PLx Pharma Inc. Receives Nasdaq Delisting Notice

Rhea-AI Summary

PLx Pharma Inc. (NASDAQ: PLXP) announced the imminent delisting of its common stock from the Nasdaq Stock Market, effective April 13, 2023, due to failing to maintain a minimum bid price of $1.00 for 30 consecutive business days. The Company was given until April 3, 2023, to regain compliance but did not do so, and it received notice from Nasdaq indicating it was not eligible for a further compliance period. Additionally, PLx has not filed its Form 10-K for the year ended December 31, 2022, exacerbating its non-compliance with Nasdaq's rules. PLx Pharma is focused on its PLxGuard™ technology to improve drug absorption and reduce stomach injury risks associated with certain medications.

Positive

• PLxGuard™ technology demonstrated potential to enhance drug absorption.
• VAZALORE is an FDA-approved product, offering unique delivery of aspirin.

Negative

• Notice of delisting from Nasdaq due to failure to maintain a minimum bid price.
• Failed to file Form 10-K, further complicating compliance status.

SPARTA, N.J., April 11, 2023 (GLOBE NEWSWIRE) -- PLx Pharma Inc. (NASDAQ: PLXP) (“PLx” or the “Company”), is a commercial-stage drug delivery platform technology company focused on its clinically-validated and patent-protected PLxGuard™ that has the potential to improve the absorption of many drugs currently on the market and to reduce the risk of stomach injury associated with certain drugs. The Company had previously announced that on October 3, 2022, it was notified by the Listing Qualifications Department (the “Listing Qualifications Department”) of the Nasdaq Stock Market LLC (“Nasdaq”) that the Listing Qualifications Department has determined to delist the Company’s securities from Nasdaq, citing that for a period of 30 consecutive business days, the bid price of its common stock had closed below the minimum of $1.00 per share required for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Rule”). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until April 3, 2023, to regain compliance with the minimum bid requirement. On April 4, 2023, the Company received notice from Nasdaq (the “April Notice”) indicating that the Company had not regained compliance with the Rule and is not eligible for a second 180-day period. The April Notice also stated that the Company had not yet filed its Form 10-K for the period ended December 31, 2022, meaning that the Company no longer complies with Nasdaq Listing Rule 5250(c)(1).

The Company does not intend to appeal Nasdaq’s determination and, therefore, it is expected that the Company’s common stock will be delisted from the Nasdaq Stock Market on April 13, 2023.

About VAZALORE
VAZALORE is an FDA-approved liquid-filled aspirin capsule, available in 81 mg and 325 mg doses. VAZALORE delivers aspirin differently from plain and enteric coated aspirin products. The special complex inside the capsule is designed for targeted release of aspirin, limiting its direct contact with the stomach. VAZALORE delivers fast, reliable absorption for pain relief plus the lifesaving benefits of aspirin. To learn more about VAZALORE, please visit www.vazalore.com and follow us on Facebook.

About PLx Pharma Inc.
PLx Pharma Inc. is a commercial-stage drug delivery platform technology company focused on improving how and where active pharmaceutical ingredients (APIs) are absorbed in the gastrointestinal (GI) tract via its clinically validated and patent protected PLxGuard™ technology. PLx believes this platform has the potential to improve the absorption of many drugs currently on the market or in development, and to reduce the risk of stomach injury associated with certain drugs. To learn more about PLx Pharma Inc. and its pipeline, please visit www.plxpharma.com and follow us on LinkedIn and Twitter.

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 risks relating to PLx’s ability to successfully further commercialize its VAZALORE products; 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; developments and projections relating to our competitors or our industry; risks that PLx may lack the financial resources and access to capital to fund proposed operations; the impact of difficult macroeconomic conditions, such as inflation and reductions in consumer spending, on the demand for PLx’s products; and risks relating to PLx’s ability to identify, evaluate and complete any strategic alternative that yields value for its stockholders. Further information on the factors and risks that could affect PLx’s business, financial condition 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 Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 11, 2022, and in other filings that PLx has made or will make going forward. These forward-looking statements represent PLx’s estimate as of the date hereof only, and PLx specifically disclaims any duty or obligation to update forward-looking statements.

Contact:
Lisa M. Wilson
Founder & President, In-Site Communications, Inc.
(212) 452-2793
lwilson@insitecony.com

Source: PLx Pharma Inc.

FAQ

What caused PLx Pharma's stock to be delisted from Nasdaq on April 13, 2023?

PLx Pharma's stock was delisted due to failing to maintain the minimum bid price of $1.00 for 30 consecutive business days.

What is the status of PLx Pharma's compliance with Nasdaq rules?

As of April 4, 2023, PLx Pharma was found non-compliant with Nasdaq rules and it was not eligible for a second compliance period.

What is PLxGuard™ technology and how does it benefit drug absorption?

PLxGuard™ technology aims to improve the absorption of many drugs and reduce the risk of stomach injury associated with certain medications.

What is VAZALORE and what makes it different from standard aspirin products?

VAZALORE is an FDA-approved liquid-filled aspirin capsule that ensures targeted release and minimizes direct contact with the stomach.

What financial documents has PLx Pharma failed to file recently?

PLx Pharma has not filed its Form 10-K for the year ended December 31, 2022.