Arcadia Capital Advisors files intent to purchase remaining CPEX shares at $14 per share

CPEX Pharmaceuticals, Inc. (NASDAQ: CPEX) today confirmed that Arcadia Capital Advisors, LLC and its principal Richard Rofé, who hold approximately 12% of outstanding shares, have filed with the Securities and Exchange Commission (SEC) notice of intention of Mr. Rofé to make an unsolicited contingent offer to purchase the remaining shares of common stock of CPEX for $14.00 per share. Mr. Rofé indicated that any offer would require the CPEX Board of Directors to redeem the Rights under CPEX Shareholder Rights Plan.

CPEX’s Board of Directors, consistent with its fiduciary duties and in consultation with its financial and legal advisors, will carefully consider Arcadia’s notice of intent. CPEX stated that no offer has been made and that shareholders do not need to take any action now. Following its consideration of the situation, the CPEX Board of Directors will advise shareholders as to what course of action, if any, should be undertaken.