--Walmart, Walgreens, Rite Aid, CVS and many other retailers placing VAZALORE on shelves later this month--
--VAZALORE launch inventory manufactured and currently shipping to retailers across the country--
Highlights of, and certain events subsequent to, the second quarter of 2021 include:
- Walmart, Walgreens, Rite Aid, and CVS among the leading retailers to reserve shelf space for all three SKUs of VAZALORE;
- Extensive distribution for VAZALORE in over 30,000
U.S. retail stores; - Launched specialty field force to raise awareness amongst healthcare professionals;
- Continue to inform specialists through medical conferences, publications and continuing professional education events; and
- VAZALORE launch inventory manufactured and currently shipping to retailers across the country.
“We are continuing to execute on our commercial strategy with retailers, professionals and consumers,” stated
“Keeping the patient top of mind has always been our guiding principle and we are excited to bring VAZALORE to millions of patients at risk,” concluded Giordano.
Second Quarter 2021 Financial Results
The Company recognized no revenue for the second quarter of 2021 compared to
Research and development expenses were
Selling, marketing and administrative expense totaled
Other expense totaled
Net loss attributable to common stockholders for the second quarter of 2021 was
First Half 2021 Financial Results
For the six months ended
Research and development expense was
Selling, marketing and administrative expense was
Other income (expense) was
Net loss attributable to common stockholders for the six months ended
As of
Conference Call
As previously announced, PLx management will host its second quarter 2021 conference call as follows:
Date: | |
Time: | |
Toll free ( | (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. To learn more about VAZALORE, please visit www.vazalore.com.
About PLx Pharma Inc.
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
Contact
Investor Relations:
T: 212-452-2793
E: lwilson@insitecony.com
Source:
FINANCIAL TABLES FOLLOW
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
2021 | 2020 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 80,169,469 | $ | 22,448,651 | ||||
Inventory | 1,262,481 | 143,380 | ||||||
Prepaid expenses and other current assets | 581,014 | 393,470 | ||||||
TOTAL CURRENT ASSETS | 82,012,964 | 22,985,501 | ||||||
NON-CURRENT ASSETS | ||||||||
Property and equipment, net | 918,856 | 1,225,879 | ||||||
Right of use assets | 298,651 | 327,161 | ||||||
2,061,022 | 2,061,022 | |||||||
Security deposit | 17,036 | 17,036 | ||||||
TOTAL ASSETS | $ | 85,308,529 | $ | 26,616,599 | ||||
LIABILITIES, SERIES A AND SERIES B CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable and accrued liabilities | $ | 2,382,322 | $ | 862,568 | ||||
Accrued bonuses | 516,199 | 1,184,823 | ||||||
Accrued interest | - | 597,411 | ||||||
Term loan, net of discount and fees | - | 622,265 | ||||||
Other current liabilities | 166,244 | 275,247 | ||||||
TOTAL CURRENT LIABILITIES | 3,064,765 | 3,542,314 | ||||||
NON-CURRENT LIABILITIES | ||||||||
Warrant liability | 25,791,417 | 9,691,271 | ||||||
Accrued dividends | 128,722 | 2,795,795 | ||||||
Other liabilities | 194,471 | 134,184 | ||||||
TOTAL LIABILITIES | 29,179,375 | 16,163,564 | ||||||
Series A convertible preferred stock: | 13,707,935 | 13,661,578 | ||||||
Series B convertible preferred stock: | 2,305,667 | 7,723,312 | ||||||
STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
Preferred stock; | - | - | ||||||
Common stock; | 26,145 | 13,912 | ||||||
Additional paid-in capital | 170,283,101 | 91,203,050 | ||||||
Accumulated deficit | (130,193,694 | ) | (102,148,817 | ) | ||||
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | 40,115,552 | (10,931,855 | ) | |||||
TOTAL LIABILITIES, SERIES A AND SERIES B CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) | $ | 85,308,529 | $ | 26,616,599 | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
REVENUES: | |||||||||||||||
Federal grant | $ | - | $ | 27,907 | $ | - | $ | 30,430 | |||||||
TOTAL REVENUES | - | 27,907 | - | 30,430 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Research and development | 982,730 | 1,394,881 | 1,942,233 | 1,908,795 | |||||||||||
Selling, marketing and administrative | 5,497,747 | 2,207,164 | 8,134,076 | 4,700,415 | |||||||||||
TOTAL OPERATING EXPENSES | 6,480,477 | 3,602,045 | 10,076,309 | 6,609,210 | |||||||||||
OPERATING LOSS | (6,480,477 | ) | (3,574,138 | ) | (10,076,309 | ) | (6,578,780 | ) | |||||||
OTHER INCOME (EXPENSE): | |||||||||||||||
Interest income (expense), net | 4,286 | (95,983 | ) | (5,506 | ) | (194,508 | ) | ||||||||
Change in fair value of warrant liability | (10,028,175 | ) | (1,928,843 | ) | (17,963,062 | ) | 2,670,410 | ||||||||
TOTAL OTHER INCOME (EXPENSE) | (10,023,889 | ) | (2,024,826 | ) | (17,968,568 | ) | 2,475,902 | ||||||||
LOSS BEFORE INCOME TAXES | (16,504,366 | ) | (5,598,964 | ) | (28,044,877 | ) | (4,102,878 | ) | |||||||
Income taxes | - | - | - | - | |||||||||||
NET LOSS | (16,504,366 | ) | (5,598,964 | ) | (28,044,877 | ) | (4,102,878 | ) | |||||||
Preferred dividends and beneficial conversion feature | (2,202,687 | ) | (407,335 | ) | (2,524,958 | ) | (727,625 | ) | |||||||
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (18,707,053 | ) | $ | (6,006,299 | ) | $ | (30,569,835 | ) | $ | (4,830,503 | ) | |||
Net loss per common share - basic and diluted | $ | (0.79 | ) | $ | (0.66 | ) | $ | (1.53 | ) | $ | (0.53 | ) | |||
Weighted average shares of common shares - basic and diluted | 23,638,239 | 9,156,260 | 20,020,012 | 9,156,260 | |||||||||||
Source:
2021 GlobeNewswire, Inc., source