Dr. Mahesh V. Patel (Chairman, President and Chief Executive Officer) has more than 20 years of technology and product development experience in the area of drug discovery support, drug delivery and product line extensions. Prior to co-founding Lipocine in 1997, Dr. Patel led drug delivery research and development at Pharmacia and Upjohn in Kalamazoo, MI. He received his MS in Physical Pharmacy at the University of Cincinnati and his PhD in Pharmaceutics from the University of Utah. His areas of expertise include strategic planning, technology assessment/development, technical management and product research and development.

Mr. Morgan Brown (Executive Vice President and Chief Financial Officer) has more than 20 years of finance and accounting experience with the last thirteen years servicing biotechnology, pharmaceutical, medical device and clinical research companies. Prior to joining Lipocine, Mr. Brown served in a similar capacity at Innovus Pharmaceuticals, Inc. (OTCBB: INNV), an emerging pharmaceuticals company, at World Heart Corporation (NASDAQ: WHRT), a medical device company, and Lifetree Clinical Research, a clinical research organization. During Mr. Brown's tenure at World Heart Corporation, he was involved in numerous financings in addition to the ultimate sale of World Heart Corporation to Heartware International Inc. (NASDAQ: HTWR). Previously he worked for NPS Pharmaceuticals Inc. (NASDAQ: NPSP), a biotechnology company where he served as Vice President Finance and Treasurer. During his tenure at NPS Pharmaceuticals, Inc., Mr. Brown was involved in numerous financings as well as merger and acquisition activities. Before NPS Pharmaceuticals, Inc., Mr. Brown worked for KPMG LLP in Salt Lake City for over seven years and managed multiple audit engagements, servicing private and publicly owned clients. Mr. Brown is a licensed certified public accountant in Utah. Mr. Brown earned a Master of Science degree in Business Administration from the University of Utah and a Bachelor of Science degree in Accounting from Utah State University.

Mr. Robert K. Merrell (Vice President of Finance) has more than 20 years of financial and general management experience in the pharmaceutical industry. He was a Vice President at Myriad Genetics Laboratories and Chief Financial Officer at NPS Pharmaceuticals Inc. (NASDAQ: NPSP). At NPS, he provided financial leadership in enabling NPS' growth from an early stage company through successful IPO and three subsequent follow-on offerings raising approximately $300 million. He was also actively involved in mergers and acquisitions. Prior to NPS, he was a senior manager at KPMG LLP in Salt Lake City, UT. He is a CPA and earned his Master of Management Degree at Kellogg Graduate School of Management and his Bachelor Degree in Accounting at the University of Utah.