PLx Pharma merges with Dipexium Pharmaceuticals
Late-stage specialty pharmaceutical company PLx Pharma has completed its previously announced merger with Dipexium Pharmaceuticals.
The combined company, also known as PLx Pharma, will focus on commercialising two patent-protected products, namely, 325mg of Aspertec and 81mg of Aspertec (jointly referred to as Aspertec).
PLx president and chief executive officer Natasha Giordano said: “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 commercialisation of this important cardiovascular product.”
With the merger now complete, PLx Pharma will complete the manufacturing scale-up and label finalisation for its FDA-approved 325mg of Aspertec aspirin dosage form.
The company will also submit a supplemental new drug application (sNDA) for an 81mg of Aspertec maintenance dose form.
Aspertec is designed to provide reliable and predictable antiplatelet efficacy to high-risk cardiovascular and stroke patients compared to enteric coated aspirin.
Under this merger, Dipexium carried out a reverse stock split of its issued and outstanding shares of common stock at a ratio of 1-for-8.
PLx shareholders received shares of common stock in the combined company representing 76.75% of the outstanding shares of the combined company as merger consideration.
There were 6.3 million shares of the combined company's outstanding common stock immediately following the merger.
The combined company will continue to be led by the PLx management team.
Michael Valentino will assume the role of executive chairman of the board of directors, while Natasha Giordano will serve as president and chief executive officer of the merged entity.