PLx Pharma Inc. Announces Completion of $8 Million Convertible Preferred Stock Financing
May 18 2020 - 4:30PM
PLx Pharma Inc. (NASDAQ: PLXP) (“PLx” or the “Company”), a
late-stage specialty pharmaceutical company initially focused on
developing its clinically validated and patent-protected PLxGuard™
delivery system to provide more effective and safer products,
VAZALORE™ 325 mg and
VAZALORE™ 81 mg (referred to together as
“VAZALORE”™), announced that at its special meeting of
stockholders, held May 15, 2020, the stockholders approved the
issuance of more than 20% of the Company’s common stock pursuant to
a private placement transaction with certain accredited investors
and a change of control for purposes of NASDAQ Listing Rule 5635.
Upon this stockholder approval, on May 15, 2020, the Company
completed the $8 million convertible preferred stock financing by
investment funds affiliated with Park West Asset Management LLC and
MSD Partners, L.P.
“We are pleased to have received stockholder approval for this
financing, which will fund VAZALORE through the final steps of the
regulatory process. We are excited to continue our partnership with
our largest stockholder, Park West, and welcome our new investor,
MSD Partners, as we continue the commercialization of our novel
aspirin therapy,” said Natasha Giordano, President and Chief
Executive Officer of PLx Pharma.
Please refer to the Company’s Form 8-K, filed with the U.S.
Securities and Exchange Commission on March 13, 2020, for a
description of the terms of the convertible preferred stock
transaction.
This release does not constitute an offer to sell or the
solicitation of an offer to buy any security. The shares offered
have not been registered under the Securities Act of 1933, as
amended, or applicable state securities laws and may not be offered
or sold in the United States or any state thereof absent
registration under the securities act and applicable state
securities laws or an applicable exemption from
registration
About VAZALORE VAZALORE 325 mg is an
FDA-approved liquid-filled aspirin capsule that provides patients
with vascular disease and diabetic patients who are candidates for
aspirin therapy with more reliable and predictable antiplatelet
efficacy as compared to enteric-coated aspirin, while also reducing
the adverse gastric events common in an acute setting. PLx is
focused on collecting the data required for post-approval
manufacturing changes, which will be included in the sNDA filing
for VAZALORE 325 mg and to support approval of low dose VAZALORE 81
mg.
About PLx Pharma Inc. PLx Pharma Inc. is a
late-stage specialty pharmaceutical company focused on developing
its clinically validated and patent-protected PLxGuard™ delivery
system to provide more effective and safer products. The PLxGuard
delivery system works by targeting delivery of active
pharmaceutical ingredients to various portions of the
gastrointestinal (GI) tract. PLx believes this has the potential to
improve the absorption of many drugs currently on the market or in
development, and to reduce the risk of stomach erosions, ulcers and
bleeding associated with aspirin and ibuprofen, and potentially
other drugs.
To learn more about PLx Pharma Inc. and its pipeline,
please visit www.plxpharma.com.
Safe Harbor Statements Regarding Forward Looking
Statements
The statements in this news release made by
representatives of PLx relating to matters that are not historical
facts, including without limitation, those regarding future
performance or financial results, the timing or potential outcomes
of research collaborations or clinical trials, any market that
might develop for any of PLx's product candidates and the
sufficiency of PLx's cash and other capital resources, PLx’s
ability to fund its operations, the continued development by PLx of
Vazalore are forward-looking statements that involve risks and
uncertainties, including, but not limited to, the likelihood that
actual performance or results could materially differ, that future
research will prove successful, the likelihood that any product in
the research pipeline will receive regulatory approval in the U.S.
or abroad, or PLx's ability to fund such efforts with or without
partners. PLx undertakes no obligation to update any of these
statements. In addition, there can be no assurance that PLx will be
able to reduce expenses, capitalize on strategic alternatives,
develop its assets, and generate value for stockholders. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as to the date hereof. Accordingly,
any forward-looking statements should be read in conjunction with
the additional risks and uncertainties detailed in PLx's filings
with the SEC, including those discussed in PLx's Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, and periodic reports
filed on Form 8-K.
Contact Investor Relations:Lisa M. Wilson, In-Site
Communications, Inc.T: 212-452-2793E: lwilson@insitecony.com
Source: PLx Pharma Inc.
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