Exhibit 99.1

Hypogonadal Men with and without Cardiovascular Disorders Benefit from LPCN 1021 (Oral Testosterone) – SOAR (Study of Androgen Replacement) Trial

Mohit Khera, MD¹, Adrian S Dobs, MD, MHS², Christina Wang, MD³, Jed C. Kaminetsky, MD⁴, Irwin Goldstein, MD⁵, Anthony DelConte, MD^6,7, Nachiappan Chidambaram⁷, Satish Nachaegari⁷, Mahesh Patel⁷, Martin M. Miner, MD⁸

¹Baylor College of Medicine, Houston, TX ²Johns Hopkins University School of Medicine, Baltimore, MD, ³ Harbor-UCLA Medical Center and Los Angeles Biomedical Research Institute, Torrance, CA, ⁴University Urology Associates, New York, NY, ⁵Alvarado Hospital, San Diego, CA, ⁶Saint Joseph’s University, Philadelphia, PA, ⁷Lipocine, Inc. Salt Lake City, UT, ⁸Brown University and the Miriam Hospital, Providence, RI

Introduction:  Testosterone therapy (TTh) is indicated for treating hypogonadal men with low serum testosterone (T) levels and related symptoms. However, T products administered as topical or parenteral T formulations are associated with inadvertent T transference, poor compliance, and superphysiologic T levels in some patients. There is a need for T formulations that improve patient compliance, mitigate transference, and achieve more consistent serum T levels. LPCN 1021 is a novel oral T undecanoate formulation assessed in a Phase 3 (SOAR) trial that may avoid some of the undesirable attributes of non-oral T formulations. Long-term cardiovascular outcomes of TTh is unknown with studies of TTh and cardiovascular safety providing inconsistent results.

Methods:  SOAR is a randomized, active–controlled, 2-arm, 12-months, open-label, multicenter, dose-titration trial that included 314 hypogonadal (T<300ng/dl on 2 separate days) men between the ages of 18 and 80 years old.  Participants were randomized to either LPCN 1021 (n=210) or Androgel^® 1.62% (n=104).  Of the 314 randomized hypogonadal men, 164 (52%) of them had a comorbid condition of cardiovascular disorder (CVD+) at baseline. The LPCN 1021 dose could be titrated up (e.g. if T C_ave, _24h <300 mg/dL) or down (e.g. if T C_max was >1500 mg/dL) at weeks 4 and 8 based on 24 h PK, if required.  Androgel 1.62% was titrated based on manufacturer’s instruction. Sexual function and mood changes were assessed by the Psychosexual Daily Questionnaire (PDQ) for 7 days preceding visits. In addition, quality of life (QoL) was assessed by the SF-36 questionnaire at weeks 1and 52 (end of study, EOS).

Results:  Hypogonadal subjects with CVD+ (n=164; 52%) were significantly older (p<0.001), and had higher SHBG levels (p=0.002), and greater vitality (p=0.028); baseline T levels were comparable (p=NS). Men with CVD+ had worse erections (p=0.010) and more difficulty maintaining erections (p=0.001) compared to hypogonadal subjects without CVD at baseline. Treatment with LPCN 1021 resulted in greater reduction of LDL, cholesterol and triglycerides in hypogonadal subjects with CVD+ compared to those without CVD both at baseline (p=0.033, p=0.011 and p=0.091) and EOS (p=0.005, p<0.001 and p=0.014), respectively. Non-significant differences were observed for the same parameters with Androgel 1.62%. In addition, hypogonadal patients with CVD+ treated with LPCN 1021 had significant improvements at EOS compared to baseline for vitality (p=0.006), depressed mood (p<0.001), mental component summary (p=0.017), penile rigidity (p<0.001) and ability to maintain erections (p<0.001).

Conclusions: Twice daily administration of oral LPCN 1021 improves psychosexual symptoms in hypogonadal men with or without CVD.