PLx Pharma Up 210% YTD, What Next?

(RTTNews) - Shares of PLx Pharma Inc. (PLXP) climbed more than 41% on Thursday, as the Company gears up to submit a supplemental new drug application to the FDA for Vazalore 81mg by the end of this year.

Vazalore 325 mg is the Company's lead product, which is FDA-approved for over-the-counter distribution and is the first-ever FDA-approved liquid-filled aspirin capsule. It is being developed to provide patients with atherosclerotic cardiovascular disease and diabetes with more reliable and predictable antiplatelet efficacy compared to enteric-coated aspirin, while also reducing the adverse gastric events common in an acute setting.

If all goes well as planned, PLx Pharma hopes to begin selling both the products in the United States by mid-2020.

In the third quarter ended September 30, 2019, the net income attributable to common shareholders totaled $1.4 million or $0.09 per share compared to a net loss of $3.4 million or $0.39 share for the third quarter of 2018. 2019 included a non-cash gain of $5.5 million, or $0.55 per share compared to a charge of $0.4 million, or $0.05 per share in 2018, related to the change in warrant liability.

The Company recognized revenue of approximately $41,000 in the third quarter of 2019 compared to $0.2 million in the third quarter of 2018. All the revenue recognized is attributable to work performed under an award of a National Institutes of Health grant which is approaching completion.

As of September 30, 2019, the Company had cash and cash equivalents of $18.5 million.

PLXP has traded in a range of $1.00 to $7.41 in the last 1 year. The stock closed Thursday's trading at $4.75, up 41.37%.