PLx Pharma Inc. (NasdaqCM:PLXP) announced that it has entered into a securities purchase agreement with certain institutional and accredited investors co-led by new investors White Rock Capital Management, L.P. and Level One Partners LLC for private placement of 4,755,373 immediately separable units at a price of $3.787 per unit for gross proceeds of $18,008,597.551 on November 16, 2020. Each unit consists of one common share and 1.1 common share warrant. Each warrant is exercisable at $4.31 per share for a period of 5 years from issuance. The transaction is expected to close on or about November 18, 2020, subject to satisfaction of customary closing conditions. The securities are issued pursuant to exemption provided under Section 4(a)(2) of the Securities Act and Rule 506 of Registration D.