Lipocine Regains Complinace With Nasdaq Minimum Bid Price Requirement

SALT LAKE CITY, July 13, 2020 /PRNewswire/ -- Lipocine Inc. 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)

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/lipocine-regains-complinace-with-nasdaq-minimum-bid-price-requirement-301091784.html

SOURCE Lipocine Inc.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Small CapPress Releases
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!