PLx Pharma and Dipexium Pharmaceuticals Complete Merger
“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
PLx will initially focus on completion of manufacturing scale-up and label finalization for its
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
Aspertec 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.
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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
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