LIPOCINE INC. : Change in Directors or Principal Officers (form 8-K)

Published: 2022-01-21 16:03:03 ET LPCN

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

Resignation of Chief Financial Officer

On January 17, 2022, Morgan Brown provided Lipocine, Inc. (the "Company") with notice of his intent to resign from his position as Executive Vice President and Chief Financial Officer of the Company, effective as of January 31, 2022. Mr. Brown's resignation is not a result of any disagreement with the Company or its Board of Directors, or any matter relating to the Company's operations, policies, or practices. The Company has commenced a search process to identify Mr. Brown's successor. Upon the effective date of Mr. Brown's resignation, Mahesh Patel, the Company's President and Chief Executive Officer, will serve as the Company's Principal Financial Officer on an interim basis until Mr. Brown's successor is appointed. Information regarding Dr. Patel's background and compensation can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission on April 27, 2022.

Appointment of Principal Accounting Officer

On January 19, 2022, the Board of Directors of the Company appointed Krista Fogarty, the Company's Corporate Controller, to also serve as the Principal Accounting Officer of the Company.

Ms. Fogarty, age 54, has served as our Corporate Controller since October 2018. Ms. Fogarty previously served as Chief Financial Officer at Alternative Behavior Strategies, a provider of ABA therapy services from 2017 to 2018, and as Controller and Associate VP Business Operations at Navigen, a pharmaceutical discovery and drug development company, from 2016 to 2017. Prior to that she served as VP Finance at Lineagen, a personal genomics and biotechnology company from 2013 to 2016. Ms. Fogarty also previously served as Corporate Controller at NPS Pharmaceuticals, a biotechnology company. Ms. Fogarty received a B.S. in Accounting from Utah State University and also received a MAcc from Utah State University.

Ms. Fogarty participates in the Company's 2014 Equity and Incentive Plan and cash bonus plan on the same terms as other participants in such plans.