PLx Pharma Inc. Reports First Quarter 2018 Results
Highlights of, and certain events subsequent to, the first quarter of 2018 include:
- Net income totaled
$5.0 million, or $0.57per share, compared to net loss of $1.4 million, or ($0.33)per share, for the first quarter of 2017. This includes a non-cash gain of $8.4 millionfor a change in the fair value of warrant liability, or $0.97per share;
American Academy of Neurology (AAN) and National Association of Chain Drug Stores(NACDS) conferences, to build awareness and articulate the clinical value proposition of Aspertec with the medical community and with key members of the retail trade;
- Progressing in our plan to obtain an alternate supply of material and anticipate launching Aspertec by mid-2020.
“We continue to engage with members of the medical community and the retail trade to build awareness of Aspertec. We have received additional positive feedback as these important constituents learn more about the benefits of Aspertec, namely its more predictable and reliable antiplatelet efficacy than enteric-coated aspirin, and improved gastrointestinal safety over regular aspirin. We believe our products have the potential to change the standard of care in the treatment of coronary disease,” said
First Quarter 2018 Financial Results
The Company recognized revenue of
Research and development expenses were approximately
General and administrative expense totaled
Other income (net of expense), was
Net income for the first quarter of 2018 was
Aspertec 325 mg is an FDA-approved aspirin product 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. PLx is focused on 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 effective and safe 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.
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 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 (
FINANCIAL TABLES FOLLOW
|PLx Pharma Inc.|
|UNAUDITED CONSOLIDATED BALANCE SHEETS|
|Cash and cash equivalents||$||20,418,155||$||24,404,368|
|Accounts receivable, net||76,027||19,384|
|TOTAL CURRENT ASSETS||21,935,898||25,689,962|
|Property and equipment, net||1,181,936||1,029,875|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable and accrued liabilities||$||821,931||$||852,155|
|Accrued bonus and severance||307,689||849,703|
|Other current liabilities||59,972||59,614|
|TOTAL CURRENT LIABILITIES||1,245,010||1,815,691|
|Term loan, net of discount and fees||7,003,264||6,942,151|
|Preferred stock; $0.001 par value; 10,000,000 shares authorized; none issued and outstanding||-||-|
|Common stock; $0.001 par value; 100,000,000 shares authorized; 8,726,198 and 8,722,823 shares issued and outstanding at March 31, 2018 and December 31, 2017 respectively||8,727||8,723|
|Additional paid-in capital||72,243,918||71,939,917|
|TOTAL STOCKHOLDERS' EQUITY||9,898,989||4,616,392|
|TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY||$||25,246,570||$||28,848,573|
|PLx Pharma Inc.
|UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS|
|Three Months Ended March 31,|
|Research and development||1,079,036||128,339|
|General and administrative||2,240,000||1,217,071|
|TOTAL OPERATING EXPENSES||3,319,036||1,345,410|
|OTHER INCOME (EXPENSE)|
|Interest and other expense||(275,399||)||(81,557||)|
|Change in fair value of warrant liability||8,424,647||-|
|TOTAL OTHER INCOME (EXPENSE)||8,216,171||(81,557||)|
|INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES||4,978,592||(1,426,967||)|
|NET INCOME (LOSS)||$||4,978,592||$||(1,426,967||)|
|Net income (loss) per common share - basic||$||0.57||$||(0.33||)|
|Net income (loss) per common share - diluted||$||0.57||$||(0.33||)|
|Weighted average shares of common shares - basic||8,725,038||4,383,433|
|Weighted average shares of common shares - diluted||8,725,038||4,383,433|
Source: PLx Pharma Inc.