CPEX Acquired by FCB I Holdings Inc. for $27.25 Per Share in Cash

CPEX Pharmaceuticals, Inc. CPEX announced today that it has entered into a definitive agreement with FCB I Holdings Inc. under which FCB, through a wholly-owned subsidiary, will acquire all of the outstanding common stock of CPEX for $27.25 per share in cash. The transaction price represents a premium of 11% over the closing stock price of CPEX on Monday, January 3, 2011 and a 142% premium over the price of CPEX shares on January 7, 2010, the day prior to the date a third party publicly stated its intention to make an unsolicited offer for the Company. The transaction was unanimously approved by the CPEX Board of Directors.