EXETER, N.H.--(BUSINESS WIRE)--CPEX Pharmaceuticals, Inc. (NASDAQ: 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 (the “Mangrove Letter”). 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. (“FCB”). The Mangrove Letter requires no action by CPEX stockholders at this time. Until the Board’s review is complete, CPEX does not intend to comment further on the Mangrove Letter.
