CPEX Pharmaceuticals Advises Stockholders to Take No Action in Response to Mangrove Partners' Revised Proposal

CPEX Pharmaceuticals, Inc. CPEX today confirmed that it has received an unsolicited, non-binding letter from Mangrove Partners revising the terms of the potential alternative transaction involving a recapitalization of CPEX that Mangrove had initially proposed on March 14, 2011.

CPEX noted that two of Mangrove's original proposed financing sources are not party to the Revised Mangrove Letter. Consistent with its fiduciary duties and the merger agreement with FCB I Holdings Inc., CPEX's Board of Directors will review the terms of the Revised Mangrove Letter as soon as practicable. The Revised Mangrove Letter requires no action by CPEX stockholders at this time. Until the Board's review is complete, CPEX does not intend to comment further on the Revised Mangrove Letter.