EXETER, N.H.--(BUSINESS WIRE)--CPEX Pharmaceuticals Inc. (NASDAQ: CPEX) today announced it has received notice from Arcadia Opportunity Master Fund, Ltd. that it has withdrawn its intention, as stated in a filing with the Securities and Exchange Commission (SEC) on January 14, 2010, to propose numerous amendments to CPEX’s bylaws and to nominate a slate of directors to CPEX’s Board of Directors at the Company’s 2010 Annual Meeting. According to its notice, Arcadia now intends to nominate only Richard S. Rofé, Managing Director of Arcadia Capital Advisors, LLC, to CPEX’s Board at the Annual Meeting. The Board will evaluate the notice in its normal course.
