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PLx Pharma Inc. Announces Completion of $15 Million Convertible Preferred Stock Financing

HOUSTON, Feb. 20, 2019 (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 that at its reconvened special meeting of stockholders, held February 19, 2019, the stockholders approved an amendment to the Company’s Amended Certificate of Incorporation to authorize 1,000,000 shares of “blank check” preferred stock (Proposal 1) and the issuance of more than 20% of the Company’s common stock pursuant to a private placement transaction with certain accredited investors and a change of control for purposes of NASDAQ Listing Rule 5635 (Proposal 2). Upon this stockholder approval, the Company has today completed the $15 million convertible preferred stock financing by investment funds affiliated with Park West Asset Management LLC.
Wednesday, February 20, 2019 - 16:55