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Mangrove Partners Responds to Erroneous CPEX Assertions
Date:3/4/2011

NEW YORK, March 4, 2011 /PRNewswire/ -- Mangrove Partners, owners of 149,373 shares representing approximately 5.71% of the outstanding shares of CPEX Pharmaceuticals, Inc (Nasdaq: CPEX), believes its analysis and intentions were inaccurately portrayed in CPEX's March 2, 2011 letter to stockholders, which appears to use scare tactics in order to pressure stockholders into accepting an inadequate price for their shares.

Commenting on the merger, Nathaniel August replied, "At its most basic level the merger makes no sense. The buyer is funding only $3 million of equity yet there is approximately $10 million in transaction fees being paid to management and advisors."

As regards CPEX's scare tactics, Nathaniel August remarked, "When we first purchased CPEX stock last April, management told us the outlook for Testim was wonderful following the FDA's response to Auxilium Laboratories, Inc.'s Citizen's Petition, which states that future generic competitors must file a full NDA. Now that management is about to capture their change of control payments, CPEX is only too willing to tell stockholders how awful the outlook is for Testim."

Mangrove Partners would like to highlight the following inaccuracies in CPEX's letter:

  • CPEX's letter fails to inform stockholders of the Citizen's Petition regarding generic versions of Testim (and a subsequent affirmation of that response), which requires potential competitors to file a full NDA, an extremely costly process, in order to be approved.
  • Competing and generic products have been well known since before CPEX issued its proxy statement, which forecasts continued growth in the Testim royalty over the next four years despite the new competition. Is CPEX backing away from this projection? Although our analysis suggests that Testim is often used after AndroGel® has been ineffec
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SOURCE Mangrove Partners
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