Merger combines the resources of both companies behind PLx Pharma’s Aspertec — an FDA-approved aspirin product with antiplatelet efficacy.
Dipexium Pharmaceuticals, Inc. and PLx Pharma Inc., a privately held late-stage specialty pharmaceutical company, announced today that they have entered into a definitive agreement under which PLx Pharma will merge with a wholly-owned subsidiary of Dipexium in an all-stock transaction.
Following closing, Dipexium will be renamed PLx Pharma Inc., and will operate under the leadership of the PLx management team with Michael Valentino serving as executive chairman of the company’s board of directors and Natasha Giordano serving as president and chief executive officer.
The combined company will initially be focused on completion of manufacturing scale-up and label finalization for the previously conditionally approved Aspertec 325 mg aspirin dosage form thereby satisfying the open conditional items, and filing of a supplemental new drug application (sNDA) for Aspertec 81 mg maintenance dose form.
Aspertec is being developed to provide high-risk cardiovascular and neurology patients with more reliable and predictable antiplatelet efficacy as compared to enteric coated aspirin while also reducing the adverse gastric events common in an acute setting.
Giordano said, “This merger will provide PLx Pharma with the initial resources necessary to advance our contemplated development efforts for Aspertec and begin the critical pre-commercialization activities necessary to prepare the market for this important cardiovascular product.”
PLx stockholders will receive newly issued shares of common stock of Dipexium in connection with the merger contemplated by the merger agreement. Dipexium will issue approximately 36 million new shares of its common stock to PLx stockholders under the exchange ratio formula defined in the merger agreement. Upon the closing of the merger, existing PLx stockholders are expected to own 76.75% of Dipexium common shares outstanding and existing Dipexium stockholders are expected to own 23.25% of Dipexium common shares outstanding. The exchange ratio is defined in the merger agreement and is subject to potential adjustment.
The boards of directors of both Dipexium and PLx Pharma have unanimously approved the proposed transaction, which is subject to customary closing conditions, including approval by the stockholders of each of Dipexium and PLx Pharma. The merger is expected to close during the second quarter of 2017, subject to customary closing conditions.
(Source: PR Newswire)
