PLx Pharma and Dipexium Pharmaceuticals Complete Merger
April 19 2017 - 7:22PM
PLx Pharma Inc. (NASDAQ:PLXP) (“PLx”), a late-stage specialty
pharmaceutical company focused on commercializing two
patent-protected products: Aspertec 325 mg and Aspertec 81 mg
(referred to together as “Aspertec”™), has completed its previously
announced merger with Dipexium Pharmaceuticals, Inc. (“Dipexium”),
effective as of April 19, 2017. The combined company—which changed
its name to PLx Pharma Inc. immediately following the merger—will
begin trading on the NASDAQ Capital Market under the symbol “PLXP”
on April 20, 2017.
“With the successful completion of this merger,
we have strengthened the foundation of PLx and are now well
positioned to advance our development efforts for Aspertec and
prepare for commercialization of this important cardiovascular
product,” stated Natasha Giordano, President and Chief Executive
Officer of PLx.
PLx will initially focus on completion of
manufacturing scale-up and label finalization for its FDA approved
Aspertec 325 mg aspirin dosage form, and filing of a supplemental
new drug application (“sNDA”) for Aspertec 81 mg maintenance dose
form. Aspertec is being developed to provide high-risk
cardiovascular and stroke patients 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.
In connection with the completion of the merger,
Dipexium effected a reverse stock split of its issued and
outstanding shares of common stock at a ratio of 1-for-8. The
holders of shares of PLx common stock outstanding immediately prior
to the merger received, as merger consideration, shares of common
stock in the combined company representing 76.75% of the
outstanding shares of the combined company. Immediately
following the merger, there were 6,037,824 shares of common stock
of the combined company outstanding.
The combined company will continue to operate
under the leadership of the PLx management team with Michael
Valentino serving as Executive Chairman of the Board of Directors
and Natasha Giordano serving as President and Chief Executive
Officer.
About AspertecAspertec is an
approved aspirin product developed to provide reliable and
predictable antiplatelet activity. PLx is focused on
completing manufacturing scale-up and label finalization for
Aspertec 325 mg aspirin dosage form and preparing an sNDA for
Aspertec 81 mg maintenance dose form.
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 safe and effective aspirin
products. The PLxGuard delivery system works by targeting delivery
of active pharmaceutical ingredients (API) 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 acute GI side
effects—including 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.
Forward Looking Statements Any
statements made in this press release relating to future financial
or business performance, conditions, plans, prospects, trends, or
strategies and other financial and business matters, including
without limitation, the prospects for commercializing or selling
any products or drug candidates, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. In addition, when or if used in this press release, the
words “may,” “could,” “should,” “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “plan,” “predict” and similar
expressions and their variants, as they relate to PLx may identify
forward-looking statements. PLx cautions that these forward-looking
statements are subject to numerous assumptions, risks, and
uncertainties, which change over time. Important factors that may
cause actual results to differ materially from the results
discussed in the forward-looking statements or historical
experience include risks and uncertainties, including the failure
by PLx to secure and maintain relationships with collaborators;
risks relating to clinical trials; risks related to any litigation
or post-closing disputes arising out of matters related to PLx’s
merger with Dipexium; risks relating to the commercialization, if
any, of PLx’s proposed product candidates (such as marketing,
regulatory, product liability, supply, competition, and other
risks); dependence on the efforts of third parties; dependence on
intellectual property and risks that PLx may lack the financial
resources and access to capital to fund proposed operations.
Further information on the factors and risks that could affect
PLx’s business, financial conditions and results of operations are
contained in PLx’s filings with the U.S. Securities and Exchange
Commission (SEC), which are available at www.sec.gov. Other risks
and uncertainties are more fully described in Dipexium’s
Registration Statement on Form S-4 filed with the SEC, and in other
filings that PLx will make going forward. The forward-looking
statements represent PLx’s estimate as of the date hereof only, and
PLx specifically disclaims any duty or obligation to update
forward-looking statements.
Contact:
Investor Relations:
Lisa M. Wilson
In-Site Communications, Inc.
T: 212-452-2793
E : lwilson@insitecony.com
Media:
Ann Smith
Coyne Public Relations
T: 973-588-2385
E: asmith@coynepr.com
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