ISS Proxy Advisory Services Recommends That CPEX Stockholders Vote for Merger Agreement

CPEX Pharmaceuticals, Inc. CPEX today announced that ISS Proxy Advisory Services has recommended that CPEX stockholders vote "FOR" CPEX's proposed merger agreement with FCB I Holdings Inc., under which CPEX stockholders will receive $27.25 per share in cash.

The transaction price represents 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, and a premium of approximately 12% over the 60-trading day average closing price of CPEX's shares on the date prior to the announcement of the merger.