On January 17, 2022, Morgan Brown provided Lipocine Inc. (the “Company”) with notice of his intent to resign from his position as Executive Vice President of the Company, effective as of January 31, 2022. Mr. Brown's resignation is not a result of any disagreement with the Company or its Board of Directors, or any matter relating to the Company's operations, policies, or practices. The Company has commenced a search process to identify Mr. Brown's successor.

Upon the effective date of Mr. Brown's resignation, Mahesh Patel, the Company's President and Chief Executive Officer, will serve as the Company's Principal Financial Officer on an interim basis until Mr. Brown's successor is appointed. On January 19, 2022, the Board of Directors of the Company appointed Krista Fogarty, the Company's Corporate Controller, to also serve as the Principal Accounting Officer of the Company. Ms. Fogarty, age 54, has served as Corporate Controller since October 2018.

Ms. Fogarty previously served as Chief Financial Officer at Alternative Behavior Strategies.