PLx Pharma Inc. Reports Second Quarter 2018 Results

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HOUSTON, Aug. 10, 2018 (GLOBE NEWSWIRE) -- PLx Pharma Inc. (NASDAQ: PLXP) (“PLx” or the “Company”), a late-stage specialty pharmaceutical company focused on commercializing two patent-protected products, Vazalore™ 325 mg and Vazalore™ 81 mg (referred to together as “Vazalore”™), announced today certain financial and operational results for the three- and six-month periods ended June 30, 2018.

Highlights of, and certain events subsequent to, the second quarter of 2018 include:

“During the quarter, we accomplished some key milestones in the lab, identified alternate suppliers and are in the process of analytical, dissolution and stability testing in order to achieve the highest-quality product in Vazalore, said Natasha Giordano, President and Chief Executive Officer of PLx Pharma.

“We also had the opportunity to submit a new name, Vazalore, to the U.S. Food and Drug Administration, one that captures the essence of our unique clinical advantages. We believe that Vazalore has the potential to change the standard of care in the treatment of coronary artery disease for patients at risk of having a cardiovascular or cerebrovascular event,” continued Giordano.

“We continue to engage with key members of the medical community, including top interventional cardiologists and the retail trade to build awareness of Vazalore. We have received positive feedback from these important constituents as they learn more about the benefits of Vazalore, namely its more predictable and reliable antiplatelet efficacy than enteric-coated aspirin, and improved gastrointestinal safety over regular aspirin,” concluded Giordano.

The Company recognized revenue of $0.2 million in the second quarter of 2018 compared to revenue of $0.4 million for the three months ended June 30, 2017.  Revenue in both the 2018 and 2017 periods is attributable to work performed under an award from the National Institutes of Health (NIH) federal grant received in 2017.

Research and development expenses were $0.7 million for the second quarter of 2018, compared to $0.6 million in the second quarter of 2017.  The expense in both periods reflects continued product development and manufacturing activities for Vazalore. 

General and administrative expense totaled $1.8 million in the second quarter of 2018 compared to $4.0 million in the second quarter of 2017. The decrease was primarily due to public offering costs of approximately $1.3 million related to the June 2017 equity offering, decreased compensation expense of $0.5 million, as a result of a one-time discretionary bonus of $1.2 million issued to senior management due to the achievement of financing in 2017, partially offset by additional personnel in 2018, and decreased other professional fees totaling approximately $0.4 million.

Other income (net of expense), was $1.2 million of net other expense in the second quarter of 2018, compared to $1.1 million of net other income in the second quarter of 2017.  This change is largely attributable to the non-cash change in fair value of a warrant liability of $1.0 million loss in 2018 as compared to a $1.7 million gain in the second quarter of 2017.  Interest expense also decreased to $0.3 million in the second quarter of 2018 as compared to $0.6 million in the second quarter of 2017.  The interest expense in 2018 related to the interest expense and debt discount amortization on the Company’s term loan with Silicon Valley Bank.  The interest expense in the second quarter of 2017 related to a beneficial conversion feature.

Net loss for the second quarter of 2018 was $3.6 million, or ($0.41) per share, compared to a net loss of $2.2 million, or ($0.36) per share, for the second quarter of 2017.

For the six months ended June 30, 2018, net revenue was $0.2 million compared to $0.4 million in 2017, due to a federal grant received in the prior year.

Research and development expense increased to $1.8 million for the six months ended June 30, 2018, compared to $0.8 million for the first six months of 2017, reflecting continued product development and manufacturing activities for Vazalore.

General and administrative expense decreased to $4.1 million for the six months ended June 30, 2018 from $5.2 million for the first six months of 2017.  This decrease was primarily due to public offering costs of $1.3 million related to the June 2017 equity offering.

Net income for the six months ended June 30, 2017 was $1.4 million, or $0.16 per basic and diluted share, compared with a net loss of $3.7 million, or ($0.69) per basic and diluted share in the prior year period.

As of June 30, 2018, the Company had $17.9 million in cash and cash equivalents.

To learn more about PLx Pharma Inc. and its pipeline, please .

Contact Investor Relations:Lisa M. Wilson, In-Site Communications, Inc.T: 212-452-2793E:

Source: PLx Pharma Inc.

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Globe Newswire: 12:00 GMT Friday 10th August 2018

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