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PLX PHARMA INC.

(PLXP)
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PLx Pharma Inc. Reports First Quarter 2021 Results and Provides Business Update

05/14/2021 | 06:50am EDT

– VAZALORE 325 mg and 81 mg, the first-ever novel, liquid-filled aspirin capsules, gain FDA approval –

– Company secured $71.4 million of gross proceeds in an underwritten public offering of common stock for the launch of VAZALORE –

– VAZALORE’s U.S. commercial launch on track for third quarter 2021 –

SPARTA, N.J., May 14, 2021 (GLOBE NEWSWIRE) -- PLx Pharma Inc. (NASDAQ: PLXP) (“PLx” or the “Company”), a specialty pharmaceutical company focused on its clinically-validated and patent-protected PLxGuard™ drug delivery platform to provide more effective and safer products, with its lead products VAZALORE™ 325 mg and VAZALORE™ 81 mg (referred to together as “VAZALORE”), announced today certain financial and operational results for the three months ended March 31, 2021.

Highlights of, and certain events subsequent to, the first quarter of 2021 include:

  • The U.S. Food and Drug Administration (“FDA”) approved the Company’s supplemental new drug applications (“sNDAs”) for its lead products, VAZALORE 325 mg and VAZALORE 81 mg;
  • The Company completed a $71.4 million financing to support the launch of VAZALORE;
  • Company paid off the balance of its term loan due in February 2021; and
  • VAZALORE product launch remains on track for the third quarter 2021.

“Receiving FDA approval for both dose strengths of VAZALORE was an exciting achievement for us, and we now have the capital to execute a national commercial launch that will ensure widespread access to this innovative aspirin therapy for health care professionals and consumers,” stated Natasha Giordano, President and Chief Executive Officer of PLx.

Public Offering

In March 2021, the Company completed an underwritten public offering in which PLx sold 8,924,700 shares of its common stock at a price to the public of $8.00 per share. The gross proceeds to the Company from this offering were $71.4 million, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

First Quarter 2021 Financial Results

The Company recognized no revenue for the first quarter of 2021 compared to $2,523 for the first quarter of 2020. All the revenue recognized in the 2020 period was attributable to work performed under an award of a National Institutes of Health (“NIH”) grant, which came to an end in the second quarter of 2020.

Research and development expenses were $1.0 million for the first quarter of 2021, compared to $0.5 million in the first quarter of 2020. This increase is primarily attributable to increased manufacturing-related activities for VAZALORE.

General and administrative expense totaled $2.6 million in the first quarter of 2021 compared to $2.5 million in the first quarter of 2020. This increase primarily reflects higher pre-launch marketing expenses and increased non-cash stock-based compensation. The increase was partially offset by lower compensation-related expenses combined with savings from COVID-19 travel restrictions.

Other income (expense), totaled $7.9 million of other expense and $4.5 million of net other income in the first quarters of 2021 and 2020, respectively. The variance is largely attributable to the non-cash change in fair value of warrant liability primarily due to the fluctuation of the price of the Company’s common stock. Net interest decreased due to the payoff of the remaining balance of the loan which was due and paid in February 2021.

Net loss attributable to common stockholders for the first quarter of 2021 was $11.9 million, or ($0.73) per basic and diluted share, compared to net income attributable to common stockholders of $1.2 million, or $0.08 per basic and diluted share, for the first quarter of 2020. The first quarter of 2021 included a non-cash loss of $7.9 million, or ($0.48) per share, related to the change in fair value of warrant liability whereas the first quarter of 2020 included a non-cash gain of $4.6 million, or $0.50 per share, related to the change in the fair value of the warrant liability.

As of March 31, 2021, the Company had cash and cash equivalents of $84.4 million.

Conference Call

As previously announced, PLx management will host its first quarter 2021 conference call as follows:

Date:Friday, May 14, 2021
Time:8:30 a.m. ET
Toll free (U.S.):(866) 394-2901
International:(616) 548-5567
Webcast (live and replay):www.plxpharma.com under the ‘Investor Relations’ section.

The archived webcast will be available for 30 days via the aforementioned URL.

About VAZALORE
VAZALORE is an FDA-approved liquid-filled aspirin capsule that provides patients with vascular disease and diabetic patients who are candidates for aspirin therapy based on physician recommendation, with fast, reliable and predictable platelet inhibition as compared to enteric-coated aspirin. It also reduces the risk of stomach erosions and ulcers, as compared to immediate-release aspirin, common in an acute setting.

