PLx Pharma (NSDQ:PLXP) announced today that it priced an underwritten public offering worth approximately $63 million.
Sparta, N.J.-based PLx Pharma is offering 7.875 million shares of its common stock priced at $8 per share to the public, according to a news release.
Additionally, the company granted underwriters a 30-day option to purchase up to more than 1.18 million more shares of common stock at the public offering price. The company is offering all shares.
PLx Pharma expects the offering to close on or about March 5, 2021, subject to customary closing conditions. The company anticipates gross proceeds of about $63 million before deductions, an amount that assumes no exercise of the underwriters’ option.
The company plans to use the net proceeds from the offering for general corporate purposes, including potential additions to working capital and capital expenditures.
Raymond James & Associates, Inc. and Oppenheimer & Co. Inc. are acting as joint book-running managers for the offering.
PLx Pharma develops the PLxGuard drug delivery platform designed to target the release of active pharmaceutical ingredients to various portions of the gastrointestinal tract to improve the absorption of many drugs and reduce the risk of stomach erosions and ulcers associated with certain drugs.