PLx Pharma Inc. Reports Third Quarter 2018 Results

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HOUSTON, Nov. 09, 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 nine-month periods ended September 30, 2018.

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

“We are very pleased with the progress we’ve made during the third quarter. Most importantly, we have identified the alternate supply of a key ingredient to achieve the optimal formulation of Vazalore, which will help to advance our program to obtain approval and bring Vazalore to market. Stability and dissolution testing is ongoing, and the initial results have been successful. As we continue to optimize our manufacturing process, our goal remains to provide the highest quality product in Vazalore,” said Natasha Giordano, President and Chief Executive Officer of PLx Pharma.

“We remain excited about the progress we have made toward these very important milestones in our manufacturing process and on our path to commercialization with an expected launch in mid-2020. We also continue to gain visibility within the medical community through global conferences and ongoing engagement with retailers. We are confident that Vazalore, as the first-ever FDA-approved liquid-filled aspirin capsule, has the potential to become the new standard of care aspirin for physicians treating patients at risk of having a cardiovascular or cerebrovascular event,” concluded Giordano.

Research and development expenses were $1.2 million for the third quarter of 2018, compared to $1.0 million in the third 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 third quarter of 2018 compared to $3.0 million in the third quarter of 2017. This decrease primarily reflects lower compensation expense.

Other income (expense), net totaled approximately $0.6 million of net other expense for the third quarter of 2018, compared to $0.1 million of net other income in the prior year period. The change 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 ($0.4 million of net other expense in the third quarter of 2018, as compared to $0.3 million of net other income in the comparable 2017 period), along with approximately $0.1 million of additional interest expense in the 2018 period.

Net loss for the third quarter of 2018 was $3.4 million, or ($0.39) per share, compared to a net loss of $3.8 million, or ($0.44) per share, for the third quarter of 2017.

For the nine months ended September 30, 2018, net revenue was $0.5 million, compared to $0.4 million in 2017, due to a federal grant received in the prior year.

Research and development expense increased to $3.0 million for the nine months ended September 30, 2018, compared to $1.7 million for the first nine months of 2017, reflecting continued product development and manufacturing activities for Vazalore.

General and administrative expense decreased $2.4 million to $5.9 million for the nine months ended September 30, 2018 from $8.3 million in the prior year period. This decrease was due primarily to public offering costs of $1.3 million related to the June 2017 equity offering, lower compensation expense of $1.0 million and lower professional fees of $0.4 million, partially offset by pre-launch marketing spend in 2018 of $0.3 million.

Other income (expense), net totaled approximately $6.4 million of net other income in the nine months ended September 30, 2018, compared to $1.2 million of net other income in the prior year period. The change 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 ($7.0 million of net other income in the nine months ended September 30, 2018, as compared to $2.0 million of net other income in the comparable 2017 period), partially offset by approximately $0.2 million of additional interest income earned in the 2018 period.

Net loss for the nine months ended September 30, 2018, was $2.0 million, or ($0.23) per basic and diluted share, compared with a net loss of $7.5 million, or ($1.16) per basic and diluted share in the prior year period.

As of September 30, 2018, the Company had $16.5 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: 11:50 GMT Friday 9th November 2018

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