Clarus Therapeutics Defeats Lipocine’s (NASDAQ: LPCN) Patent Infringement Lawsuit On Summary JudgmentasFederal Circuit Judge William C. Bryson, granted Clarus’s motion for summary judgment against Lipocine, Inc. for failure to provide an appropriate written description of Lipocine’s asserted patent declarations. LPCN stock price plummeted adjacent to the news.
Lipocine Inc. (LPCN) shares were falling -15.33% to trade at $1.16 in premarket at last check. LPCN’s stock lost -2.14% to close Tuesday’s session at $1.37.Shares of the company fluctuated between $1.37 and $1.42 throughout the day. LPCN shares have risen by 41.24% over the last 12 months, and they have moved up by 2.24% in the past week.
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First Quarter Financial Report
Lipocine produced no revenue from its products in the first quarter of 2021 as well as the prior year. It reported a net loss of $3.4 million, or ($0.04) per diluted share for the first quarter 2021 versus a net loss of ($5.8) million, or ($0.14) per diluted share for the same period the previous year.
Research & development expense accumulated to be $1.58 million, reduced by 37% from $2.51 million offset by a decrease in external service provider expense for LPCN 1144 and TLANDO XR, primarily due to increment in internal personnel costs and other R&D costs.
General & administrative expenses decreased by 26% to $1.53 million from $2.08 million, offset by a reduction in legal expense linked to patent litigation with Clarus Therapeutics
As of March 31, 2021, marketable securities, capital, and equivalents accumulated to be $45.3 million, in comparison to $15.6 million per annum before. Across February 2021 amendment of the Loan and Security contract between Lipocine and Silicon Valley Bank, the $5 million minimum cash provision is no longer needed. In January 2021, Lipocine raised gross proceeds of $28.7 million via a public offering.
Lipocine continued developing the ongoing Phase II LiFT study, with 36-week biopsy data anticipated in August 2021, and additional enlistment into LiFT’s open-label extension. Lipocine is also in the process of assessing commercial options for TLANDO.
Lipocine Inc. (LPCN) did not induce investor interest after failing to provide an adequate written description of Lipocine’s asserted patent claims. LPCN stock price saw a substantial decrease at pre-market trading.