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PLx Pharma To Raise $15 Mln From Sale Of Convertible Preferred Stock

PLx Pharma ( PLXP ), a late-stage specialty pharmaceutical company, said late Thursday it has signed a stock purchase agreement to sell 15,000 shares of newly issued series A convertible preferred stock to funds affiliated with Park West Asset Management for gross proceeds of $15 million.

The preferred shares will be issued at a price of $1,000 per share and will be convertible into common stock at a rate of $2.60 per share.

The company intends to use the net proceeds for marketing activities, and for working capital and general corporate purposes.

The deal is expected to close in Q1 2019, subject to customary closing conditions.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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