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

CPEX Pharmaceuticals, Inc. CPEX today confirmed that it has received an unsolicited, non-binding letter from Mangrove Partners regarding a potential alternative transaction involving a recapitalization of CPEX.

CPEX has also said that its Board of Directors will review the terms of the Mangrove Letter as soon as practicable in a manner consistent with its duties and the merger agreement with FCB I Holdings Inc.