PLx Pharma Inc. completed its previously announced merger with Dipexium Pharmaceuticals, Inc. effective April 19, 2017. The combined company, PLx Pharma Inc., 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,” Natasha Giordano, President and Chief Executive Officer of PLx, said.
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 as an option to enteric coated aspirin.
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.