Mangrove Partners Notes CPEX Stock Trading Above Offer Price

Mangrove Partners, owners of 149,373 shares representing approximately 5.71% of the outstanding shares of CPEX Pharmaceuticals, Inc. CPEX, questions CPEX's apparent desperate plea to stockholders asking them to support a merger that will pay management over $7 million dollars, or approximately 10% of the total deal compensation. Mangrove Partners further notes that CPEX's stock price has been trading consistently above the offer price, with more than 75% of shares traded this month having transacted above the offer price of $27.25 per share.