 9, 2020.

Which Nasdaq rule did Lipocine comply with?

Lipocine complied with Nasdaq Listing Rule 5550(a)(2), which pertains to the minimum bid price for continued listing.

What is the stock symbol for Lipocine?

The stock symbol for Lipocine is LPCN.