Dipexium Pharmaceuticals Inc (NASDAQ:DPRX) And PLx Pharma Report Merger Deal

Dipexium Pharmaceuticals Inc

PLx Pharma Inc. and Dipexium Pharmaceuticals Inc (NASDAQ:DPRX) has finalized a definitive deal under which the former company will merge with a subsidiary of Dipexium in a transaction. After closing of this transaction, the company will be retitled PLx Pharma Inc., and will work under the direction of the PLx management team. Natasha Giordano will serve as CEO and President of the new firm and Michael Valentino will be the Executive Chairman of the new company’s Board.

The combined firm will primarily be focused on close of label finalization and manufacturing scale-up for the initially conditionally accepted AspertecTM 325 mg aspirin dose form, thus meeting the open conditional items, and submitting of a sNDA for Aspertec 81 mg maintenance dosage form.

Aspertec is being advanced to offer high-risk neurology and cardiovascular patients with more predictable and reliable antiplatelet efficacy as against enteric coated aspirin whereas also minimizing the adverse gastric instances common in an acute setting.

Natasha Giordano, the CEO and President of PLx Pharma, reported that this merger will offer PLx Pharma with the preliminary resources essential to advance contemplated development measures for Aspertec and commence the critical pre-commercialization plans required to prepare the market for this considerable cardiovascular product.

PLx stockholders will obtain newly released shares of common stock of Dipexium in relation with the merger considered by the merger deal. Dipexium will release nearly 36 million new shares of common stock to PLx shareholders under the exchange ratio method defined in the merger deal. Upon the completion of the merger, current PLx stockholders are projected to own 76.75% of DPRX common shares due and current Dipexium shareholders are projected to own 23.25% of DPRX common shares due. The exchange ratio is stated in the merger deal and is subject to prospective adjustment.

David Luci, the CEO and President of Dipexium, said that this deal with PLx Pharma showcases the continued commitment of company’s management team and Board of Directors to deliver value to DPRX stockholders.