Attention CPEX Pharmaceuticals Shareholders: Acquisition of CPEX Pharmaceuticals, Inc. by FCB I Holdings Inc. Under Investigation

Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of CPEX Pharmaceuticals, Inc. (NASDAQ: CPEX) in connection with their efforts to sell the company to FCB I Holdings Inc., a newly formed company which is controlled by Footstar Corporation.  If the transaction is completed, CPEX shareholders will receive $27.25 in cash for each share of CPEX common stock they hold.  The transaction is expected to be completed in the second quarter of 2011.

Robbins Umeda LLP’s investigation concerns whether CPEX’s board undertook a fair process to obtain fair consideration for its shareholders.  Specifically, the investigation concerns whether members of CPEX board breached their fiduciary duties to its shareholders by failing to adequately shop the company before entering into the transaction with FCB.

If you are a shareholder of CPEX, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at info@robbinsarroyo.com.

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