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CPEX Pharmaceuticals Files Preliminary Proxy Materials and Nominates Highly Qualified Independent Board Candidate for Election at 2010 Annual Meeting

"Robert brings an exceptional blend of senior leadership experience at public and private companies, both inside and outside the biotechnology sector, and we believe he will be a valuable, independent member of the Board," said John A. Sedor, CPEX President and Chief Executive Officer. "We are confident that Robert will contribute significantly to our efforts to enhance value for all CPEX shareholders. We thank Miguel for his tremendous service as a director at CPEX and wish him the very best in the future."

Mr. Forrester, age 46, served in various roles at CombinatoRx, Incorporated (NASDAQ: CRXX) from 2004 until January 2010, including as Interim President and CEO through CombinatoRx's merger with Neuromed, a privately held biopharmaceutical company, in December 2009. In addition to structuring, negotiating and closing this merger, Mr. Forrester guided CombinatoRx through its initial public offering, as well as multiple other public and private financings and research and product development collaborations with large pharmaceutical companies, biotech companies and foundations. While at CombinatoRx, numerous drug candidates progressed from research into clinical development. Prior to joining CombinatoRx, Mr. Forrester served as Senior Vice President, Finance and Corporate Development at Coley Pharmaceutical Group from 2000 to 2003, a publicly traded biopharmaceutical company, which was acquired by Pfizer. From 1994 to 2000, he was a Managing Director of the Proprietary Investment Group at MeesPierson, part of the Fortis Group where he was part of a merchant banking group investing in life science companies. Prior to MeesPierson, Mr. Forrester was an investment banker at BZW and UBS advising multi national companies on corporate finance and M&A transactions. Mr. Forrester started his career as a lawyer with Clifford Chance. He is a member of the Board of Directors of Myriad Pharmaceuticals (NASDAQ: MYRX), Atlantic Healthcare, Rhapsody Biologics and MoMelan Technologies. He holds a LL.B. from Bristol University.

CPEX shareholders will receive a proxy statement and WHITE proxy card in the coming weeks which should be returned to vote FOR the Company's nominee. To vote FOR the nominee, shareholders should sign, date and return the WHITE proxy card as soon as it is received. Mackenzie Partners, Inc. is acting as CPEX's proxy solicitor and can be reached toll-free at (800) 322-2885, collect at (212) 929-5500, or by e-mail at cpex@mackenziepartners.com.

About CPEX Pharmaceuticals

CPEX Pharmaceuticals, Inc is an emerging specialty pharmaceutical company focused on the development, licensing and commercialization of pharmaceutical products utilizing CPEX's validated drug delivery platform technology. CPEX has U.S. and international patents and other proprietary rights to technology that facilitates the absorption of drugs. CPEX has licensed applications of its proprietary CPE-215 drug delivery technology to Auxilium Pharmaceuticals, Inc. which launched Testim, a topical testosterone gel, in 2003. CPEX is also developing a proprietary intranasal insulin product candidate, Nasulin , which has recently been tested in a Phase 2a clinical trial. CPEX maintains its headquarters in Exeter, NH. For more information about CPEX, please visit www.cpexpharm.com.

Important Information

CPEX, its directors and the director nominee as well as CPEX's officers and employees may be deemed to be participants in the solicitation of proxies from the stockholders of CPEX in connection with the Company's 2010 Annual Meeting of Stockholders. Information concerning the interests of participants in the solicitation of proxies will be included in any proxy statement filed by CPEX in connection with the Company's 2010 Annual Meeting of Stockholders.

In addition, CPEX files annual, quarterly and current reports with the U.S. Securities and Exchange Commission. Proxy statements and these other reports, when available, can be obtained free of charge at the U.S. Securities and Exchange Commission's web site at www.sec.gov or from CPEX at www.cpexpharm.com/investor.htm. Stockholders of CPEX are advised to read carefully any proxy statement filed in connection with CPEX's 2010 Annual Meeting of Stockholders when it becomes available before making any voting or investment decision because it will contain important information. CPEX's proxy statement will also be available for free by writing to CPEX Pharmaceuticals, Inc., 2 Holland Way, Exeter, NH 03833, Attention: Corporate Secretary. In addition, copies of the proxy materials may be requested from our proxy solicitor, MacKenzie Partners, Inc., by toll-free telephone at 800-322-2885 or by e-mail at cpex@mackenziepartners.com.

Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995:

This press release contains forward-looking statements, including, without limitation, statements regarding the prospects for CPEX and the composition of its board of directors. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such statements. Factors that may cause such differences include, but are not limited to, risks associated with the following: clinical trials may not demonstrate the efficacy and safety of CPEX products, regulatory approvals may be delayed or not obtained, CPEX's dependence on obtaining 3 agreements with other parties to conduct clinical trials and commercialize its product candidates that use its drug delivery technology, competition from other manufacturers of proprietary pharmaceuticals, CPEX's products may not achieve market acceptance or favorable reimbursement rates from health insurers, intellectual property litigation, and other uncertainties detailed under "Risk Factors" in CPEX's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K filed on March 25, 2009. CPEX cautions investors not to place undue reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this document, and CPEX undertakes no obligation to update or revise the statements, except as may be required by law.

CPEX Pharmaceuticals, Inc.
Bob Hebert, 603-658-6100
Chief Financial Officer
rhebert@cpexpharm.com
or
The Trout Group
Chad Rubin, 646-378-2947
Vice President
crubin@troutgroup.com