About PLx Pharma Inc. 
PLx Pharma Inc. is a specialty pharmaceutical company focused on its clinically-validated and patent-protected PLxGuard™ drug delivery platform to provide more effective and safer products. The PLxGuard drug delivery platform works by targeting the release of active pharmaceutical ingredients to various portions of the gastrointestinal (GI) tract. PLx believes this platform 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 and ulcers associated with certain 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 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, 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 PLx’s Form 10-K for the year ended December 31, 2020 filed with the SEC on March 12, 2021, and in other filings that PLx has made or 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

Source: PLx Pharma Inc.

FINANCIAL TABLES FOLLOW


PLx Pharma Inc.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
  
 March 31,
2021
 December 31,
2020
ASSETS   
CURRENT ASSETS   
Cash and cash equivalents$84,423,464  $22,448,651 
Inventory 143,380   143,380 
Prepaid expenses and other current assets 300,556   393,470 
TOTAL CURRENT ASSETS 84,867,400   22,985,501 
NON-CURRENT ASSETS   
Property and equipment, net 1,125,719   1,225,879 
Right of use assets 249,738   327,161 
Goodwill 2,061,022   2,061,022 
Security deposit 17,036   17,036 
TOTAL ASSETS$88,320,915  $26,616,599 
    
LIABILITIES, SERIES A AND SERIES B CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)   
CURRENT LIABILITIES   
Accounts payable and accrued liabilities$962,608  $862,568 
Accrued bonuses 246,647   1,184,823 
Accrued interest -   597,411 
Term loan, net of discount and fees -   622,265 
Other current liabilities 199,939   275,247 
TOTAL CURRENT LIABILITIES 1,409,194   3,542,314 
NON-CURRENT LIABILITIES   
Warrant liability 17,626,158   9,691,271 
Accrued dividends 3,118,066   2,795,795 
Other liabilities 121,651   134,184 
TOTAL LIABILITIES 22,275,069   16,163,564 
    
Series A convertible preferred stock: $0.001 par value; liquidation value of $17,603,176; 45,000 shares authorized, 15,000 issued and outstanding 13,661,578   13,661,578 
Series B convertible preferred stock: $0.001 par value; liquidation value of $8,514,890; 25,000 shares authorized, 8,000 and 0 issued and outstanding 7,723,312   7,723,312 
    
STOCKHOLDERS' EQUITY (DEFICIT)   
Preferred stock; $0.001 par value; 930,000 shares authorized; none issued and outstanding -   - 
Common stock; $0.001 par value; 100,000,000 shares authorized; 22,836,333 and 13,911,633 shares issued and outstanding, respectively 22,836   13,912 
Additional paid-in capital 158,327,448   91,203,050 
Accumulated deficit (113,689,328)  (102,148,817)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 44,660,956   (10,931,855)
TOTAL LIABILITIES, SERIES A AND SERIES B CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)$88,320,915  $26,616,599 
    


PLx Pharma Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
  
 Three Months Ended
 March 31,
2021
 March 31,
2020
REVENUES:   
Federal grant$-  $2,523 
TOTAL REVENUES -   2,523 
    
OPERATING EXPENSES:   
Research and development 959,503   513,914 
General and administrative 2,636,329   2,493,251 
TOTAL OPERATING EXPENSES 3,595,832   3,007,165 
OPERATING LOSS (3,595,832)  (3,004,642)
    
OTHER INCOME (EXPENSE):   
Interest expense, net of interest income (9,792)  (98,525)
Change in fair value of warrant liability (7,934,887)  4,599,253 
TOTAL OTHER INCOME (EXPENSE) (7,944,679)  4,500,728 
INCOME (LOSS) BEFORE INCOME TAXES (11,540,511)  1,496,086 
Income taxes -   - 
NET INCOME (LOSS) (11,540,511)  1,496,086 
    
Preferred dividends (322,271)  (320,290)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(11,862,782) $1,175,796 
    
Net income (loss) per common share - basic$(0.73) $0.08 
Net income (loss) per common share - diluted$(0.73) $0.08 
    
Weighted average shares of common shares - basic 16,361,583   9,156,260 
Weighted average shares of common shares - diluted 16,361,583   9,216,667 
    

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Financials (USD)
Sales 2021 5,73 M - -
Net income 2021 -27,3 M - -
Net Debt 2021 - - -
P/E ratio 2021 -15,1x
Yield 2021 -
Capitalization 457 M 457 M -
Capi. / Sales 2021 79,7x
Capi. / Sales 2022 17,2x
Nbr of Employees 10
Free-Float 81,8%
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 19,89 $
Average target price 21,50 $
Spread / Average Target 8,09%
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Managers and Directors
Natasha Giordano President, Chief Executive Officer & Director
Rita M. O'Connor CFO, Head-Manufacturing & Supply Chain
Michael J. Valentino Executive Chairman
Gary S. Balkema Independent Director
Kirk K. Calhoun Independent Director
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